Exhibit 10.35
February 17, 2000
Mr. Thomas S. Bednarik
10383 N 118th Place
Scottsdale, AZ 85259
Dear Tom:
On behalf of Vitrix Incorporated (the
“Company”), a subsidiary of Vitrix, Inc. (f/k/a
FBR Capital Corporation), I am pleased to offer you the position of
CEO and President. In this position, you will be responsible for
overall operations of the Company. Your election to the Board of
Directors is expected to occur at the first Board meeting following
your acceptance of this offer.
Terms of your employment at Vitrix include the
following:
1.
Employment At
Will.
The Company hereby employs you
subject to the terms and conditions herein set forth. This
employment relationship is an “at-will” relationship,
which is severable at the pleasure of either you or the Company at
any time, for any reason, with or without notice, with or without
cause.
2.
Compensation. Your initial base salary for this position shall
be $115,000 annually, paid twice monthly in accordance with the
Company’s payroll policy as in effect from time to time. You
will also be paid a quarterly bonus payable in cash according to
the schedule provided below if Vitrix’s revenues for the
applicable quarter exceed the amount indicated below:
Quarterly Bonus
Plan
|
|
|
FYQ1 2000
|
|
FYQ2 2000
|
|
FYQ3 2000
|
|
FYQ4 2000
|
|
Total
|
|
|
Revenues of
|
|
$
|
202,669
|
|
$
|
361,206
|
|
$
|
409,357
|
|
$
|
728,406
|
|
$
|
1,701,638
|
|
|
Cash Bonus
|
|
0
|
|
0
|
|
$
|
5,000
|
|
$
|
15,000
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition, you will also be paid an annual
bonus payable in cash according to the schedule provided below
if Vitrix’s revenues for the full fiscal year exceed the
amount indicated below:
FY2000 Annual Bonus Plan
(ending June 30, 2000)
|
Revenues of
|
|
$
|
1,800,000
|
|
$
|
2,000,000
|
|
$
|
2,500,000
|
|
|
Cash Bonus
|
|
$
|
5,000
|
|
$
|
15,000
|
|
$
|
40,000
|
|
3.
Medical/Dental. You will qualify for
participation in the Vitrix group medical and dental plan in
accordance with current guidelines. Vitrix pays for the individual
employee’s medical coverage, and contributes at 50% for
family coverage. The Group dental plan is optional and the Company
does not make any contributions with respect to such
plan.
