Document:

Employment Agreement

 Exhibit 10.1 
 

 
 EMPLOYMENT AGREEMENT MANAGING DIRECTOR 
 THE UNDERSIGNED: 
  

	1.	EURONEXT AMSTERDAM N.V., a Dutch public limited company, having its statutory seat at Amsterdam, the Netherlands, and its official place of business at the address Beursplein
5, (1012 JW) Amsterdam, the Netherlands (the “Company”); 

 and 
  

	2.	Mr. JOOST J.M. VAN DER DOES DE WILLEBOIS (the “Managing Director”); 

 The Company and the Managing Director shall jointly be referred to as the “Parties” and individually as a “Party”. 
 WHEREAS: 
  

	A.	The Managing Director has been employed by the Company since 1 November 2004 for a definite term of four (4) years, i.e. until 1 November 2008. Parties desire to
enter into an indefinite term employment agreement and desire to set forth the terms and conditions applicable to the employment of the Managing Director in this employment agreement (the “Employment Agreement”).

  

	B.	The Company is a wholly owned subsidiary of Euronext N.V., a public limited company with its statutory seat and its official place of business in Amsterdam, the Netherlands
(“Euronext”). Euronext is in its turn a(n) (indirect) wholly owned subsidiary of NYSE Euronext, a Delaware company publicly listed at the Stock Exchanges of New York and Paris (“NYSE Euronext”). Where this
Employment Agreement refers to the Company, this shall also be understood to mean Euronext and/or NYSE Euronext (the Company, Euronext and NYSE Euronext together hereinafter also referred to as the “Companies”);

  

	C.	The Managing Director is appointed as (i) chairman of the management board of the Company, (ii) member of the management board of Euronext and (iii) member of the
management committee of NYSE Euronext. 

  

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	D.	In view of the appointment of the Managing Director as (i) chairman of the management board of the Company, (ii) member of the management board of Euronext and
(iii) member of the management committee of NYSE Euronext, all decisions relating to the Management Director’s remuneration, pension and/or terms and conditions of employment shall be taken by the Human Resources and Compensation Committee
and/or the NYSE Euronext Board of Directors. 

 DECLARE AND HAVE AGREED AS FOLLOWS: 
  

	1.	Date of Commencement of Employment and Position 

  

	1.1.	The Managing Director shall hold the position of (i) chairman of the management board of the Company, (ii) member of the management board of Euronext and (iii) member
of the management committee of NYSE Euronext, and the Managing Director shall perform all duties which relate to these positions. 

  

	1.2.	The Managing Director shall perform his duties as mentioned in article 1.1 of this Employment Agreement both in the Netherlands and abroad. 

  

	1.3.	The Managing Director shall fulfil all obligations imposed on him by law, or as laid down in the articles of association of the Companies. 

  

	1.4.	The Managing Director is obliged to do or to refrain from doing all that managing directors in similar positions should do or should refrain from doing. The Managing Director shall
fully devote himself, his time and his energy to promoting the interests of the Companies. 

  

	2.	Duration of the Employment Agreement and Notice of Termination 

  

	2.1.	The Managing Director entered into the employment of the Company on 1 November 2004 for a definite period of time, which employment is continued by this Employment Agreement
for an indefinite period. 

  

	2.2.	This Employment Agreement shall terminate in any event, without notice being required, on the date at which the Managing Director reaches the age of 65, unless the pension scheme of
the Managing Director provides for an earlier retirement date. 

  

	2.3.	This Employment Agreement may be terminated by either Party with due observance of a notice period of four (4) months for the Company and a notice period of two (2) months
for the Managing Director. 

  

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	2.4.	Upon service of a notice of termination by the Company for reasons other than urgent cause (article 7:678 Dutch civil code) or a change in circumstances attributable to the Managing
Director (article 7:685 Dutch civil code), the compensation for termination will not exceed an amount equalling the gross yearly salary as defined in article 3 of this agreement whereby the notice period will be observed. In such case, bonuses that
were earned but not yet paid or deferred as of the termination, will become payable on the dates that such amounts would have been paid had the employment continued through the date of such payments. Any other or additional payment, entitlement
and/or benefit will be treated in accordance with the applicable terms of any plan, policy, program or arrangement of, or any agreement with, the Company or any affiliate. 

