Looking for an agreement? Search from over 1 million agreements now.

General Counsel Employment Agreement

This is an actual contract by Jmar Technologies.

Save time and money with our Premium Packages.
Buy all (8) recommended agreements for
$140.00 (50% savings)
Agreement Preview
Sectors: Electronics and Miscellaneous Technology
Governing Law: California , View California State Laws
Effective Date: April 15, 1998
Search This Document
EMPLOYMENT AGREEMENT


This Employment Agreement ("Agreement") is made by and between Joseph G. Martinez ("Martinez") and JMAR Industries, Inc. ("JMAR").


1. Title. Martinez shall be employed as Vice President/General Counsel of JMAR and shall report directly to the Chief Executive Officer of JMAR.


2. Salary. As compensation for employment with the Company, Martinez will be paid $5,192.31 bi-weekly, which is equivalent to $135,000 per year.


3. Management Incentive Bonus Program. As a corporate officer, Martinez will participate in JMAR's Management Incentive Bonus Program which pays cash bonuses based on the Company's consolidated annual profitability. For 1998, Martinez will be allocated a 15% participation share in the Corporate Office pool (the "Pool"), pro-rated based on the percentage of the year that he is employed by JMAR. (For example, if Martinez starts work at JMAR on May 1st, his pro-rated share of the Pool would be 2/3 x 15% or 10%).


4. Auto Allowance. Martinez will receive $400 per month as an automobile expense allowance.


5. Equity Participation. On his employment start date, Martinez will be granted 50,000 Employee Stock Options, subject to the conditions of JMAR's Employee Stock Option Plan ("Plan"), a copy of which is attached hereto. The principal elements of that Plan include:


5.1 An option Exercise Price equal to the Closing price of JMAR stock as
quoted on the NASDAQ National Market System for the five trading day
average prior to the day that Martinez starts work.


5.2 One third of Martinez' Options will vest (i.e., become exercisable)
at the end of each successive twelve month period after Martinez' start
date.


5.3 If there is any contradiction between the summary of the elements of
the Plan as described in this Agreement, and the Plan itself, the terms
of the Plan shall govern and control.


6. Office Location. The Company believes that the greater the amount of time that Martinez is able to spend in close proximity to the corporate staff, the greater will be his impact on JMAR's operations. Nevertheless, to accommodate Martinez' current and future living arrangements, the Company will make available to Martinez temporary office space at its Orange County facility (which currently houses the Company's California ASIC operations). Administrative staff support will be supplied by corporate office personnel located in San Diego.


7. Expense Reimbursements.


7.1 The Company will reimburse Martinez for all of the reasonable
out-of-pocket expenses that he incurs in the performance of his
employment with JMAR, excluding any costs associated with travel between
his Orange County office and San Diego.


7.2 The Company will reimburse Martinez for his professional expenses to
support his continuing status as a fully licensed attorney-at-law,
including Annual California State Bar dues, continuing education classes
and other educational seminars and events that are deemed to be in the
Company's best interests.


12 2


7.3 The Company will also provide Martinez with an annual budget to
purchase necessary legal periodicals and other reference material and
computer software and hardware to enable him to access standard
professional information sources.


8. Relocation Expense. The Company will reimburse Martinez for reasonable, actual expenses involved in moving his primary residence from its present location to a location within a reasonable daily commute from JMAR's corporate office pursuant to its standard Relocation Policy.


9. Home Sale Realtor Fee Reimbursement.


9.1 The Company will reimburse Martinez for 50% of any Realtors fees
incurred in connection with the sale of his current residence located in
Torrance, California providing the escrow on such sale is closed and the
fee is paid no later than August 31, 1998.


9.2 If Martinez sells his current home in Torrance and re-locates his
permanent residence to San Diego County prior to August 31, 1998, the
Company will reimburse him for 100% of the Realtor fees incurred in
connection with the sale of his Torrance home.


10. Employee Benefits. Martinez will be enrolled in JMAR's employee medical, dental and life insurance programs and will be eligible for all of the benefits described in the employee benefit section of the enclosed "Personnel Handbook". JMAR reserves the right to modify, supplement or rescind any of its insurance programs and benefits at any time, in its sole discretion. He will accrue three weeks paid vacation per year and will also be eligible to participate in JMAR's 401(k) Plan (see the copy of the attached Plan Description).


11. First Year Of Employment. The following provisions shall govern the term, duration, and termination of employment for the first year (365 consecutive days regardless of any leave of absence, vacation or sick days) of Martinez employment:


11.1 During the first year of employment, this Agreement shall terminate
upon the occurrence of any of the following events: (a) the death of
Martinez; (b) the incapacity or disability of Martinez, which renders
him unable to perform substantially all of the services contemplated by
this Agreement for a continuous period of sixty (60) days; or (c) the
mutual agreement of Martinez and the Company.


11.2 This Agreement may be terminated by the Company prior to completion
of the first year of employment on the happening of one or more of the
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |

Privacy Policy   Terms of Service  3.90.207.89