Document:

exhibit104-convertiblepromis.htm - Generated by SEC Publisher for SEC Filing

 

PROMISSORY
NOTE 

 

 

 

 

 

 

 

September 30th 2010

 

Mr. Philip W. Night

Prominence Capital, LLC 

12835 East Arapahoe Rd.

Penthouse 850# Tower One

Englewood, Colorado 80112

 

RE: “$144,000 CONVERTABLE PROMISSORY NOTE”

 

Mr. Prominence:

 

            In accordance with the Confidential Settlement
Agreement, the undersigned, a duly formed and organized Delaware corporation at
1327 Ocean Avenue Suite M, Santa Monica California 90401 promises to pay to
Prominence Capital, LLC, a business advisory firm, at 12835 East Arapahoe Rd.
Penthouse 850# Tower One, Englewood, Colorado 80112 a cash payment, the sum of
one hundred and forty-four thousand (“$144,000”) dollars, together with simple
interest at the rate of six percent (6%) per annum from this date until paid or
the maturity date one year from the date of this Corporate Promissory Note,
principal and interest payable in lawful money of the United States of America.
The Note holder has the right to convert this note at their discretion into the
Company’s Common stock at a conversion rate and share price to be determined by
the Company and Prominence. 

 

Terms of One Year
Corporate Promissory Note

 

Amount:                                              $144,000

Interest:                                               6%

Term:                                                   One
Year

Maturity Date:                                                September
30th, 2011

Conversion to Common Stock:           At the Request of Note
Holder

 

            Upon default in payment at maturity, interest
shall continue to accrue at the rate stated above. In case payment shall not be
made at maturity, the undersigned further promises to pay all costs of
collection and reasonable attorney’s fees.

 

            This Convertible Promissory Note is hereby fully
secured by all assets of Roth Kline, Inc. and shall be deemed to be a fully
secured Convertible Promissory Note.

 

{00188180. }                                                                   

 

 

This Convertible Promissory Note is
made and entered into under the laws of the State of California and shall in
all respects be interpreted, enforced and governed under the laws of the State
of California.

            

 

 

 

IN WITNESS WHEREOF, the Company’s
officer fully authorized has executed this Convertible Promissory Note, to be
effective on the last date executed below.

 

September 5, 2010

            

            Roth Kline, Inc.

 

By:      /s/ Edward W. Withrow III

            Edward W. Withrow III

            

Its:       President

            

            1327 Ocean Avenue Suite M

            Santa Monica, CA 90401

 

Tel:      (310) 699-2098

 

 

 

 

{00188180. }exhibit105-employmentagreeme.htm - Generated by SEC Publisher for SEC Filing

 

 

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (“Agreement”), dated as of November 15, 2010 (the “Effective Date”),
is made by and among Joseph Michael Redmond (“Executive”) and Roth Kline, Inc.
or its successor company, a Delaware corporation (the “Company”).

 

WHEREAS,
Executive will be employed by the Company as its Chief Executive Officer (CEO)
and will maintain a position of Director on the Company’s Board; and

 

 

WHEREAS,
the members of the Board of Directors of the Company desire to enter into an
employment agreement with Executive, which employment agreement from November
15, 2010 through November 15, 2013; and

 

 

WHEREAS,
the agreed upon terms and conditions of Executive’s continued employment are
embodied in this Agreement.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and Executive do hereby agree as
follows:

 

Section 1. Employment and Duties.  On the terms and
subject to the conditions set forth in this Agreement, subject to the approval
and ratification of Board of Directors, such approvals to be obtained prior to
the Effective Date, the Company agrees to employ Executive as its Chief
Executive Officer to render such services as would be customary and to render
such other services and discharge such other responsibilities as the Board of
Directors of the Company may, from time to time, stipulate and which shall not
be inconsistent with the position listed above. 

 

Section 2.  Performance.  