  

	3.	Remuneration 

 The Managing Director’s salary shall be determined annually by the Human Resources and Compensation Committee and/or the NYSE Euronext Board of Directors. For the year 2008 the salary of the Management Director
shall amount to EUR 400,000 gross per year, which shall be paid by the Company to the Managing Director in fourteen (14) equal instalments, of which (i) twelve (12) instalments shall be paid at the end of each month; (ii) one
(1) instalment shall be paid as a 13th month salary at the end of the month of December; and (iii) one (1) instalment shall be paid
as a holiday allowance at the end of the month of April. If the Managing Director receives income from any other company that forms part of the group of companies to which the Company belongs, this income shall be deducted from the Management
Director’s salary. 
  

	4.	Bonus 

  

	4.1.	The Managing Director may be eligible for an annual variable bonus. The granting of a bonus in any year is subject to the absolute discretion of the Human Resources and Compensation
Committee and/or the NYSE Euronext Board of Directors. 

  

	4.2.	The performance criteria that govern the awarding of the bonus and the amount of bonus awarded are determined once a year by the CEO of NYSE Euronext. At least 50% of the annual
bonus shall be paid in cash, and no more than 50% of the annual bonus shall be awarded in the form of equity compensation. 

  

	4.3.	Participation in the bonus scheme does not give rise to a legitimate expectation of any entitlement 

  

	 4.4.
	 The annual payment of the bonus shall have been made no later than March 15th of the calendar year following the year for which is earned pursuant to the Company’s annual bonus plan. 

  

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	5.	Holidays 

 The Managing Director shall be entitled
to twenty-five (25) business day’s vacation per year. In taking vacation, the Managing Director shall duly observe the interests of the Company. The provisions regarding reduction of working hours (ATV) as included in the personnel
manual of the Company (‘handbook personnel Euronext Amsterdam N.V.’), which is attached to this Employment Agreement as Annex 2 (the “Personnel Manual”), are not applicable to the Managing Director.

  

	6.	Expenses 

  

	6.1.	The Company shall reimburse all reasonable expenses incurred by the Managing Director in the performance of his duties, but only upon submission of all the relevant invoices and
vouchers and in accordance with the provisions of the Personnel Manual. 

  

	6.2.	The Company shall reimburse all reasonable expenses incurred by the Managing Director for the use of a (i) mobile phone, (ii) BlackBerry and (iii) telefax at the home
address of the Managing Director. 

  

	6.3.	The Company shall never compensate an amount that exceeds the amount that can be awarded free of taxes. Any taxes and/or social security premiums which become due as a result of the
tax authorities’ view that the expenses as mentioned under articles 6.1 and 6.2 of this Employment Agreement are taxable shall be borne by the Managing Director. 

  

	7.	Company Car 

 For the performance of his duties, the
Company shall provide the Managing Director with a lease car in accordance with the applicable car lease scheme of the Company (Autolease-regeling Euronext Amsterdam N.V.), which scheme is attached to this Employment Agreement as Annex
3 (the “Car Lease Scheme”). Furthermore, for the performance of his duties in and from Amsterdam the Managing Director may benefit of the use of a (company) chauffeur. 
  

	8.	Fringe benefits 

 All the fringe benefits as
mentioned in the Personnel Manual shall apply to the Managing Director, this in so far as not provided otherwise in this Employment Agreement. 
  

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	9.	Sickness 

 In the event of sickness as defined in
section 7:629 of the Dutch Civil Code, the provisions as set out in the Personnel Manual shall apply. 
  

