{"id":39657,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-tomax-technologies-inc-and-brad-lee.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-tomax-technologies-inc-and-brad-lee","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-tomax-technologies-inc-and-brad-lee.html","title":{"rendered":"Employment Agreement &#8211; Tomax Technologies Inc. and Brad Lee Stewart"},"content":{"rendered":"<pre>\nJuly 25, 2000\n\nPERSONAL DELIVERY\n\nBrad Lee Stewart\n\nDear Mr. Stewart:\n\nThis letter is your formal offer to join our team in the capacity of Sr. Vice \nPresident and Chief Financial Officer, effective August 14, 2000, or earlier if \navailable.\n\nOVERALL RESPONSIBILITIES\n\nAs Chief Financial Officer (CFO) you will be responsible for complete fiscal \nmanagement of Tomax, including all reporting, oversight, process and staff \nfunctions within the financial area. Primarily, you will establish the plan and \nguide the company through a successful IPO process.\n\nEqually, you will be joining the Tomax Click &amp; Mortar Leadership Team, a group \nof area leaders chosen to purpose Tomax towards its goals and objectives, \nresponsible for all planning, direction, and course adjustments along the way. \nYour contribution is expected to include input and leadership on budgeting, \ngoal setting, forecasting, pricing, and management direction.\n\nREPORTING RELATIONSHIPS\n\nYou will report to myself as Chief Executive Officer. Additionally, you will \nhave reporting obligations to the BOD, the Leadership Team, and the Investment \nCommunity as outlined below.\n\nMISSION:\n\n     To provide leadership and vision in the development and implementation of \n     financial systems, controls, and operational management systems that help \n     establish Tomax as a world class leader in productivity, profitability, \n     and sustainable growth. These initiatives will be underwritten by a \n     forceful commitment to shareholder value.\n\n\n   2\nOBJECTIVES:\n\n        To efficiently prepare and guide Tomax through the IPO process, \n        including the appropriate management of underwriting, accounting and \n        legal resources.\n\n        To attain on valuation objectives to be determined.\n\n        To mentor and development the Tomax team in the finance\/operations area.\n\n        Create and maintain a team environment that is productive, efficient,\n        and focused on client requirements.\n\n        Ensure the delivery of consistent, accurate, and timely reporting on \n        management, accounting, and regulatory requirements to be determined.\n\nTASKS\n\nThese objectives are broad and comprehensive in nature. To give specific focus\nand direction to your initial efforts, the following tactical initiatives are\noffered as priority assignments.\n\n        Establish IPO plan including final selection of the team (underwriters, \n        legal, and accounting), valuation objectives, document preparation, \n        support plan, and other tactical requirements.\n\n        Review and finalize the business plan, including compensation \n        structure, options, incentive programs, and operational budgets.\n\n        Review and finalize forecasting systems and reporting requirements. \n        This would include appropriate supporting systems for the BOD.\n\nCOMPENSATION PACKAGE\n\nFollowing is an overview of your compensation package:\n\n        SALARY -- $175,000 per annum, paid bimonthly.\n\n        BONUS AND INCENTIVE PLAN -- commensurate with that offered to members \n        of the Leadership Team. Presently this includes a 10% cash bonus based \n        on the attainment of objectives, paid quarterly and a stock option \n        equal to 37.5% of Salary (based on options at current valuation and \n        vesting over 3 years, vesting according to a scheduled determined for \n        all members of the Leadership Team, presently three years on a monthly \n        basis).\n\n        SIGNING BONUS -- $20,000 and stock options for 100,000 shares of Tomax\n        Common stock at (current valuation price), vesting over 3 years, vesting\n        at 25% on grant date and 25% on each annual anniversary thereafter for\n        three years.\n\n        IPO BONUS -- $30,000 (to be paid on day of closing the IPO of Tomax)\n   3\n          The signing and IPO bonus are independent of any other incentives.\n\n          EMPLOYMENT CONTRACT - to be determined following agreement. To include\n          1 year severance in the event of termination without cause, (as\n          commonly defined) by Tomax or with good reason (as commonly defined)\n          by Stewart. Also to include health insurance for Stewart and family,\n          401-K plan, life insurance, disability insurance, and other benefits\n          as provided to members of the executive team at Tomax.\n\n\nWe also offer a comprehensive employee benefit package. Details are summarized\nbelow:\n\n     -  Company sponsored health and dental insurance. The company pays 50% of \n        the monthly premium with the employee paying the remaining 50%. Health \n        insurance is effective on the first on the month following your first \n        30 days of employment.\n\n     -  Company paid term life insurance equal to one times your gross yearly \n        wage up to $50,000.\n\n     -  401K plan where the company contributes $0.50 on the dollar up to the \n        first 6% of your contribution with a five-year, 20% vesting schedule. \n        Requires six months of full-time employment to meet the eligibility \n        requirements.\n\n     -  Employee stock options plan. Requires six-months full-time service with \n        the company to meet eligibility requirements.\n\n     -  Company provided long-term disability insurance.\n\n     -  Company sponsored short-term disability insurance. Premiums are paid by \n        the employee.\n\n     -  18 days of paid time off (PTO) your first years employment. Beginning \n        with your sixth year of employment the number of days of PTO increases \n        to 24 per year. In addition we have eight standard holidays each year \n        which are paid days of leave.\n\nWe are looking forward to you joining our team. With your help, we are going to \nbuild Tomax into the most respected name in the industry. You may indicate your \nacceptance by signing both copies and returning one copy to our office.\n\n\nYours sincerely,\n\nTOMAX TECHNOLOGIES, INC.\n\n\n\n\/s\/ ERIC OLAFSON\n-------------------------\nEric Olafson\nCEO\n\n\n        7\/25\/00\n-------------------------\nDate\n\n\n\/s\/ BRAD LEE STEWART\n-------------------------\nBrad Lee Stewart\n\n\n        7\/25\/00\n-------------------------\nDate\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9075],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39657","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-tomax-corp","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39657"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39657"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39657"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}