 

(a) Executive accepts the employment
as set forth in Section 1 herein and agrees to concentrate such time, attention
and skill as may be necessary to assure the full performance of the services
described therein, including the performance of such other services and
responsibilities as the Board of Directors of the Company may from time to time
stipulate and which shall not be inconsistent with the position listed above.

 

(b) Without limiting the generality of the foregoing,
Executive ordinarily shall devote not less than five (5) days per week (except
for vacations, regular business holidays observed by the Company) on a
full-time basis, during normal business hours Monday through Friday. Executive
further agrees that when the performance of his duties reasonably requires, he
shall be present on the Company’s premises (located in Massachusettes) or
engaged in service to or on behalf of the Company at such times except during
vacations, regular business holidays or weekends. The executive may continue
his existing involvement in an advisory or board capacity with non-competing
organizations.

 

{00188173. }                                                                    M.

REDMOND       Page 1 of 11                EMPLOYMENT AGREEMENT

 

 

(c) In conducting his duties under
this Agreement, the Executive shall report to the Chairman of the Board of
Directors of the Company.

 

Section 3.  Term/Termination.

 

3.1 Term. The term of
employment under this Agreement (the “Employment Period”) shall commence on November
15, 2010 and terminate on November 15, 2013, unless earlier terminated pursuant
to the termination provisions set forth herein or extended for successive one
year periods outlined below in this paragraph. Notwithstanding anything to the
contrary herein, the parties acknowledge and agree that Executive’s employment
may only be terminated by the Company for Due Cause (as hereinafter defined).
At the end of the Employment Period, this Agreement will be automatically
renewed for successive one year terms unless either the Executive or Company
shall, upon three months written notice to the other, elect not to renew this
Agreement for any year. Non renewal of the Agreement by the Company shall be
deemed a termination pursuant to section 3.5 and shall be subject to the
severance compensation provisions related to termination under that Section. 

 

3.2 Termination for Due Cause.
The Employment Period may only be terminated by the Company for Due Cause.  The
Company, by a vote of a majority of the Board of Directors (a “Termination
Vote”) may terminate the Employment Period for Due Cause, effective upon
written notice of such termination to Executive,  in the event of Due Cause as
defined by (i) a material breach by Executive of his covenants under this
Agreement if such material breach is not remedied within sixty (60) calendar
days following written notice by the Company;  (ii) conviction in a court of
law by Executive of theft or embezzlement of property of the Company and/or conviction
by Executive of a felony crime resulting in a material injury to the
businesses, properties of the Company or any of its affiliates;  All
compensation paid to Executive shall immediately cease upon termination for Due
Cause hereunder except accrued and unpaid compensation and all unvested Stock
Options shall immediately expire.

 

3.3 Termination Due to Death.
The Employment Period shall be terminated upon the death of Executive. All
compensation paid to Executive shall immediately cease upon such termination
except for accrued and unpaid compensation pursuant to Section 4.1 herein and
earned but unpaid bonus payments pursuant to Section 4.2 herein. All unvested
Stock Options shall immediately become vested.

 

3.4 Termination Due to
Permanent Total Disability. The Employment Period shall be terminated upon
the Permanent Total Disability (as defined in this Section 3.4) of Executive
following written notice from the Company. Permanent Total Disability is
defined as an inability by Executive to perform substantially all of the
services required pursuant to this Agreement for a continuous period of ninety
(90) days or for a period aggregating at ninety (90) days in any consecutive
twelve (12) month period when such inability is caused by illness or a physical
or mental disability. Such Permanent Total Disability shall be determined by a
physician selected jointly by the parties hereto. 

 

{00188173. }                                                                    M.

REDMOND         Page 2 of 11                EMPLOYMENT AGREEMENT

 

 

3.5 Termination Other Than Due
Cause, Death, Disability or Resignation.  In the event that Executive’s
employment is terminated for reasons other than Due Cause, death, Permanent
Total Disability or resignation, then all Stock Options scheduled to vest
within one year of the date of such termination shall vest immediately and the
Company shall pay as severance compensation to Executive eighteen (18) months
salary compensation at his then annual salary compensation rate, including
bonus earned as of the termination date. Any severance compensation paid to
Executive shall be paid ratably over the remaining payment period following
termination. Any bonus compensation earned as of the termination date shall be
paid to Executive pursuant to the bonus payment schedule set forth in Section
4.2 herein.