	10.	Pension 

 The Managing Director declares to be
familiar with the prevailing pension scheme of the Company as stipulated in the Personnel Manual. Furthermore, the Parties agree (i) to fulfil the obligations arising from such pension scheme; and (ii) that the pensionable salary shall be
equal to the salary amount mentioned in article 3 of this Employment Agreement. If the pension scheme of the Company changes during the term of this Employment Agreement, the consequences of such change for the Managing Director shall be discussed
in advance with the Managing Director, taking due account of the policy of the Companies. 
  

	II.	Confidentiality 

 The Managing Director shall,
throughout the duration of this Employment Agreement and after this Employment Agreement has been terminated for whatever reason, refrain from disclosing in any manner to any individual any information of a confidential nature concerning the Company
or other companies affiliated to the Company, which has become known to the Managing Director as a result of his employment with the Company and of which the Managing Director knows or should have known to be of a confidential nature. Moreover, the
Managing Director shall also take all steps to prevent this information from being used by third parties. 
  

	12.	Documents 

 The Managing Director shall not have or
keep in his possession any documents and/or correspondence and/or data carriers and/or copies thereof in any manner whatsoever, which belong to the Company or to other companies affiliated to the Company and which have been made available to the
Managing Director as a result of his employment, except in so far as and for as long as is necessary for the performance of his duties for the Company. At termination of this Employment Agreement or upon suspension of the Managing Director from
active duty for whatever reason, the Managing Director shall be obliged to return to the Company immediately, without necessitating the need for any request to be made in this regard, any and all such documents and/or correspondence and/or data
carriers and/or copies thereof. 
  

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	13.	Non-Competition 

  

	13.1.	The Managing Director shall throughout the duration of this Employment Agreement and for a period of one (1) year after termination thereof (i) not be engaged or involved
in any manner, directly or indirectly, whether for the account of the Managing Director or for the account of others, be engaged in activities directly competing with those of the Company or any of its subsidiaries or affiliated companies of the
Company; (ii) not act as intermediary in whatever manner directly or indirectly; 

  

	13.2.	The Managing Director shall remain under the obligation to adhere to the non-competition clause referred to in article 13.1 of this Employment Agreement with regard to the Company,
if the Company or a part thereof is transferred by the Company or any of the Company’s shareholders to a third party within the meaning of section 7:662 and onwards of the Dutch Civil Code, and this Employment Agreement terminates before or at
the time of such transfer, whereas in the event of continuation of the Employment Agreement the Managing Director would have entered into the employment of the acquirer by operation of law. 

  

	14.	Non-recruitment 

 The Managing Director shall
throughout the duration of this Employment Agreement and for a period of one (1) year after termination thereof not (i) engage, (ii) employ, (iii) solicit or (iv) contact, with a view to hiring or engaging, employees of the
Company or any of its affiliated companies. 
  

	15.	Penalty 

 In the event the Managing Director
breaches the obligations as laid down in articles 11, 12, 13.1, 13.2 and/or 14 of this Employment Agreement, the Managing Director shall contrary to section 7:650, subs 3, 4 and 5 of the Dutch Civil Code, without notice of default being required,
pay to the Company for each such breach a penalty equal to an amount of EUR 50,000, pIus a penalty of EUR 10,000 for each day such breach occurs and continues. Alternatively, the Company shall be entitled to claim full damages. 
  

	16.	No additional occupation 

 The Managing Director
shall refrain from accepting remunerated or non-remunerated work activities with or for third parties or from doing business for his own account without the prior written consent of the Human Resources and Compensation Committee of NYSE Euronext.

  

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	17.	Miscellaneous 

  

	17.1.	In addition to the provisions laid down in this Employment Agreement, the conditions as laid down in (i) the Personal Trading Policy Requirements for NYSE Euronext Management
Committee Members as attached to this Employment Agreement as Annex 4; (ii) the Personnel Manual; (iii) the Car Lease Scheme; (iv) the policy on internal business conducts as attached to this Employment Agreement as Annex
5; (v) Global Guideline for Gifts as attached to this Employment Agreement as Annex 6; and (vi) the policy on OFAC as attached to this Employment Agreement as Annex 7 are applicable. The Company reserves the right to
unilaterally amend the conditions of the documents mentioned in this article 17. If the conditions laid down in these documents should be in conflict with the conditions of this Employment Agreement, the conditions of this Employment Agreement shall
prevail. 

