Document:

EXHIBIT 10.54

    
      

    

    EXHIBIT
      10.54

    
 

    EMPLOYMENT
      AGREEMENT

    

    AGREEMENT
      made this 1st day of July, 2004. by and between Hydrogen Power
      Inc., a corporation formed under the laws of the State of Delaware (the
“Company”) and Ricky Gujral (the “Executive”)

    

    WITNESSETH:

    

    WHEREAS,
      the Company wishes to employ the Executive and the Executive wishes
      to
      accept such. Employment, and each desires to enter into an agreement to
provide
      for the terms and conditions of such employment set forth herein;

    

    NOW,
      THEREFORE, in consideration of the premises and other good
      and
      valuable consideration, receipt of which is hereby acknowledged, the parties
      hereto agree as follows:

    

    
      	
            	1.	
              Employment

            

    

    

    The
      Company agrees to employ the Executive during the Term specified in section
      2, and the Executive agrees to accept such employment, upon the terms and
conditions
      hereinafter set forth.

     

    2.
      Term

     

    
      
        (a)
          The
          Executive’s employment under this Agreement shall continue until terminated
          pursuant to the provisions set out in Article 5 of the Agreement.
          The
          effective date of the termination of the Executive's employment with the
          Company, regardless
          of the reason therefor, is referred to in this Agreement as the “Date of
Termination”.

      

    

    

    (b)
      Upon
      termination of the employment of the
      Executive with the Company on or after Expiration Date, the Company shall pay
      the Executive, subject to appropriate offsets, as permitted by applicable law,
      for debts or money due to the Company (collectively, “Offsets”), any earned but
      unpaid salary and bonus composition,
      and any unused Personal Time Off (“PTO”) days accrued under Company policy,
      only through or as of, the Date of Termination. Any benefits to which the
      Executive or his beneficiaries may be entitled may
      be
      entitled
      to under the plans and programs
      described in section 4(b) below, or any other applicable plans and programs.
      In
      addition, the Company shall continue to pay the Executive his rate of base
      salary compensation then in effect for a period of six months. Except
      as
      provided in this section 2(b), in connection with the Executive’s termination
      of employment
      pursuant to section 2(a), the Company shall have no further
      liability to the Executive or the Executive’s heirs, beneficiaries or estate
      for damages,
      compensation, benefits, severance, indemnities or other amount of whatever
      

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    nature.

    

    3.  Duties
      and Responsibilities

    

    (a)
      During the Term, the Executive shall have the position of Chief Executive
Officer
      or such other title as may be agreed between the Executive and the Company.
      The
      Executive shall perform such duties and responsibilities as may be assigned
      him
      from
      time to time consistence with his position, and in the absence of
      such assignment,
      such duties as are customary and commensurate with such position. The
Executive
      further agrees, if elected or appointed, to accept appointment or election,
      and
      to
      serve during all or any part of the Term as a director of the Company and as
      an
officer
      or director of any subsidiary of the Company, without any additional
      compensation therefor.

    

    (b)
      The
      Executive's employment by the Company shall be full time, and during the Term,
      the Executive agrees that he will (i) devote substantially all of his business
      time and attention, his best efforts, and all his skill and ability
      to promote
      the interests of
      the
      Company and its affiliates; (ii) carry out his duties in a competent and
professional
      manner; (iii) work with other employees of the Company and its affiliates
      in a competent and professional manner; and (iv) generally promote the:
interests
      of the Company and its affiliates. Notwithstanding the foregoing, the Executive
      shall
      be
      permitted to engage in civic or charitable activities and manages his
personal
      investments, provided that such activities
      (individually or collectively) do
      not
      materially interfere with the performance of his duties or responsibilities
      under this
      Agreement.

     

    4. Compensation

    

    (a)
      As
      compensation for his service hereunder, the Company shall pay the

    Executive,
      in accordance with its normal payroll
      practices, base salary compensation at
      an
      annual rate not less than US$150,000.