 

3.6 Termination by Executive.
Executive may terminate the Employment Period (i) in the event the Company has
breached a material term or condition of this Agreement which is not cured or
remedied within thirty (30) days following written notice by Executive to Board
of Directors of Company of such breach or (ii) at Executive’s convenience. In
the event that Executive’s resignation is due to an uncured breach by the
Company, such resignation shall be deemed a termination by the Company as
without Due Cause for purposes of vesting of Stock Options pursuant to Section
4.3 herein and for payments of salary and bonus compensation as set forth in
Sections 4.1 and 4.2, respectively, herein. In the event that the Employment
Period is terminated by Executive at his convenience, then Executive will be
due any earned but unpaid salary, vacation and bonus compensation as set forth
in Sections 4.1 and 4.3, respectively, herein. All vested stock options not
exercised by Executive within ninety (90) days following the termination date
shall be cancelled.  Any unvested Stock Options shall be cancelled as of this
termination date.

 

3.7 Surrender of Position and
Properties.  Upon termination of Executive’s employment with the Company,
regardless of the cause therefore, Executive shall promptly be deemed to have
resigned from the Company’s Board of Directors and as an officer and director
of any of the Company’s affiliates, if serving as such at that time, and shall
surrender to the Company or its affiliates all property provided to him by the
Company or its affiliates, as applicable, for use in relation to his employment
and further, Executive shall surrender to the Company or its affiliates, as
applicable, any and all sales materials, lists of customers and prospective
customers, investment performance reports, files, patent applications, records,
models or other materials and information of or pertaining to the Company or
its affiliates or their customers or prospective customers or the products,
businesses and operations of the Company or its affiliates.

 

3.8 Survival of Covenants.
The covenants of Executive set forth in Section 5 herein shall survive the
termination of the Employment Period or termination of this Agreement.

 

Section 4.  Compensation/Expenses.

  

4.1 Salary. In exchange
for the services to be rendered by Executive hereunder, the Company agrees to
pay, during the Employment Period, a salary at an annual rate of; Year One:  $200,000

{00188173. }                                                                    M.

REDMOND         Page 3 of 11                EMPLOYMENT AGREEMENT

 

 

Year Two:
$225,000

Year Three: $295,000 (Only if the
Company has $5,000,000 in cash at the commencement of year three. If company
has less than $5,000,000 then the salary will be negotiated 30 days prior to
the start of year three and will in no case be less than $225,000). 

 

Salary will be paid b-weekly.

 

4.2 Bonus.

 

The Company shall establish an annual bonus plan of which
certain management employees of the Company shall be eligible to participate,
which annual bonus plan shall comprise a calendar year (the “Plan Year”).
Executive will be eligible to participate in such annual bonus plan during the
term of this Agreement with goals (the “Annual Goals”) established and approved
by the Board of Directors. Pursuant to this annual bonus plan, Executive shall
be eligible for discretionary performance and incentive bonuses if and as may
be determined in the sole discretion of the Board of Directors of the Company. 
The goals that shall be tied to the Company’s Long Term Financial Pro forma (as
adopted by the Company upon execution of this Agreement) and shall serve as the
basis of evaluation for any payments awarded pursuant to the Company’s annual
bonus plan shall be established and approved by the Board of Directors. At the
conclusion of the Plan Year, the Board of Directors shall determine the level
of success achieved by the Executive against the Annual Goals and recommend the
amount of the annual bonus plan payment.  If Executive’s employment is
terminated for reasons other than Due Cause or his voluntary resignation, he
will be entitled to receive any bonus earned up to the date of termination as
reasonably determined by the Board of Directors.  All payments related to the
annual bonus plan are subject to the prior approval by the Board of Directors
and the Company’s ability to make such payments when considering the cash
position of the Company.

