Document:

Exhibit 10.63
 
AMENDMENT TO SETTLEMENT AGREEMENT
 
This Amendment (this “Amendment”) is made and entered into on March 21, 2006, by and between Liquidmetal Korea Co., Ltd., a company incorporated and existing under the laws of Korea, having its principal office at 884, Uhyun Hansan Industrial Complex, Uhyun-ri, Chungbook-myun, Pyungtaek City, Kyunggi Province, Republic of Korea (“Liquidmetal Korea”)and Innometal Co., Ltd.(Previously Growell Metal Co.,Ltd.), a company incorporated and existing under the laws of Korea, having its principal office at

644-2, Sunggok-dong, Danwon-gu, Ansan City, Kyunggi Province, Republic of Korea (“Innometal”).
 
RECITALS

 

WHEREAS, Liquidmetal Korea and Innometal have entered into a Settlement Agreement dated January 10, 2004 (the “Settlement Agreement”) for the amicable resolution of any and all disputes between them relating to the Product Supply Agreement dated June 14, 2002 (the “Product Supply Agreement”) for the supply by Innometal of certain Liquidmetal alloy products to Liquidmetal Korea.
 
WHEREAS, certain disputes arose thereafter between the parties in connection with the Settlement Agreement (the “Dispute”);
 
WHEREAS, the parties now desire to enter into this Amendment to Settlement Agreement for an amicable resolution of any and all disputes between them, including without limitation the disputes relating to the Settlement Agreement.
 
NOW, THEREFORE, in consideration of the mutual premises and covenants set forth herein, the parties agree as follows.
 
ARTICLE 1            PAYMENTS
 
Liquidmetal Korea shall pay the amount of KRW 3,400,114,098 in the form of shares of common stock of Liquidmetal Technologies within 30 days from the date hereof. For this purpose, the shares of Liquidmetal Technologies common stock shall be deemed to have a value equal to US$ 2.05 or KRW 1,949 based on the basic exchange rate as of February 23 ,2006, and the number of shares to be issued to Innometal shall be 1,700,000 shares.
 
ARTICLE 2            REPRESENTATIONS AND WARRANTIES
 
Innometal represents and warrants to Liquidmetal Korea that (i) it understands the contractual obligation of Liquidmetal Korea under the Settlement Ageement shall be deemed to be fully performed by delivering 1,700,000 shares of common stock of Liquidmetal Technologies Inc. to Innometal within the date specified above. (ii) it will not create any lien or other encumbrances on any part of the assets, contractual rights, or properties of Liquidmetal Korea for any claims with respect to the Dispute, (iii) this Amendment constitutes final and only settlement with respect to the Dispute, (iv) there will be no additional claim from Industrial Bank, Kookmin Bank or other creditors of Innometal with respect to the Liquidmetal’s payment obligation per the Settlement Agreement.
 
Liquidmetal Korea represents and warrants to Innometal that (i) it will not create any lien or other encumbrances on any part of the assets, contractual rights, or properties of Innometal for any claims with respect to the Dispute, (ii) this Amendment constitutes final and only settlement with respect to the Dispute, (iii) there will be no additional claim from its Affiliates, employees, officers, directors, or any other related parties of Liquidmetal Korea with respect to the “Settlement Agreement”.

 

 

ARTICLE 3            RELEASE
 
Each of Liquidmetal Korea and Innometal (each, the “RELEASOR”) hereby agrees to absolutely, fully and forever release, waive, relinquish and discharge any and all claims which it may have against the other party and the other party’s former or present officers, managers, directors, agents, employees, Affiliates, assigns and successors and/or any other interested parties (the “RELEASEE”)  arising from (i) any and all claims whatsoever that the Releasor may have had, presently has or in the future may have against any Releasee and which arise, have arisen or may hereinafter arise, in whole or in part, out of, on account of or in connection with the “Settlement Agreement”.
 
ARTICLE 4            ACKNOWLEDGEMENT WITH RESPECT TO SETTLEMENT AGREEMENT
 
Both parties acknowledge and warrants that the Settlement Agreement shall be respected except for the Amendment set forth herein.
 
ARTICLE 5            EFFECTIVE DATE
 
This Agreement shall become effective upon signing by the parties.
 
ARTICLE 6            MISCELLANEOUS
 
6.1    Binding Effect on Successors
 
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors.
 
6.2    Entire Agreement
 
This Agreement supersedes all previous representations, understandings or agreements, oral or written, among the parties with respect to the subject matter hereof, and it contains the entire understanding of the parties. No changes, alterations or modifications hereto shall be effective unless made in writing and signed by the parties.
 
6.3    Dispute Resolution
 
The Suwon District Court shall have exclusive jurisdiction over actions related to disputes arising between the parties in connection with this Agreement.
 