    

    (b)
      Executive
      shall
      participate
      in
      the
      Company's Cash Incentive Plan, subject to the terms and
      conditions of such Plan
      as
      in effect from time to time. For purposes of the
      Cash
      Incentive Plan, Executive's target bonus for the year ending July 1st, 2005
      shall
      be
      37.5% of base salary for such year. Executive’s target bonus for each year
the
      Term,
      if any, beginning after December 31, 2005 shall be 75% of base salary for
such
      year
or
      such
      other percentage
      as is established by the
      Board
      of
      Directors of the Company (the
      “Board”) for the Chief Executive Officer of the Company generally. For purposes
of
      determining
      Executive’s
      bonus
      under the Company’s
      Cash
      Incentive Plan,
      the
      standard
      procedures of the Company’s Cash Incentive Plan as in effect at the relevant
time
      shall be used.

    

    (c)
      As of
      the first day of the Term, the Executive shall be eligible to participate
under
      the
      Hydrogen Power Inc. Stock Incentive Plan (the “Stock Incentive Plan”) to
purchase
      such number of shares as agreed by the Board of Directors. The
      exercise

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    price
      of
      such Options shall he the price determined the Board of Directors as
determined
      in accordance with the terms of the Stock Incentive Plan.

    

    5. Termination

    

    (a)
      This
      Agreement may he terminated by the Executive at any time by providing 30 days
      written notice to the Company. This Agreement may be terminated by the
Company
      if the Executive commits
      a
      material breach of a provision of this Agreement by
      providing not less than 90 days written notice to the Executive. The Executive
      is to be
      compensated in full under all material sections of this Agreement

    

    6.
      This
      Agreement shall enure to the benefit of and be binding upon the Company
and
      the
      Executive and their successors and assigns. Furthermore, the terms of this
      Agreement
      shall remain in effect in the event any change in the management or representation
      of the Company’s Board of Directors, change of control, or
      otherwise.

    

    EXECUTED
      as of the 1st of July 2004:

    

    

    

    
      	
              HYDROGEN
                POWER, INC.

            	 	
              Executive

            
	
               

               

              By:
                /s/
                James Matkin

            	 	
               

               

              /s/
                Ricky Gujral

            
	
              Its:
                

            	 	 
	 	 	 
	
              By:
                /s/
                John Martin

            	 	 
	
              Its:
                DirectorEXHIBIT 10.55

    
      

    

    EXHIBIT
      10.55

     

    EXECUTIVE
      SEVERANCE AGREEMENT

     

    THIS
      EXECUTIVE SEVERANCE AGREEMENT ("Agreement") by and between
      Hydrogen Power Inc., a Delaware corporation (the "Company") headquartered at
      Metropolitan Tower, 1942 Westlake Ave. Suite 1010 Seattle,
      Washington and Ricky Gujral (the "Executive"), is made as of
      October 20 , 2005 and effective on the date of the closing of the merger
between
      Hydrogen Power Inc. and Equitex.

     

    WHEREAS,
      the Board of Directors of the Company (the "Board") has determined
      that Executive will play a
      critical
      role in the operations of the Company;
      and

     

    WHEREAS,
      the Board has determined that appropriate steps should be taken
      to
      reinforce and encourage the continued employment and dedication of
      the
      Executive.

     

    NOW,
      THEREFORE, as an inducement for and in consideration of the Executive
      remaining in its employ, the Company agrees that the Executive shall receive
      the
      severance benefits set forth in this Agreement in the event the Executive's
      employment with the Company is terminated under the circumstances
      described below.

     

    1.
      Term
      and Termination.

     

    (a).  The
      Initial Term of the Employment Agreement of the Executive shall be extended
      on
      the date of the closing of the merger between Hydrogen Power Inc.and Equitex
      and
      it shall continue in effect for a period of five (5) years. Thereafter, the
      Agreement shall be renewed upon the mutual agreement of Executive
      and Company.

     

    (b).  This
      Agreement may be terminated by Executive at Executive's discretion by providing
      at least thirty (30) days prior written notice to Company.
      In the event of termination by Executive pursuant to this subsection,
      Company may immediately relieve Executive of all duties and immediately
      terminate this Agreement, provided that Company shall pay Executive at the
      then
      applicable base salary rate to the termination date included
      in Executive's original termination notice.