 

4.3 Stock. The Company
hereby grants, as part of the Company’s Employee Stock Option Plan (ESOP), to
Executive the right to purchase the Company’s common stock at ten ($.10) Cents per
share. As of the Effective Date of this Agreement, the Company grants Executive
one million three hundred and seventy five thousand (1,375,000)  options of
Company’s common stock on a one-for-one conversation as of 2010.  The Executive
Options will vest on a quarterly basis over a three year period.  The Executive
will be granted 

 

a) The Company will allow the Executive
to purchase one hundred and twenty-five thousand (125,000) shares at par value
$.001, upon the signing of this Agreement. 

 

b) Accelerated Vesting of
Options.  Upon the sale, merger or any transaction resulting in the majority  of
the Company stock being obtained, then all of the Executives’ options not
vested will vest immediately and become excercisable.

 

{00188173. }                                                                    M.

REDMOND         Page 4 of 11                EMPLOYMENT AGREEMENT

 

 

4.4  Insurance.
Executive if he so elects and if permissible by the Company plans, will be
entitled to participate in fringe benefit, health insurance, life insurance,
and other programs which Company may adopt from time to time for executives of
Company.  Participation will be in accordance with any plans and any applicable
policies adopted by Company.  

 

4.5  Business Expenses.
Executive shall be reimbursed for business-related expenses that he incurs
pursuant to his employment with the Company, such expenses to be timely
submitted and reasonable, and subject to the Company’s then standing Expense
Reimbursement Policy and the review and approval of the Board of Directors or
its authorized designate. Executive shall provide the Company with expense
reports detailing business-related expenses and supporting documentation and
other substantiation of such expenses that conform to the reporting requirements
of the Company and requirements of the Internal Revenue Service. Expenses will
be reimbursed to Executive within 15 days of receipt by Company. Executive is
located in the state of New Hampshire and Executive will not have to relocate. 
Executive as part of this engagement is required to commute to Company and
shall have expenses paid accordingly.  

 

4.7  Vacation.  Executive
shall be entitled to vacations in accordance with Company policy in effect from
time to time.  Until written policies are adopted, Executive will accrue three
(3) weeks vacation during the Initial Term and four (4) weeks vacation during
each Additional Term.

 

4.8  A percentage
of the Company will be afforded the Executive in the following 

manner; -A sale
of the Company and or disposition of assets that results in a gross

receipt, to the
Company, of $100,000,000 will result in the CEO receiving 5% of the

Gross Receipt to
the Company.  If the sale of the Company and or assets results in a

Gross Receipt at
or above $150,000,000 the CEO will receive 10% of the Gross Receipt

of income to the
Company.  The CEO, in his own discretion, may chose to allocate

percentages or
basis points of his Compensation to certain executives at his own

discretion. This
section will survive Termination of this Agreement for one year.

 

Section 5. Covenants of
Executive.

 

5.1 Confidentiality.
During the Employment Period and for one year following the termination thereof
for any reason, Executive shall not disclose or make any use of, for his own
benefit or for the benefit of a business or entity other than the Company or
its affiliates, any secret or confidential information, lists of customers and
prospective customers or any other information of or pertaining to the Company
or its affiliates that is not generally known within the trade of the Company
or its affiliates or which is not publicly available.

 