  

	17.2.	Any notice or other communication in connection with this Employment Agreement shall be given in writing and as far as it concerns the Company only after a resolution passed by the
competent body of the Company. 

  

	17.3.	If any provision, or part of a provision of this Employment Agreement, is for any reason or to any extent, invalid or unenforceable, such invalidity or unenforceability shall not in
any manner detract from or render invalid or unenforceable the other provisions or parts of provisions of this Employment Agreement. In the event of the invalidity or unenforceability of any (part of a) provision of this Employment Agreement, the
Parties shall, at the request of either Party, negotiate in good faith to agree to changes or amendments to this (part of a) provision that may be required in order to reflect as closely as possible the purport of the intention of such (part of a)
provision and to accomplish the purpose of this Employment Agreement in light of such invalidity or unenforceability. 

  

	17.4.	Notwithstanding the provisions of section 7:661, paragraph 1 of the Dutch Civil Code and section 7:170, paragraph 3 of the Dutch Civil Code, the Company can have recourse against
the Managing Director in respect of any damages caused by the Managing Director to the Company or to a third party, and this only in the event and in so far as the Managing Director is covered by insurance (incl. liability) against such damages.

  

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	18.	Governing law, jurisdiction 

  

	18.1.	This Employment Agreement is governed by the laws of the Netherlands. 

  

	18.2.	The Amsterdam courts shall have exclusive jurisdiction to hear any dispute that should arise from or in connection with this Employment Agreement or with any further agreements that
the Parties should enter into pursuant to or in connection with this Employment Agreement. 

 IN WITNESS WHEREOF Employment Agreement
has been executed in twofold by the Parties hereto: 
  

					
	 /s/ D.L. Niederauer
	 		 	 /s/ J.J.M. van der does de Willebois

	Mr. D.L. Niederauer	 		 	J.J.M. van der does de Willebois
	Chief Executive Officer of NYSE Euronext	 		 	Managing Director
			
	Place: New York	 		 	Place: Amsterdam
	Date: 10-27-2008	 		 	Date: 10-1-2008
			
	 /s/ P.H. Duranton
	 		 	
	Mr. P.H. Duranton	 		 	
	Group Executive Vice President and	 		 	
	Executive Vice President of Human Resources	 		 	
			
	Place: New York	 		 	
	Date: 10-27-2008	 		 	
			
	 /s/ J.F. Theodore
	 		 	 /s/ S.B.L. Evers

	Mr. J.F. Theodore	 		 	S.B.L. Evers
	On behalf of Euronext Amsterdam N.V as
member of the Managing Board	 		 	Director Human Resources
			
	Place: Paris	 		 	Place: Amsterdam
	Date: 10-7-2008	 		 	Date: 10-15-2008

  

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 Seen and approved: 

			
	By: Mr R.W.F. van Tets
	Chairman of the Supervisory Board
	Euronext Amsterdam N.V.
		
	Place:	 	Amsterdam
	Date:	 	10-15-2008

  

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    EXHIBIT
10.1

    
      

      EXECUTIVE
EMPLOYMENT AGREEMENT

      

      

      This
EMPLOYMENT AGREEMENT is made and entered into effective as of May 1, 2008 (the
“Effective Date”) by and between CRC Crystal Research Corporation (the
“Company”), and Dr. Kiril A. Pandelisev, the undersigned individual
(“Executive”).

      

      RECITAL

      

      The
Company and Executive desire to enter into an Employment Agreement setting forth
the terms and conditions of Executive’s employment with the
Company.

