EXHIBIT 10.3



EXHIBIT 10.3


 


Cyberlux Corporation




Executive Employment Agreement




This agreement is effective
as of July 1, 2000, by and between Cyberlux Corporation ("Employer")
and John W. Ringo ("Executive Employee) AMENDED as of January 1, 2003.




For good and valuable
consideration, receipt of which is hereby acknowledged, the Employer
(hereinafter "the Company" or "Cyberlux') employs the Executive
Employee in accordance with the following terms and conditions:




            1.         The
Executive Employee shall perform the following duties and fulfill the following
responsibilities: (a) the Executive Title shall be Secretary and Corporate
Counsel (hereinafter "Sec/Counsel); (b) duties shall extend to all legal
protocols of the Company including responses to and timely report filings with
the US SEC and all other governmental agencies; oversight of accounting
policies, procedures and reports including audits and auditors; maintenance of
official records of the Company; oversight of the Company's stock transfer;
response to shareholder inquiries in transfer matters; representation of the
Company in defense or plaintiff capacities; and, (c) accountability to the
President, Chief Executive for the foregoing.




            2.         The
Sec/Counsel's employment under this agreement shall commence on July 1, 2000
and shall, AS AMENDED, terminate on Jane 30, 2008. The Sec/Counsel's contract
of employment may otherwise terminate upon occurrence of any of the following
events: (a) death or disability of the Sec/Counsel; (b) failure of the
Sec/Counsel to perform his duties satisfactorily due to ill health or consensus
of the Board of Directors; or (c) voluntary withdrawal from office after
nomination of a duly qualified successor. In the event of (a) death or
disability, the Company will have provided for insurance or other funding
source to pay to the spouse or the Sec/Counsel a minimum of, AS AMENDED,
$204,000 or an amount equal to twice the Sec/Counsel's annual salary, including
allowances and/or bonuses; (b) failure to perform due to ill health, the
Company will have provided for disability insurance or other funding sources to
pay the disabled Sec/Counsel 65% of his salary, including allowances and/or
bonuses, that were in effect at the time of his disability through the
remaining term of this contract; and (c) voluntary withdrawal, the Company will
have provided a retirement benefit equal to 55% of the Sec/Counsel's cumulative
salary, including allowances and/or bonuses, which shall be payable upon
withdrawal from office.




            3.         Compensation
of the Sec/Counsel shall be by salary payable biweekly, by bonuses consistent
with certain thresholds of performance and through a stock option plan to be
established by the Board of Directors. For the period, AS AMENDED, January 1,
2003 through December 31, 2003, the Sec/Counsel is to be paid a base salary of
$8,500 per month. The Sec/Counsel is to receive fall health plan coverage which
extends to his spouse, an automobile allowance of $500 per month; term life and
disability insurance.






 






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Cyberlux Corporation






            4.         The
Sec/Counsel, John W. Ringo, will not at any time during the tenure of this
agreement, or for a period of three years subsequent to the termination of this
agreement, engage in any business competitive to that of Cyberlux Corporation
unless such engagement may be on behalf of or inure to the benefit of the
Company.




            5. Any dispute that may arise concerning fulfillment of
the terms and conditions of this contract will be resolved by binding
arbitration of the parties hereto. Each party shall select one arbitrator and
both such arbitrators shall select a third. The arbitration will be governed by
the rules of the American Arbitration Association then in force.




            6.         The terms
and conditions of this contract will continue to any successor ownership of
Cyberlux Corporation that may occur through reorganization, merger with or
acquisition by another entity or entities. This agreement constitutes the
complete understanding between the Company and John W. Ringo unless amended by
a subsequent written instrument signed by both parties.




Cyberlux Corporation                                                Executive
Employee


 


 


By  /s/  Donald F. Evans       _                        /s/ John W. Ringo                              


Donald F. Evans                                              John
W. Ringo

Its Chief Executive Officer                             Title:
Secretary/Corporate Counsel


 


 


Attest: By  /s/Alan H. Ninneman     

Alan H. Ninneman

Its Senior Vice President


 


 


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