5.2  Inventions and Secrecy.
Except as otherwise provided in this Section 5.2, Executive (i) shall hold in a
fiduciary capacity for the benefit of the Company and its affiliates, all
secret and confidential information, knowledge, or data of the Company and its
affiliates obtained by Executive during his employment
by the Company, which is not generally know to the public or recognized as
standard practice (whether or not developed by Executive) and shall not, during
his employment by the Company and for one year following the termination of
such employment for any reason, communicate or divulge any such information,
knowledge or data to any person or entity other than the Company or its
affiliates or persons or entities designated by the Company; (ii) shall
promptly disclose to the Company all inventions, ideas, devices and processes
made or conceived by him along or jointly with others, from the time of entering
the Company’s employ and until such employment is terminated relevant or
pertinent in any way, whether directly or indirectly, to the Company or its
affiliates or resulting from or suggested by any work which he may have done
for or at the request of the Company or its affiliates; (iii) shall at all
times during his employment with the Company, assist the Company and its
affiliates in every proper way (at the expense of the Company) to obtain and
develop for the benefit of the Company inventions, ideas, devices and
processes, whether or not patented; and (iv) shall perform all such acts and
execute, acknowledge and deliver all such instruments as may be necessary or
desirable in the opinion of the Company to vest in the Company, the entire
interest in such inventions, ideas, devices and processes referred to in this
Section 5.2.  Executive and Company each agree that all documents, reports,
files, analyses, drawings, designs, tools, equipment, plans (including, without
limitation, marketing and sales plans), proposals, customer lists, computer
software or hardware, and similar materials that are made by Executive or come
into his or its possession by reason of and during the term of Executive’s
engagement with Company are the property of Company and will not be used by his
in any way adverse to Company’s interests.  Executive also agrees not to allow
any such documents or things, or any copies, reproductions or summaries to be
delivered to or used by any third party without the specific consent of Company.
 Executive agrees to deliver to the Company, upon demand, and in any event upon
the termination of Executive’s engagement, all of such documents and things
which are in Executive’s possession or under his or its control.  Executive
expressly agrees that all of his work product shall be and remain the sole and
exclusive property of the Company.  Accordingly, all work products eligible for
any form of copyright protection shall be deemed a “work made for hire” under
the copyright laws and shall be owned by the Company.

{00188173. }                                                                    M.

REDMOND         Page 5 of 11                EMPLOYMENT AGREEMENT

 

 

 

5.4 Acknowledgement. 
Executive acknowledges that the restrictions set forth in this Section 5 are
reasonable in scope and essential to the preservation of the businesses and
proprietary properties of the Company and its affiliates and that the
enforcement thereof will not in any manner preclude Executive, in the event of
his termination of employment with the Company, from becoming gainfully
employed in such manner and to such extent as to provide a reasonable standard
of living for himself, the members of his family and those dependent upon him
of at least the sort and fashion to which he and they have becom

 

5.5 Severability - Covenants.
The covenants of Executive contained in this Section 5 shall each be construed
as any agreement independent of any other provision in this Agreement and the
existence of any claim or cause of action of Executive against the Company or
its affiliates, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company or
its affiliates of such covenants. The parties hereto expressly agree and
contract that it is not the intention of any party to violate any public
policy, statutory or common law, and that if any sentence, paragraph, clause or
combination of the same of this Agreement is in violation of the law of any
state where applicable, such sentence, paragraph, clause or combination of the
same shall be void in the jurisdictions where it is unlawful and the remainder
of such provision and this Agreement shall remain binding on the parties to
make the covenants of this Agreement binding only to the extent that it may be
lawfully done under existing applicable laws. In the event that any part of any
covenant of this Agreement is determined by a court of law to be overly broad
thereby making the covenant unenforceable, the parties hereto agree, and it is
their desire, that such court shall substitute a judicially enforceable
limitation in its place, and that as so modified the covenant shall be binding
upon the parties as if originally set forth herein.

{00188173. }                                                                    M.

REDMOND         Page 6 of 11                EMPLOYMENT AGREEMENT

 

 

 