      

      

      AGREEMENT

      

      NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter
set forth, the Company and Executive agree as follows:

      

      1.      
      Employment.

      

      (a)           Term. The Company
hereby employs Executive to serve as Chief Executive Officer and to serve in
such additional or different position or positions as the Company may determine
in its sole discretion. As Chief Executive Officer, the Executive shall be an
Officer of the Company. The term of employment shall be for a period of three
(3) years (“Employment Period”) to commence on the Effective Date, and renewable
at the Company’s discretion on each anniversary.

      

      (b)           Duties and
Responsibilities. Executive will be responsible for the formation and
implementation of the Company’s Program and other duties as agreed upon with the
Company’s Board of Directors. The Executive shall report to the Company’s Board
of Directors.

      

      (c)           Location. The initial
principal location at which Executive shall perform services for the Company
shall be at 4952 East Encanto Street, Mesa, Arizona 85205. Until such time as a
corporate office is established and a full compensation level has been reached,
employee shall have the right to telecommute and will not be required to
establish full time residence at the corporate headquarters
location.

      

      

      2.      
      Compensation.

      

      (a)           Base Salary.
Executive shall be paid a base salary (“Base Salary”) at the annual rate of
$170,000, payable twice monthly consistent with Company’s payroll practices. The
annual Base Salary shall be reviewed on an annual basis by the Board of
Directors or Compensation Committee to determine if such Base Salary should be
increased in recognition of services to the company.

      

      (b)           Payment. Payment of
all compensation to Executive hereunder shall be made in accordance with the
relevant Company policies in effect from time to time, including normal payroll
practices, and shall be subject to all applicable employment and withholding
taxes. It is understood and agreed to, by both the Executive and the Company,
that payment of the agreed to salary will not commence until the Company has
received funding or revenues sufficient to support the payment of salaries to
employees. Additionally, the Executive and the Company agree that should cash
shortfalls preclude payment of the Executive’s salary that any unpaid salary
shall be accrued. All accrued unpaid salary will be converted quarterly
into options to acquire shares of the Common Stock of the Company pursuant to
the terms of our 2008 Stock Plan.

      

          
          (c)           Bonus. Executive
shall also be entitled to a one-time bonus of $20,000 upon receipt of funding
sufficient to support payment to employees, as set forth under Section 2(b)
above, subject to the discretion of the Board of Directors. Other bonus payments
shall be determined at the sole discretion of the Board of
Directors.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      3.       
     Other Employment
Benefits.

      

      
        (a)           Business Expenses.
Upon submission of itemized expense statements in the manner specified by the
Company, Executive shall be entitled to reimbursement for reasonable travel and
other reasonable business expenses duly incurred by Executive in the performance
of his duties under this Agreement. Until the Company has received funding or
revenues sufficient to support the payment all expenses need to be
pre-approved.

      

      

      (b)           Benefit Plans.
Executive shall be entitled to participate in the Company’s medical and dental
plans, life and disability insurance plans and retirement plans pursuant to
their terms and conditions and once implemented by the Company. It is understood
by the Executive that no Benefit Plan currently exists but that the Executive
shall immediately be entitled
to Benefits once a Plan is executed and in force. There is no accrual of
benefits prior to execution and implementation of Plan. Executive shall be
entitled to participate in any other benefit plan offered by the Company to its
employees during the term of this Agreement (other than stock option or stock
incentive plans, which are governed by Section 3(d) below). Nothing in this
Agreement shall preclude the Company or any affiliate of the Company from
terminating or amending any employee benefit plan or program from time to
time. When the company establishes Key Man life insurance the Executive
will be entitled to a coverage by Key Man life insurance of which one-half (1/2)
of the proceeds will be paid to a beneficiary of his choice.

      

      (c)           Vacation. Executive
shall be entitled to three (30) days of vacation each year of full employment,
exclusive of legal holidays, as long as the scheduling of Executive’s vacation
does not interfere with the Company’s normal business operations.

      

      (d)           Stock
Options. Executive shall be entitled to options to acquire 250,000 shares of the
Common Stock of the Company pursuant to the terms of our 2008 Stock Plan.
Issuance of the options shall be in accordance with all applicable securities
laws and the other terms and conditions of our 2008 Stock Incentive Plan and the
stock option agreement to be executed between the Company and Executive (the
“Stock Option Agreement”). Regardless of reason for employment termination
the stock option entitlements provided as compensation or bonus will not expire
for a period of five years.

