Exhibit
10.1 Employment
Agreement With Gary Dodd
THIS AGREEMENT
is made June 10th 2009, and retroactive to June 1st 2009 by and
between Gary W Dodd hereinafter referred to as
“executive,” and ZAP (Zero Air Pollution), hereinafter
referred to as “company”.
IN
CONSIDERATION of the mutual covenants contained herein, the mutual
reliance of the parties thereon and the mutual benefits to be
derived there from, the parties hereto hereby agree as
follows:
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Executive shall
be employed by the company in the capacity of
PRESIDENT. Executive shall have and exercise such
duties, responsibilities, privileges, powers and authority as may
be assigned to him by the Board of Directors and the Bylaws or
Operating Agreement of the company. The duties and responsibilities
of the President shall include, but shall not be limited to the
overall planning and direction of the company’s engineering,
product design and development, manufacturing and operations. In
addition the President shall assist the Chief Executive Officer in
the areas of finance, administration, internal and external
relations including shareholder relations, marketing and other
functions as appropriate and as requested.
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Executive shall
receive a base salary of one hundred fifty thousand dollars
($150,000) per annum, payable $100,000.00 in
cash salary and $50,000.00 of ZAP stock in substantially equal
semimonthly installments, commencing on June 1, 2009. Additionally
Gary Dodd will receive 150,000 ESOP annually and a one time signing
bonus of 1 million ESOP from ZAP
treasury. The term of the executive’s
employment shall extend for a period of 18 months, from June 1,
2009 unless terminated sooner as described in paragraphs eight or
nine.
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Executive shall
be eligible to participate in normal health, medical,
and life insurance benefits; retirement benefits; profit-sharing,
employee stock option and stock bonus programs, and any other
compensation, benefit or incentive payment that the Board of
Directors may approve.
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Executive is
hereby authorized to incur reasonable expenses in conducting his
responsibilities. Upon presentation of receipts thereof, the
company shall promptly reimburse executive for all expenses,
including entertainment, travel and miscellaneous other expenses
reasonably incurred in the performance of his duties as President
of the company.
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All data or
information concerning the business activities and trade secrets of
company which executive has or may acquire in connection with or as
a result of the performance of services for company, shall be kept
secret and confidential by executive. This
coven
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