     

    (c).  In
      the
      event that Executive is in breach of any material obligation owed Company in
      this Agreement, habitually neglects the duties to be performed under this
      Agreement, engages in any conduct which is dishonest, damages the reputation
      or
      standing of the Company, or is convicted of any criminal act or engages in
      any
      act of moral turpitude, then Company may terminate this

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Agreement
      upon one (1) days notice to Executive. In event of termination of the agreement
      pursuant to this subsection, Executive shall be paid only at the then applicable
      base salary rate up to and including the date of termination. Executive shall
      not be paid any incentive Bonus payments or other compensation, prorated or-
      otherwise.

     

    2.
      Severance Pay.

     

    (a)  Severance
      Pay Following a Change in Control. In the event a Change in Control (as defined
      below) occurs and, within one (1) year thereafter, the employment of the
      Executive is terminated by the Company for a reason other than for Cause (as
      defined below) or by the Executive for Good Reason (as defined below), then
      the
      Company shall pay to the Executive (as severance pay) a lump sum payment equal
      to (i) his then current base salary multiplied by two (2), plus (ii) his then
      current target bonus multiplied by two (2), within 30 days after the Termination
      Date (as defined below). The Executive agrees that after the Termination Date,
      but prior to payment of the severance pay and bonus called for by this
      paragraph, he shall execute a release, based on the Company's standard form
      severance agreement, of any and all claims he may have against the Company
      and
      its officers, employees, directors, parents and affiliates. Executive
      understands and agrees that the payment of the severance pay
      and bonus called for by this paragraph are contingent on his execution of the
      previously described release of claims.

     

    (b)  Severance
      Pay Absent a Change in Control. In the event the employment
      of the Executive is terminated by the Company for a reason other than for Cause
      (as defined below), then the Company shall continue to pay
      to
      the Executive (as severance pay), (1) his regular base salary as in effect
      on
      the Executive's last day of employment (exclusive of bonus or any other
      compensation), for two (2) years following the Termination Date (as defined
      below), plus (ii) at the end of each year, the amount of Executive's
target
      bonus as in effect on the Executive's last day of employment. Unless
the
      parties agree otherwise, the severance pay provided for in clause

     

    (i)
      above
      shall be paid in installments, in accordance with the Company's regular payroll
      practices, and the severance pay set forth in (ii) above shall be paid within
      30
      days of the end of the fiscal year to which such amount relates.
      The Executive agrees that after the Termination Date, but prior to payment
      of the severance pay and bonus called for by this paragraph, he shall
      execute a release, based on the Company's standard form severance agreement,
      of any and all claims he may have against the Company and its officers,
      employees, directors, parents and affiliates. Executive understands and agrees
      that the payment of the severance pay and bonus called for by

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    this
      paragraph are contingent on his execution of the previously described
release
      of claims.

     

    (c) Sole
      Remedy. The payment to the Executive of the amounts payable under
      this Section shall constitute the sole remedy of the Executive in the
event
      of
      a termination of the Executive's employment by the Company or a resignation
      by
      the Executive that results In payment of benefits under this Section
      2.

     

    3. Definitions. For
      purposes of this Agreement, the following terms shall have
      the
      following meanings:

    (a)  "Cause"
      shall mean a good faith finding by the Company of: (i) gross negligence
      or willful misconduct by Executive in connection with his employment duties,
      (ii) failure by Executive to perform his duties or responsibilities required
      pursuant to his employment, after written notice and an opportunity to cure,
      (iii) mis-appropriation by Executive of the assets or business opportunities
      of
      the Company, or its affiliates, (iv) embezzlement or other
      financial fraud committed by Executive, (v) the Executive knowingly allowing
      any third party to commit any of the acts described in any of the preceding
      clauses (iii) or (iv), or (vi) the Executive's indictment for, conviction
      of, or entry of a plea of no contest with respect to, any felony.

    (b)  "Good
      Reason" shall mean: (i) the unilateral relocation by the Company
      of the Executive's principal work place for the Company to a site more
      than
      60 miles from Seattle, Washington; (ii) a reduction in the Executive's
      then current base salary, without the Executive's consent; or (iii) the
      Executive's assignment to a position where the duties of the position are
outside
      his area of professional competence.