      

      (e)           No
Other Benefits. Executive understands and acknowledges that the compensation
specified in Sections 2 and 3 of this Agreement shall be in lieu of any and all
other compensation, benefits and plans.

      

      4.      
      Executive’s Business
Activities. Executive shall devote the substantial portion of his entire
business time, attention and energy exclusively to the business and affairs of
the Company and its affiliates, as its business and affairs now exist and as
they hereafter may be changed. (Executive may serve as a member of the Board of
Directors of other organizations that do not compete with the Company, and may
participate in other professional, civic, governmental organizations and
activities that do not materially affect his ability to carry out his duties
hereunder.)

      

      5.       
     Termination of
Employment.

      

      (a)           For Cause.
Notwithstanding anything herein to the contrary, the Company may terminate
Executive’s employment hereunder for cause for any one of the following reasons:
(1) conviction of a felony, any act involving moral turpitude, or a misdemeanor
where imprisonment is imposed; (2) commission of any act of theft, fraud,
dishonesty, or falsification of any employment or Company records; (3) improper
disclosure of the Company’s confidential or proprietary information; (4) any
action by the Executive which has a detrimental effect on the Company’s
reputation or business; (5) Executive’s failure or inability to perform any
reasonable assigned duties after written notice from the Company of, and a
reasonable opportunity to cure, such failure or inability; (6) any breach of
this Agreement, which breach is not cured within ten (10) days following written
notice of such breach; (7) a course of conduct amounting to gross incompetence;
(8) chronic and unexcused absenteeism; (9) unlawful appropriation of a corporate
opportunity; or (10) misconduct in connection with the performance of any of
Executive’s duties, including, without limitation, misappropriation of funds or
property of the Company, securing or attempting to secure personally any profit
in connection with any transaction entered into on behalf of the Company,
misrepresentation to the Company, or any violation of law or regulations on
Company premises or to which the Company is subject. Upon termination of
Executive’s employment with the Company for cause, the Company shall be under no
further obligation to Executive, except to pay all accrued but unpaid base
salary and accrued vacation to the date of termination thereof.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      (b)           Without Cause. The
Company may terminate Executive’s employment hereunder at any time without
cause, provided, however, that Executive shall be entitled to severance pay in
the amount of four (4) weeks of Base Salary in addition to accrued but unpaid
Base Salary and accrued vacation, less deductions required by law, but if, and
only if, Executive
executes a valid and comprehensive release of any and all claims that the
Executive may have against the Company in a form provided by the Company and
Executive executes such form within seven (7) days of tender.

      

      (c)           Resignation. Upon
termination of employment, Executive shall be deemed to have resigned from the
Board of Directors of the Company if he is a director. With the approval of
the Board the Executive may remain as Director.

      

      (d)           Cooperation. After
notice of termination, Executive shall cooperate with the Company, as reasonably
requested by the Company, to effect a transition of Executive’s responsibilities
and to ensure that the Company is aware of all matters being handled by
Executive.

      

      6.        
    Disability of
Executive. The Company may terminate this Agreement without liability if
Executive shall be permanently prevented from properly performing his essential
duties hereunder with reasonable accommodation by reason of illness or other
physical or mental incapacity for a period of more than one hundred twenty 120
consecutive days. Upon such termination, Executive shall be entitled to all
accrued but unpaid Base Salary and vacation.

      

      7.        
    Death of Executive.
In the event of the death of Executive during the Employment Period, the
Company’s obligations hereunder shall automatically cease and terminate;
provided, however, that within 15 days the Company shall pay to Executive’s
heirs or personal representatives Executive’s Base Salary and accrued vacation
accrued to the date of death.