6.4    Governing Law
 
The validity, performance, construction and effect of this Agreement shall be governed by the laws of the Republic of Korea.

 

6.5.   English Language.
 
This Agreement is written in the English language, and if either party translates this Agreement into a language other than English, the parties agree that the English version of this Agreement will control.

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized representatives on the day and year first written above.
 
 

	LIQUIDMETAL KOREA CO., LTD.
	INNOMETAL CO., LTD.

	 
	 

	 
	 

	/s/: Kyung Jin Kim
	 
	/s/: Keon Kook Lee
	 

	President & CEO
	President and CEO

	March 21, 2006
	March 21, 2006Exhibit 10.64

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is entered into on April 19, 2006, and made effective as of APRIL 1, 2006 (the “Effective Date”), by and between LIQUIDMETAL TECHNOLOGIES, Inc.,
a Delaware corporation (the “Company”), RICARDO
A. SALAS (the “Employee”).

 

RECITALS

 

WHEREAS, the
Employee desires to be employed by the Company upon the terms and conditions
set forth in this Agreement; and

 

WHEREAS, the
Company desires to assure itself of the Employee’s continued employment in the
capacities set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and for other good and valuable
consideration, the parties hereto covenant and agree as follows:

 

1.                                       Employment. The Company hereby employs Employee, and the
Employee hereby accepts such employment, upon the terms and conditions set
forth in this Agreement.

 

2.                                       Term. Subject to the terms and conditions of this
Agreement, including, but not limited to, the provisions for termination set
forth in Section 5 hereof, the employment of the Employee under this
Agreement shall commence on the Effective Date and shall continue through the
close of business on MARCH 31, 2011
(the “Initial Term”). Upon the expiration of the Initial Term, the
Employee’s employment with the Company will continue on an “at-will” basis and may be
terminated by Employee or the Company for any reason and at any time, provided
that the terminating party shall provide at least ninety (90) days prior
written notice of the termination to the other party (unless the termination is
With Cause as defined in this Agreement, in which case the Employee’s
employment may be terminated immediately). Notwithstanding the expiration
of the Initial Term of this Agreement, the provisions of this Agreement other
than those of Sections 1, 4, and 5, Term, Compensation, and Termination,
respectively, shall remain in full force and effect. All other provisions of
this Agreement, including but without limitation, Sections 2, 6, and 7,
entitled Employment, Nonsolicitation and Nondisclosure Covenants, and Employee
Inventions, respectively, shall survive the expiration of the Initial Term. Notwithstanding
the expiration of the this Agreement or the termination of employment by any
means by any party, Sections 2, 6, and 7, entitled Term, Nonsolicitation and
Nondisclosure Covenants, and Employee Inventions, respectively, shall survive
and remain fully enforceable.

 

3.                                       Duties. Employee will initially serve as PRESIDENT & CEO of the Company.
The Employee will devote the necessary business time, attention, skill, and
energy to the business of the Company, will use the Employee’s best efforts to
promote the success of the Company’s business, and will cooperate fully with
the Board of Directors in the advancement of the best 

 

 

interests of the Company. Furthermore, the
Employee shall assume and competently perform such reasonable
responsibilities and duties as may be assigned to the Employee from time
to time by the Board of Directors and Chairman of the Board of the Company or
their designee. To the extent that the Company shall have any parent company,
subsidiaries, affiliated corporations, partnerships, or joint ventures
(collectively “Related Entities”), the Employee shall perform such duties
to promote these entities and to promote and protect their respective interests
to the same extent as the interests of the Company without additional
compensation. At all times, the Employee agrees that the Employee has read and
will abide by, and prospectively will read and abide by, any employee handbook,
policy, or practice that the Company or Related Entities has or hereafter
adopts with respect to its employees generally.

 

4.                                       Compensation.

 

(a)                                  Annual
Base Salary. As compensation for Employee’s services and in consideration
for the Employee’s covenants contained in this Agreement, the Company shall pay
the Employee an annual base salary of $300,000.00. The annual compensation (and
commission rates, if applicable) may be adjusted upward or downward in the
sole discretion of the Board of Directors or Chairman of the Board. For
purposes of this Agreement, the term “Salary Year” means the one year,
365-day period (or 366 day period for a leap year) that begins on the Effective
Date and each successive one year period thereafter.

 

(b)                                 Bonuses.
In addition to the Employee’s annual base compensation, during the term of the
Employee’s employment hereunder, the Employee shall be entitled to only such
bonuses or additional compensation as may be granted to the Employee by
the Board of Directors or Chairman of the Board of the Company, in their sole
discretion.