Section 6.  Indemnification. 
In addition to any rights Executive may have under the Company's charter or
by-laws, the Company agrees to indemnify Executive and hold Executive harmless,
both during the Term and thereafter, against all costs, expenses (including,
without limitation, fines, excise taxes and attorneys' and accountants’ fees)
and liabilities (other than settlements to which the Company does not consent,
which consent shall not be unreasonably withheld) (collectively,
"Losses") reasonably incurred by Executive in connection with any
claim, action, proceeding or investigation brought against or involving
Executive with respect to, arising out of or in any way relating to Executive's
employment with the Company or Executive's service as a director of the
Company; provided, however, that the Company shall not be required to indemnify
Executive for Losses incurred as a result of Executive's intentional misconduct
or gross negligence (other than matters where Executive acted in good faith and
in a manner he reasonably believed to be in and not opposed to the Company's
best interests). Executive shall promptly notify the Company of any claim,
action, proceeding or investigation under this paragraph and the Company shall
be entitled to participate in the defense of any such claim, action, proceeding
or investigation and, if it so chooses, to assume the defense with counsel
selected by the Company; provided that Executive shall have the right to employ
counsel to represent him (at the Company's expense) if Company counsel would
have a "conflict of interest" in representing both the Company and
Executive. The Company shall not settle or compromise any claim, action,
proceeding or investigation without Executive's consent, which consent shall
not be unreasonably withheld; provided, however, that such consent shall not be
required if the settlement entails only the payment of money and the Company
fully indemnifies Executive in connection therewith. The Company further agrees
to advance any and all expenses (including, without limitation, the fees and
expenses of counsel) reasonably incurred by the Executive in connection with
any such claim, action, proceeding or investigation. The Company currently
maintains a policy of directors' and officers' liability insurance covering
Executive and, notwithstanding the expiration or earlier termination of this
Agreement, the Company shall maintain a directors' and officers' liability
insurance policy covering Executive for a period of time following such
expiration or earlier termination equal to the statute of limitations for any
claim that may be asserted against Executive for which coverage is available
under such directors' and officers' liability insurance
policy. The provisions of this paragraph shall survive the termination of this
Agreement for any reason.

{00188173. }                                                                    M.

REDMOND         Page 7 of 11                EMPLOYMENT AGREEMENT

 

 

 

Section 7.  Notice. Any notice required or
permitted hereunder shall be made in writing (i) either by actual delivery of
the notice into the hands of the party hereunder entitled, or (ii) by the
mailing of the notice in the United States mail, certified mail, return receipt
requested, all postage prepaid and addressed to the party to whom the notice is
to be given at the party’s respective address set forth below, or such other
address as the parties may from time to time designate by written notice as
provided herein and (iii) via facsimile to the fax number provided by the
Parties below with a confirmation receipt.  Notice will hereby be deemed to be
satisfied via the delivery of any of the methods listed above.  

 

If to the Company:

Attn: General Counsel

Chase Mellen

Address: 

1157 S. Beverly Dr

Los Angeles, CA  90035 

 

 

If to Michael Redmond:

Address:

10 Canterbury Rd.

Windham, NH 03087

 

The notice shall be deemed to be
received in case (i) on the date of actual receipt by the party and in case
(ii) three days following the date of the mailing.

 

Section 8. Amendment and Waiver.  No amendment or
modification of this Agreement shall be valid or binding upon: (i) the Company
unless made in writing and signed by an officer of the Company, duly authorized
by the Board of Directors of the Company or; (ii) Executive unless made in
writing and signed by him. The waiver by the Company or Executive of the breach
of any Provision of this Agreement by the other party shall not operate or be
construed as a waiver of any subsequent breach of such party.

 

Section 9. Governing Law/Waiver of Claims/Arbitration.
(a) The validity and effect of this Agreement and the rights and obligations of
the parties hereto shall be governed by, and construed in accordance with, the
laws of the State of Massachusetts without giving effect to the principles of
conflicts of laws thereof.