      

      8.       
     Confidential Information and
Invention Assignments. Executive is simultaneously executing a
Confidential Information and Invention Assignment Agreement (the “Confidential
Information and Invention Assignment Agreement”). The obligations under the
Confidential Information and Invention Assignment Agreement shall survive
termination of this Agreement for any reason.

      

      9.     
       Exclusive Employment.
During employment with the Company, Executive will not do anything to compete
with the Company’s present or contemplated business, nor will he plan or
organize any competitive business activity. Executive will not enter into any
agreement which conflicts with his duties or obligations to the Company.
Executive will not during his employment or within one (1) year after it ends,
without the Company’s express written consent, directly or indirectly, solicit
or encourage any employee, agent, independent contractor, supplier, customer,
consultant or any other person or company to terminate or alter a relationship
with the Company.

      

      10.           Assignment and
Transfer. Executive’s rights and obligations under this Agreement shall
not be transferable by assignment or otherwise, and any purported assignment,
transfer or delegation thereof shall be void. This Agreement shall inure to the
benefit of, and be binding upon and enforceable by, any purchaser of
substantially all of Company’s assets, any corporate successor to Company or any
assignee thereof.

      

      11.           No Inconsistent
Obligations. Executive is aware of no obligations, legal or otherwise,
inconsistent with the terms of this Agreement or with his undertaking employment
with the Company. Executive will not disclose to the Company, or use, or induce
the Company to use, any proprietary information or trade secrets of others.
Executive represents and warrants that he or she has returned all property and
confidential information belonging to all prior employers.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

       

      12.           Miscellaneous.

      

      (a) Attorneys’ Fees.
Should either party hereto, or any heir, personal representative, successor or
assign of either party hereto, resort to legal proceedings in connection with
this Agreement or Executive’s employment with the Company, the party or parties
prevailing in such legal proceedings shall be entitled, in addition to such
other relief as may be granted, to recover its or their reasonable attorneys’
fees and costs in such legal proceedings from the non-prevailing party or
parties; provided, however, that nothing herein is intended to affect the
provisions of Section 12(l).

      

      (b)           Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Arizona without regard to conflict of law principles.

      

      (c)           Entire Agreement.
Except with respect to the 2008 Stock Incentive Plan and Stock Option Agreement
referenced in Section 3(d), this Agreement, together with the attached exhibits
and the Confidential Information and Invention Assignment Agreement, contains
the entire agreement and understanding between the parties hereto and supersedes
any prior or contemporaneous written or oral agreements, representations and
warranties between them respecting the subject matter hereof.

      

      (d)           Amendment. This
Agreement may be amended only by a writing signed by Executive and by a duly
authorized representative of the Company.

      

      (e)           Severability. If any
term, provision, covenant or condition of this Agreement, or the application
thereof to any person, place or circumstance, shall be held to be invalid,
unenforceable or void, the remainder of this Agreement and such term, provision,
covenant or condition as applied to other persons, places and circumstances
shall remain in full force and effect.

      

      (f)           Construction. The
headings and captions of this Agreement are provided for convenience only and
are intended to have no effect in construing or interpreting this Agreement. The
language in all parts of this Agreement shall be in all cases construed
according to its fair meaning and not strictly for or against the Company or
Executive.

      

      (g)           Rights Cumulative.
The rights and remedies provided by this Agreement are cumulative, and the
exercise of any right or remedy by either party hereto (or by its successor),
whether pursuant to this Agreement, to any other agreement, or to law, shall not
preclude or waive its right to exercise any or all other rights and
remedies.

      

      (h)           Non-waiver. No
failure or neglect of either party hereto in any instance to exercise any right,
power or privilege hereunder or under law shall constitute a waiver of any other
right, power or privilege or of the same right, power or privilege in any other
instance. All waivers by either party hereto must be contained in a written
instrument signed by

      the party
to be charged and, in the case of the Company, by an officer of the Company
(other than Executive) or other person duly authorized by the
Company.

