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This employment agreement involves PivX Solutions, Inc.. An employment contract is an agreement entered into between an employer and an employee which describes the nature of their business relationship. This includes a discussion of roles and responsibilities, compensation etc. An employment contract serves a number of beneficial purposes. It provides the employee with the basic conditions of their employment including basic duties, salary, and benefits. The agreement also protects the employer by stating the employer's expectations for the employee and grounds for termination.

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Posted:
08/05/09
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DocStore > Agreements > Employment Agreements
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Employment Agreement, PivX Solutions Inc. Employment Agreement, California Employment Agreement

PivX Solutions Inc. Employment Agreement

Exhibit 10b-3 EMPLOYMENT AGREEMENT This Employment Agreement ("AGREEMENT") is entered into as of November 1, 2004 (the "EFFECTIVE DATE") by and between PivX Solutions, Inc. (the "COMPANY"), and Scott Olson ("EMPLOYEE"). In consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is mutually covenanted and agreed by and between the parties as follows: 1. POSITION AND DUTIES. Employee shall be employed as General Counsel and Corporate Secretary reporting to the Chief Executive Officer. Employee shall perform Employee's duties faithfully and to the best of Employee's ability and shall devote Employee's full business time and effort to the performance of Employee's duties hereunder. A detailed job description will be written after employee begins. This job description will become a part of this agreement. 2. AT-WILL EMPLOYMENT. The parties agree that Employee's employment with the Company shall be "at-will" employment and may be terminated at any time with or without cause or notice at the option of either the Company or Employee. No provision of this Agreement shall be construed as conferring upon Employee a right to continue as an employee of the Company. 3. COMPENSATION. For all services to be rendered pursuant to this Agreement by Employee, Employee shall receive $160,000 on an annual basis (the "BASE SALARY"), payable monthly. Employee understands and agrees that neither Employee's job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension by implication or otherwise, of this Agreement. 4. REGISTRATION STATEMENT BONUS. Employee shall receive a $10,000 bonus upon the declaration that the registration statement filed in connection with the investor financing from Cornell Capital through the Standby Equity Distribution Agreement is declared effective by the Securities and Exchange Commission. 5. DISCRETIONARY BONUS. The performance of Employee and the Company may be reviewed by the Company's Chief Executive Officer and the Board annually, and, on that basis, the Company may, in its discretion, award the Employee a bonus. Any such bonus shall be subject to applicable withholding. 6. INCENTIVE PLAN. Employee has the opportunity for quarterly bonuses. The MBO's for this will be determined and agreed between employee and supervisor. These can be paid in cash or in S-8 free trading stock as allowed by the company's stock option plan. 7. OTHER BENEFITS. During Employee's employment hereunder, Employee shall be entitled to participate in the employee benefit plans and programs of the Company, if any, to the extent that Employee's position, tenure, salary, age, health and other qualifications make him eligible to participate in such plans or programs, subject to the rules and regulations applicable thereto. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. Included in these benefits are: Health, Dental, Vision and Fitness Club membership. Employee shall have two weeks of paid vacation annually. 8. EQUITY. As of the Effective Date, Employee shall be granted options to purchase 250,000 shares of the Company's stock (the "EQUITY") at a strike price of $2.60 per share. This Equity shall vest in equal amounts on the 1st, 2nd and 3rd anniversary of your employment. Vesting of the Equity shall be subject to Employee's continued employment with the Company on the relevant vesting dates. The options vest in 3 equal installments beginning on November 1, 2005 and shall be valid for a period not to exceed 5 years from the vesting date. 8. EXPENSES. The Company shall reimburse Employee for pre-approved expenses incurred by Employee in the furtherance of or in connection with the performance of Employee's duties hereunder, in accordance with the Company's expense reimbursement policy as in effect from time to time. 9. RIGHT TO ADVICE OF COUNSEL. Employee acknowledges that he has had the right to consult with counsel and is fully aware of Employee's rights and obligations under this Agreement. 10. SUCCESSORS. (a) COMPANY'S SUCCESSORS. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company's business and/or assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Agreement, the term "Company," shall include any successor to the Company's business and/or assets which executes and delivers the assumption agreement described in this subsection (a) or which becomes bound by the terms of this Agree