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| MPSP.OB > SEC Filings for MPSP.OB > Form 8-K on 22-Jul-2009 | All Recent SEC Filings |
22-Jul-2009
Change in Directors or Principal Officers, Financial Statements and
On July 17, 2009, MedPro Safety Products, Inc. (the "Company") entered into an employment agreement with one of its executive officers, Craig Turner. The agreement is filed as an exhibit to this Report on Form 8-K.
Mr. Turner's Agreement
Position: Chief Executive Officer
Term: July 1, 2009 to June 30, 2012, subject to automatic one-year extensions thereafter, unless the Company or Mr. Turner provides prior written notice of its or his intention to not renew the employment agreement.
Base Salary: Mr. Turner's base salary will be $28,333.33 per month.
Annual Bonus: Mr. Turner is eligible for a bonus of up to a total of 100% of his base salary as the Board of Directors of the Company may determine in its sole discretion.
Employee Benefits: Mr. Turner is entitled to participate in the stock option and incentive compensation arrangements for the management of the Company. Mr. Turner is also entitled to participate in the employee benefit plans, policies and practices sponsored by the Company for the benefit of its employees, upon the same terms and conditions as other employees of the Company, including vacation and holiday time. Mr. Turner shall have the use of a personal assistant.
Confidentiality, Nonsolicitation and Noncompetition: Mr. Turner agrees not to encourage employees to leave the Company, encourage customers to terminate their relationships with the Company, and compete with the Company during his employment and during the restricted period. The restricted period means six months after Mr. Turner terminates employment with the Company. Mr. Turner also agrees to maintain the confidentiality of the Company's information during and after his employment with the Company.
Termination: The Company may terminate Mr. Turner for cause, as defined in
Exhibit 10.1, which termination shall be immediate. Should the Company terminate
Mr. Turner other than for cause, Mr. Turner shall continue to be paid his
monthly base salary (but no other amounts related to any employee benefit plans
and no further accrual of vacation, sick or holiday time) until the end of the
term of his agreement, even though he is no longer working for the Company,
which payment shall be specifically conditioned upon and in exchange for any
written releases deemed appropriate by the Company. Mr. Turner may terminate
employment with the Company for any reason. Upon a change in control of the
Company, Mr. Turner shall receive a single sum payment in an amount equal to Mr.
Turner's monthly base salary for 36 months (less any applicable social security,
federal, state or local tax withholdings), based on Mr. Turner's monthly based
salary in the month in which such termination occurs. A change in control is
defined as (1) a change in ownership, (2) a change in effective control, or (3)
a change in asset control, as each of these terms is defined in Exhibit
10.1. The Company has agreed to pay Mr. Turner the amount of any state, local or
federal tax incurred by him as a result of payments to him that would not have
been imposed but for the occurrence of a change in control.
The above summary of the material terms of Mr. Turner's employment agreement is qualified by reference to the text of the agreement which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
(d) Exhibits.
Exhibit No. Description
10.1 Employment Agreement with Craig Turner, dated July 17, 2009
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