Back to top

EMPLOYMENT CONTRACT

Executive Employment Agreement

EMPLOYMENT CONTRACT | Document Parties: SKYLYNX COMMUNICATIONS INC | Gary L. Brown You are currently viewing:
This Executive Employment Agreement involves

SKYLYNX COMMUNICATIONS INC | Gary L. Brown

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: EMPLOYMENT CONTRACT
Governing Law: Florida     Date: 5/19/2006

EMPLOYMENT CONTRACT, Parties: skylynx communications inc , gary l. brown
50 of the Top 250 law firms use our Products every day

EMPLOYMENT CONTRACT

          SkyLynx Communications, Inc., (''Employer''), a Delaware corporation, located at 1502 Stickney Point Road, Sarasota, FL 34231, and Gary L. Brown, (''Employee''), of 7813 Point of Rocks Road, Sarasota, FL 34242 in consideration of the mutual promises made herein, agree as follows: 

ARTICLE 1-EMPLOYMENT

Term

          Section 1.01 Employer employs Employee and Employee hereby accepts employment with Employer beginning on January 1, 2006 or the completion of a pending merger between SkyLynx Communications and VETCO Hospitals Corp., ("VETCO"), whichever is the latter event.

Agreement Subject to Termination

          Section 1.02 This agreement may be terminated earlier as provided below.

ARTICLE 2-EMPLOYEE'S DUTIES

General Description

          Section 2.01(a) Employee is hired by Employer as Chief Executive Officer ("CEO") of SkyLynx Communications, Inc., ("SkyLynx" or the "Company"). The scope of the responsibilities of the Employee includes development and execution of sales strategy, corporate marketing, overseeing development, customer support and general day-to-day operations of the company.

          The CEO will direct, manage and provide for technical leadership in the development and commercialization of wireless communications systems and products for the company. This will also include planning and directing all aspects of the Company's operational policies, objectives, and initiatives. Responsibilities include the attainment of short- and long-term financial and operational goals. Directs the development of the organization to ensure future growth while maintaining the quality of staff and productivity. Develop and implement operating methods and procedures designed to eliminate operating problems and maintain continuous improvement to service quality and output. Manage supervisory responsibilities in accordance with company policy and applicable laws. Responsibilities include interviewing, hiring, training employees, planning, assigning and directing work, appraising performance; rewarding and discipline employees; addressing compliance and resolving problems.

          (b) Employee shall perform services at any laboratory, research facility, office or manufacturing plant operated or designated by Employer.

1

Other Employment

          Section 2.02 The Employee may not engage in any other professional activity providing the same or similar work for any other employer, company, corporation or other entity.

Mutual Consent for Change of Duties

          Section 2.03 The duties of Employee may be changed from time to time by the mutual consent of Employer and Employee without resulting in a rescission of this contract. Notwithstanding any such change, the employment of Employee shall be construed as continuing under this agreement as modified.

Indemnification for Misconduct or Deliberate Acts

          Section 2.04 Employee shall indemnify and hold harmless Employer from all liability for loss, damage, or injury to persons or property resulting from the deliberate acts or misconduct of Employee.

ARTICLE 3-OBLIGATIONS OF EMPLOYER

Office and Equipment

          Section 3.01 Employer shall provide Employee with sufficient office equipment, office space, professional tools, software and equipment, and administrative support suitable to Employee's position and adequate for the performance of his duties, automobile mileage reimbursement, and other pre-approved expenses that may be necessary in the performance of your duties.

Indemnification of Losses of Employee

          Section 3.02 Employer shall indemnify Employee for all necessary expenditures or losses incurred by Employee in direct consequence of the discharge of his duties on Employer's behalf.

ARTICLE 4-COMPENSATION OF EMPLOYEE

          Section 4.01 Initial compensation for services rendered under this contract shall be an annualized base salary of $220,000 payable twice a month in installments of $9,166.67 prorated for any partial employment period. The base salary will increase at the rate of 6% each year beginning on December 1 of each successive year of this three (3) year contract.

          In addition the following salary increases apply upon the VETCO and SkyLynx Communications, Inc., combined, attaining the following milestones:

          Section 2.02 The Employee may not engage in any other professional activity providing the same or similar work for any other employer, company, corporation or other entity.