 

(c)                                  Reimbursement
of Expenses. The Employee shall be reimbursed for all reasonable and
customary travel and other business expenses incurred by Employee in the
performance of Employee’s duties hereunder, provided that such reimbursement
shall be subject to, and in accordance with, any expense reimbursement policies
and/or expense documentation requirements of the Company that may be in
effect from time to time.

 

(d)                                 Option
Grant. In addition to the foregoing, in consideration of the execution of
this Agreement by the Employee, the Company shall, on the date hereof, grant to
the employee an option to purchase up to500,000 shares of the common stock of the Company in accordance with
a stock option agreement in the form set forth as Exhibit A
hereto.

 

(e)                                  Other Benefits. During the term of the Employee’s employment
hereunder, the Employee shall be eligible to participate in such pension, life
insurance, health insurance, disability insurance and other benefits plans, if
any, which the Company may from time to time make available to
similar-level employees.

 

(f)                                    Vacation.
The Employee shall be entitled to 4 Weeks
paid vacation during each Salary Year during the term of the Employee’s
employment hereunder. Vacation shall be taken at such times and with such
notice so as to not disrupt or interfere with the business of the Company. Unused
vacation from a particular Salary Year will carry over to succeeding Salary
Years up to a maximum of 3 Weeks.

 

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5.                                       Termination.

 

(a)                                  Death.
The Employee’s employment under this Agreement shall terminate immediately upon
Employee’s death. In the event of a termination pursuant to this Section 5(a),
the Employee’s estate shall be entitled to receive any unpaid base salary owing
to Employee up through and including the date of the Employee’s death.

 

(b)                                 Disability.
If, during the term of the Employee’s employment hereunder, the Employee
becomes physically or mentally disabled in the determination of a physician
appointed or selected by the Company, or, if due to any physical or mental
condition, the Employee becomes unable for a period of more than sixty (60)
days during any six-month period to perform Employee’s duties hereunder on
substantially a full-time basis as determined by a physician selected by the
Company, the Company may, at its option, terminate the Employee’s employment
upon not less than thirty (30) days written notice. In the event of a
termination pursuant to this Section 5(b), the Employee shall be entitled
to receive any unpaid base salary owing to Employee up through and including
the effective date of Termination.

 

(c)                                  Termination
By Company Without Cause. In addition to the other termination provisions
of this Agreement, the Company may terminate the Employee’s employment at
any time without cause (a “Termination Without Cause”). In the event of a
Termination Without Cause, the Employee shall continue to receive the Employee’s
base salary (as then in effect) during the twenty-four month period immediately
following the effective date of the Termination Without Cause (the “Severance
Period”). In addition to the severance pay described in the preceding sentence,
the Employee shall continue to receive, during the Severance Period, all
employee health and welfare benefits that Employee would have received during
the Severance Period in the absence of such termination. Employee agrees and
acknowledges, however, that Employee will forfeit the right to receive base
salary and benefits during the Severance Period immediately upon the Employee’s
breach of any covenant set forth in Section 6 of this Agreement. The
Employee will also forfeit the right to salary and benefits during the
Severance Period upon accepting employment with another employer with
comparable salary and benefits hereunder shall be forfeited and shall cease
upon the Employee becoming eligible for benefits from the Employee’s new
employer. Notwithstanding the foregoing, the termination of the Employee’s
employment pursuant to the second sentence of Section 2 of this Agreement
shall not constitute a Termination Without Cause and shall not give rise to any
severance payment or other benefits pursuant to this Section 5(c).

 

(d)                                 Termination
By Company With Cause. The Company may terminate the Employee’s
employment at any time with Cause. As used in this Agreement, “Cause” shall
include the following: (1) the Employee’s failure or inability to perform Employee’s
duties under this Agreement; (2) dishonesty or other serious misconduct, (3) the
commission of an unlawful act material to Employee’s employment, (4) a
material violation of the Company’s policies or practices which reasonably
justifies immediate termination; (5) committing, pleading guilty, nolo
contendre or no contest (or their equivalent) to, entering into a pretrial
intervention or diversion program regarding, or conviction of, a felony or any
crime or act involving moral turpitude, fraud, dishonesty, or
misrepresentation; (6) the commission by the Employee of any act which
could reasonably affect or impact to a material degree the interests of the
Company or Related Entities 

 

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or in some manner injure the reputation, business, or business relationships
of the Company or Related Entities; (7) the Employee’s inability to perform an
essential function of Employee’s position; or (8) any material breach by
Employee of this Agreement. The Company may terminate this Agreement for
Cause at any time without notice. In the event of a termination for Cause, the
Company shall be relieved of all its obligations to the Employee provided for
by this Agreement as of the effective date of termination, and all payments to
the Employee hereunder shall immediately cease and terminate as of such date,
except that Employee shall be entitled to the annual base salary hereunder up
to and including the effective date of termination, provided, however, that the
Employee’s obligations under Sections 6 and 7 shall survive such a Termination
for Cause and any liabilities or obligations which have accrued and are owed by
the Employee to the Company shall not be extinguished or released thereby.