      

      (i)           
Remedy for Breach;
Attorneys’ Fees. The parties hereto agree that, in the event of breach or
threatened breach of any covenants of Executive, the damage or imminent damage
to the value and the goodwill of the Company’s business shall be inestimable,
and that therefore any remedy at law or in damages shall be inadequate.
Accordingly, the parties hereto agree that the Company shall be entitled to
injunctive relief against Executive in the event of any breach or threatened
breach of any of such provisions by Executive, in addition to any other relief
(including damages) available to the Company under this Agreement or under law.
The prevailing party in any action instituted pursuant to this Agreement shall
be entitled to recover from the other party its reasonable attorneys’ fees and
other expenses incurred in such action.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (j)           Notices. Any notice,
request, consent or approval required or permitted to be given under this
Agreement or pursuant to law shall be sufficient if in writing, and if and when
sent by certified or registered mail, with postage prepaid, to Executive’s
residence (as noted in the Company’s records), or to the Company’s principal
office, as the case may be.

      

      (k)           Assistance in
Litigation. Executive shall, during and after termination of employment,
upon reasonable notice, furnish such information and proper assistance to the
Company as may reasonably be required by the Company in connection with any
litigation in which it or any of its subsidiaries or affiliates is, or may
become a party; provided, however, that such assistance following termination
shall be furnished at mutually agreeable times and for mutually agreeable
compensation.

      

      (l)           Arbitration. Any
controversy, claim or dispute arising out of or relating to this Agreement or
the employment relationship, either during the existence of the employment
relationship or afterwards, between the parties hereto, their assignees, their
affiliates, their attorneys, or agents, shall be settled by arbitration in
Phoenix, Arizona. Such arbitration

      shall be
conducted in accordance with the then prevailing commercial arbitration rules of
the American Arbitration Association (but the arbitration shall be in front of
an arbitrator appointed by JAMS/Endispute (“JAMS”), with the following
exceptions if in conflict: (a) one arbitrator shall be chosen by JAMS; (b) each
party to the arbitration will pay its pro rata share of the expenses and fees of
the arbitrator(s), together with other expenses of the arbitration incurred or
approved by the arbitrator(s); and (c) arbitration may proceed in the absence of
any party if written notice (pursuant to the JAMS’ rules and regulations) of the
proceedings has been given to such party. The parties agree to abide by all
decisions and awards rendered in such proceedings. Such decisions and awards
rendered by the arbitrator shall be final and conclusive and may be entered in
any court having jurisdiction thereof as a basis of judgment and of the issuance
of execution for its collection. All such controversies, claims or disputes
shall be settled in this manner in lieu of any action at law or equity; provided
however, that nothing in this subsection shall be construed as precluding the
Company from bringing an action for injunctive relief or other equitable relief
or relief under the Confidential Information and Invention Assignment Agreement.
The arbitrator shall not have the right to award punitive damages, consequential
damages, lost profits or speculative damages to either party. The parties shall
keep confidential the existence of the claim, controversy or disputes from third
parties (other than the arbitrator), and the determination thereof, unless
otherwise required by law or necessary for the business of the Company. The
arbitrator(s) shall be required to follow applicable law. IF FOR ANY REASON THIS
ARBITRATION CLAUSE BECOMES NOT APPLICABLE, THEN EACH PARTY, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER MATTER
INVOLVING THE PARTIES HERETO.

      

      IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
date set forth below.

      

      

       

      
        
          	 CRC
      Crystal Research Corporation 	 	 	EXECUTIVE:	 
	 	 	 	 	 
	
                  /s/ Dr Kiril A.
      Pandelisev

                	 	 	
                  By:
      /s/ Dr Kiril A.
      Pandelisev

                	 
	
                  Co-signed:
      /s/Don
      Meyers

                	 	 	
                  Name:
      Dr Kiril A. Pandelisev

                	 
	
                  Name:
      Dr Kiril A. Pandelisev

                	 	 	
                  Title:  Chief
      Executive Officer

                	 
	Title: Chief
      Executive Officer 	 	 	 	 
	Date:  May
      23, 2008 	 	 	Date:   May
      23, 2008	 

        

      

     5

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