    (c)  "Change
      in Control" shall mean the consummation of any of the following
      events: (i) a sale, lease or disposition of all or substantially all of
the
      assets of the Company, or (ii) a sale, merger, consolidation, reorganization,
      recapitalization, sale of assets, stock purchase, contribution or other similar
      transaction (in a single transaction or a series of related transactions) of
      the
      Company with or into any other corporation or corporations or other entity,
      or
      any other corporate reorganization, where the stockholders of the Company
      immediately prior to such event do not retain (in substantially the same
      percentages) beneficial ownership, directly or indirectly, of more than fifty
      percent (50%) of the voting power of and interest in the successor entity or
      the
      entity that controls the successor entity, provided, however, that no Change
      in
      Control shall be deemed to have occurred due to the conversion or payment of
      any
      equity or debt instrument
      of the Company which is outstanding on the date

    hereof.

     

    (d)  "Termination
      Date" shall mean the Executive's last day on the payroll of
      the
      Company.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    4. Miscellaneous.

    (a)  Notices.
      Any notices delivered under this Agreement shall be deemed duly
      delivered four business days after it is sent by registered or certified
mail,
      return receipt requested, postage prepaid, or one business day after it
is
      sent
      for next-business day delivery via a reputable nationwide overnight courier
      service, in each case to the address of the recipient set forth in the
      introductory paragraph hereto. Either party may change the address to which
      notices
      are to be delivered by giving notice of such change to the other party.

    All
      notices to the Company shall also be addressed to the Company's General
Counsel.

     

    (b)  Pronouns.
      Whenever the context may require, any pronouns used in this
      Agreement shall include the corresponding masculine, feminine or neuter forms,
      and the singular forms of nouns and pronouns shall include the plural,
and
      vice

    versa.

     

    (c)  Entire
      Agreement. This Agreement constitutes the entire agreement between
      the parties and supersedes all prior agreements and

    understandings,
      whether written or oral, relating to the subject matter of this Agreement.

     

    (d)  Amendment.
      This Agreement may be amended or modified only by a written
      instrument executed by both the Company and the Executive.

     

    (e)  Governing
      Law. This Agreement shall be governed by and construed in
      accordance with the laws of the State of Washington. Any action, suit
or
      other
      legal matter arising under or relating to any provision of this Agreement
      shall be commenced only in a court of the State of Washington. The Company
      and
      the Executive each hereby irrevocably waive any right to a trial
      by
      jury in any action, suit or other legal proceeding arising under or relating
      to any provision of this Agreement.

     

    (f)  Successors
      and Assigns. This Agreement shall be binding upon and inure
      to
      the benefit of both parties and their respective successors and assigns,
      including any corporation with which or into which the Company may be merged
      or
      which may succeed to its assets or business, provided,

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      06
        Nov
        2006 11:59AM GLOBAL HYDROFUEL TECHNOLO 604-662-4483 
however,
      that the obligations of the Executive are personal and shall not be assigned
      by him.

     

    (g) Waivers.
      No delay or omission by the Company in exercising any right under
      this Agreement shall operate as a waiver of
      that
or
      any
      other right. A waiver
      or
      consent given by the Company on any one occasion shall be

    effective
      only in that instance and shall not
      be
      construed as a bar or waiver of
      any
      right on any other occasion.

     

    (h) Captions.
      The captions of the sections of this
      Agreement are
      for
      convenience of reference only and in no way define, limit or affect the scope
      or
      substance of any section of this Agreement.

     

    -3-

     

    (i) Severability.
      In case any provision of this Agreement shall be invalid,

    illegal
      or otherwise unenforceable, the validity,
      legality and enforceability of the
      remaining provisions shall in no way be affected or impaired
      thereby.

     

    THE
      EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS
      AND AGREES TO ALL OF THE PROVISIONS IN
      THIS
      AGREEMENT.

     

    IN
      WITNESS WHEREOF, the parties hereto have
      executed this Agreement
      as of the day and year set forth above. 

     

     

    
      	 	 

               

              Hydrogen
                Power Inc.

               

              /s/James
                Matkin

              Title:
                Executive Chairman

               

               

               

               

              /s/
                Ricky
                Gujral

            

    

     

     

    -4-

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