 

(b)
Each Party to this Agreement hereby waives any claim it may have on such
other Party due to any past business dealings between the Parties prior to the
Effective Date of this Agreement.  Additionally, the parties hereto agree
that in the event of any and all disagreements and controversies arising from
this Agreement or any other agreements between the Company and Executive the
breach, termination or validity thereof or the present
and future dealings between the parties, such disagreements and controversies
shall be subject to a two step mediation and binding arbitration process.  The
first step will be to a one time mediation session to be held in accordance
with the Massachusetts Bar Associations Mediation guidelines and to be heard in
front of a Mediation expert that has been practicing for a period of at least 5
years.  If the Parties fail to resolve their dispute via Mediation, the Parties
agree to a second step of binding arbitration as arbitrated in accordance with
the then current Commercial Arbitration Rules of the American Arbitration
Association (the “AAA”) to be held in Boston, Massachusetts before one neutral
arbitrator with one discovery allowd by each party to this Agreement. Such
arbitrator shall be selected by mutual agreement of the parties within thirty
(30) days of written notice of a continuing dispute following mediation of said
disagreement or controversy. If the parties cannot mutually agree to an
arbitrator within thirty (30) days, then the AAA shall designate the
arbitrator. Either party may apply to the
arbitrator seeking injunctive relief until the arbitration award is rendered or
the controversy is otherwise resolved. Without waiving any remedy under this
Agreement, either party may also seek from any court having jurisdiction any
interim or provisional relief that is necessary to protect the rights or property
of that party, pending the establishment of the arbitral tribunal (or pending
the arbitral tribunal’s determination of the merits of the controversy). In
the event of any such disagreement or controversy, neither party shall directly
or indirectly reveal, report, publish or disclose any information relating to
such disagreement or controversy to any person, firm or corporation not
expressly authorized by the other party to receive such information or use such
information or assist any other person in doing so, except to comply with
actual legal obligations of such party or unless such disclosure is directly
related to an arbitration proceeding as provided herein, including, but not
limited to, the prosecution or defense of any claim in such arbitration. The
costs and expenses of the arbitration (including attorneys’ fees) shall be paid
by the non-prevailing Party or as determined by the arbitrator. Executive shall
have a limit of liability; in no case shall Executive be liable for a judgment
greater than one hundred thousand dollars.  This paragraph shall survive the
termination of this Agreement.

{00188173. }                                                                    M.

REDMOND         Page 8 of 11                EMPLOYMENT AGREEMENT

 

 

 

Section 10. Entire Agreement.
This Agreement contains all of the terms agreed upon by the parties with
respect to the subject matter hereof and supersedes all prior agreements,
arrangements and communications between the parties dealing with such subject
matter, whether oral or written, but limited to the Employment Period.

 

Section 11. Reservation of
Right. Notwithstanding any other provision of this Agreement, other than
Sections 4.1, 4.2 and 4.3, 4.5, 4.7 and 4.8, Company reserves the right to
modify, suspend or discontinue any and all benefit plans, practices, policies
and programs, except sections 4.1, 4.2 and 4.3, 4.5, 4.7 and 4.8 at any time
whether before or after termination of this Agreement with advance notice of 90
days to Executive.

 

Section 12. Binding Effect.  This Agreement shall
be binding upon and shall inure to the benefit of the transferees, successors
and assigns of the Company, including any company or entity with which the
Company may merge or consolidate.

 

{00188173. }                                                                    M.

REDMOND         Page 9 of 11                EMPLOYMENT AGREEMENT

 

 

Section 13. Headings.
Numbers and titles to paragraphs hereof are for information purposes only and,
where inconsistent with the text, are to be disregarded.

 

Section 14. Severability –
General. If any provision of this Agreement or the application of any such
provision to any person or circumstance shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, such
invalidity, illegality or unenforceability shall not affect any other provision
hereof

 

Section
15. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which together shall be deemed to be one and the same
agreement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

{00188173. }                                                                    M.

REDMOND         Page 10 of 11                EMPLOYMENT AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed on the date first set forth above.

 

 

 

Roth Kline, Inc.                                                         J.
Michael Redmond

 

By:
/s/ Edward W. Withrow III                                 By: /s/ J.
Michael Redmond

 

 

Printed:
Edward W. Withrow III                               Printed:           

Title:    Chairman                                                         Date:__________________________

 

Date:  ________________________

{00188173. }                                                                    M.

REDMOND       Page 11 of 11                EMPLOYMENT AGREEMENT

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