Mutual Consent for Change of Duties

          Section 2.03 The duties of Employee may be changed from time to time by the mutual consent of Employer and Employee without resulting in a rescission of this contract. Notwithstanding any such change, the employment of Employee shall be construed as continuing under this agreement as modified.

Indemnification for Misconduct or Deliberate Acts

          Section 2.04 Employee shall indemnify and hold harmless Employer from all liability for loss, damage, or injury to persons or property resulting from the deliberate acts or misconduct of Employee.

ARTICLE 3-OBLIGATIONS OF EMPLOYER

Office and Equipment

          Section 3.01 Employer shall provide Employee with sufficient office equipment, office space, professional tools, software and equipment, and administrative support suitable to Employee's position and adequate for the performance of his duties, automobile mileage reimbursement, and other pre-approved expenses that may be necessary in the performance of your duties.

Indemnification of Losses of Employee

          Section 3.02 Employer shall indemnify Employee for all necessary expenditures or losses incurred by Employee in direct consequence of the discharge of his duties on Employer's behalf.

ARTICLE 4-COMPENSATION OF EMPLOYEE

          Section 4.01 Initial compensation for services rendered under this contract shall be an annualized base salary of $220,000 payable twice a month in installments of $9,166.67 prorated for any partial employment period. The base salary will increase at the rate of 6% each year beginning on December 1 of each successive year of this three (3) year contract.

          In addition the following salary increases apply upon the VETCO and SkyLynx Communications, Inc., combined, attaining the following milestones:

 

1.

The base salary increases to $275,000 when annualized sales of all Divisions reaching $10 million.

 

2.

The base salary increases to $300,000 when annualized sales of all Divisions reaching $15 million or when additional funding in excess of $7 million is raised by the Employee and approved by the board of directors.

 

3.

The base salary increases to $325,000 when annualized sales of all Divisions reaching $20 million.

 

 

 

2

 

 

 

 

4.

The base salary increases to $375,000 when annualized sales of all Divisions reaching $30 million.

 

5,

The base salary increases to $450,000 when annualized sales of all Divisions reaching $50 million.

 

6.

The base salary increases to $650,000 when annualized sales of all Divisions reaching $75 million.

 

7.

The base salary increases to $850,000 when annualized sales of all Divisions reaching $100 million.

     In addition the following bonus program will apply to this agreement:

          A bonus of $50,000 will be paid to the Employee if after tax profits of the Company reach at least $1.5 million, $75,000 if after tax profits of the Company reach at least $3 million, $100,000 if after tax profits of the Company reach at least $5 million, $125,000 if after tax profits of the Company reach at least $8 million (as determined by the audited financial statements prepared by the independent auditors of the Company) while the Company is headed by this Employee. This provision will apply to partial years.

Severance Pay

          Section 4.02 In the event that Employee's services under this contract are terminated by Employer prior to the end of the employment term specified herein for reasons other than cause against Employee, Employee shall be entitled to, as severance pay, the sum of the then current years' salary. This amount may be paid as a lump sum or over the twelve (12) month period following the date of separation at the option of the Company. If the services of the Employee are terminated for cause as per Section 8.04 no severance pay shall be paid.

Other Benefits

           Section 4.03 Employee shall be entitled to a monthly vehicle allowance of $1,000 initially. Employee is responsible for all operating costs of said vehicle including gas, oil, repairs, maintenance and insurance. If used in the business of the Employer, the Employer must be named as an additional insured with notice prior to cancellation.

          Section 4.04 Employee will receive the benefits of a group health insurance policy if one is available to other employees.

          Section 4.05 Employee is entitled to twenty (20) days vacation with pay during the first year of this agreement. The board of directors will make annual determinations of a vacation policy for the Employer thereafter.

           Section 4.06 Car allowance increases, stock grants, options and other benefits are within the purview of the Compensation Committee of the board of directors and the board itself. Employee is expected to participate is such benefits depending on the success and growth of the Employer.

ARTICLE 5-EMPLOYEE BENEFITS

Benefits

3

           Section 5.01 Employee will be entitled to participate in all other employee benefits such as health insurance, stock option plans, twenty (20) days annual vacation which will accrue, sick and personal days as established by the Employer. 

ARTICLE 6-REIMBURSABLE EMPLOYEE EXPENSES

Moving Expenses

           Section 6.01 In the event that during the term of this agreement Employee is transferred by Employer to a new principal place of work at least


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more