ex10.2



EXHIBIT
10.2


 


Cyberlux Corporation




Executive Employment
Agreement




This agreement of employment is effective as of July
1, 2000,by and between Cyberlux
Corporation ("Employer") and Alan H. Ninneman ("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 Senior Vice President (hereinafter
"SRVP"); (b) duties shall extend to management of the Company's
manufacture, assembly, packaging and distribution of products to include
fulfillment operations and internet site operations. The SRVP reports directly
to the President/CEO.




2. The SRVP's employment
under this agreement shall commence on July 1, 2000 and shall, AS AMENDED,
terminate on June 30, 2008. The SRVP's contract of employment may otherwise
terminate upon occurrence of any of the following events: (a) death or
disability of the SRVP; (b) failure of the SRVP 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 of the SRVP
a minimum of AS AMENDED, $204,000 or an amount equal to twice the SRVP'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 SRVP 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 SRVP's cumulative
salary, including allowances and/or bonuses, which shall be payable upon
withdrawal from office.




3. Compensation of the SRVP
shallbe by salary payable semimonthly, 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 SRVP is to be paid a base salary of $8,500 per month. The
SRVP is to receive full health plan coverage which extends to his spouse, an
automobile allowance of $500 per month; term life and disability insurance.




4. The SRVP, 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.




 




 




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Cyberlux Corporation




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 Alan H. Ninneman unless amended by a
subsequent written instrument signed by both parties.




Cyberlux
Corporation                                        Executive
Employee


 


By  /s/  Donald
F. Evans                                           /s/ Alan H. Ninneman      


Donald F.
Evans                                                            Alan
H. Ninneman

Its President
& Chairman of of the Board                   Title: Senior Vice President


 


Attest:


 


By  /s/  John
W. Ringo                      


John W. Ringo

Its Secretary
& Director


 


 


 


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