 

6.                                       Nonsolicitation and Nondisclosure
Covenants.

 

(a)                                  Rationale
for Restrictions. Employee acknowledges that Employee’s services hereunder
are of a special, unique, and extraordinary character, and Employee’s position
with the Company places Employee in a position of confidence and trust with
customers, suppliers, and other persons and entities with whom the Company and
its Related Entities have a business relationship. The Employee further
acknowledges that the rendering of services under this Agreement will likely
require the disclosure to Employee of Confidential Information (as defined
below) including Trade Secrets of the Company relating to the Company and/or
Related Entities. As a consequence, the Employee agrees that it is reasonable
and necessary for the protection of the goodwill and legitimate business
interests of the Company and Related Entities that the Employee make the
covenants contained in this Section 6, that such covenants are a material
inducement for the Company to employ the Employee and to enter into this
Agreement, and that the covenants are given as an integral part of and
incident to this Agreement.

 

(b)                                 Nonsolicitation
Covenants. As used herein, the term “Restrictive Period” means the
time period commencing on the Effective Date of this Agreement and ending on
the second (2nd) anniversary of the date on which the Employee’s
employment by the Company (or any Related Entity) expires or is terminated for
any reason, including both a termination by the Company for Cause and Not for
Cause. In addition, the term “Covered Business” means any business which
is the same as, or similar to, any business conducted by the Company or any of
the Related Entities at any time during the Restrictive Period. The Employee
agrees that the Employee will not engage in any of the following acts anywhere
in the world during the Restrictive Period:

 

(i)                                  directly
or indirectly assist, promote or encourage any existing or potential employees,
customers, clients, or vendors of the Company or any Related Entity, as well as
any other parties which have a business relationship with the Company or a
Related Entity, to terminate, discontinue, or reduce the extent of their
relationship with the Company or a Related Entity;

 

(ii)                               directly
or indirectly solicit business of the same or similar type as a Covered
Business, from any person or entity known by the Employee to be a customer or
client of the Company, whether or not the Employee had 

 

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contact with such
person or entity during the Employee’s employment with the Company;

 

(iii)                            disparage
the Company, any Related Entities, and/or any shareholder, director, officer,
employee, or agent of the Company or any Related Entity; and/or

 

(iv)                           engage
in any practice the purpose of which is to evade the provisions of this Section 6
or commit any act which adversely affects the Company, any Related Entity, or
their respective businesses.

 

Employee acknowledges
that Employee’s services hereunder are of a special, unique, and extraordinary
character, and Employee’s position with the Company places Employee in a position
of confidence and trust with customers, suppliers, and other persons and
entities with whom the Company and its Related Entities have a business
relationship. The Employee further acknowledges that the rendering of services
under this Agreement will likely require the disclosure to Employee of
Confidential Information (as defined below) and Trade Secrets (as defined
below) of the Company relating to the Company and/or Related Entities. As a
consequence, the Employee agrees that it is reasonable and necessary for the
protection of the goodwill and legitimate business interests of the Company and
Related Entities that the Employee make the covenants contained in this Section 6,
that such covenants are a material inducement for the Company to employ the Employee
and to enter into this Agreement, and that the covenants are given as an
integral part of and incident to this Agreement. Accordingly, the Employee
agrees that the geographic scope of the above covenants is a reasonable means
of protecting the Company’s (and the Related Entities’) legitimate business
interests. Notwithstanding the foregoing covenants, nothing set forth in this
Agreement shall prohibit the Employee from owning the securities of (i) corporations
which are listed on a national securities exchange or traded in the national
over-the-counter market in an amount which shall not exceed 5% of the
outstanding shares of any such corporation or (ii) any corporation,
partnership, firm or other form of business organization which does not
compete with, is not engaged in, and does not carry on any aspect of, either
directly or indirectly through a subsidiary or otherwise, any Covered Business.

 

(c)                                  Disclosure
of Confidential Information. The Employee acknowledges that the inventions,
innovations, software, Trade Secrets, business plans, financial strategies,
finances, and all other confidential or proprietary information with respect to
the business and operations of the Company and Related Entities are valuable,
special, and unique assets of the Company. Accordingly, the Employee agrees not
to, at any time whatsoever either during or after the Employee’s term of
employment with the Company, disclose, directly or indirectly, to any person or
entity, or use or authorize any person or entity to use, any confidential or
proprietary information with respect to the Company or Related Entities without
the prior written consent of the Company, including, without limitation,
information as to the financial condition, results of operations, identities of
clients or prospective clients, products under development, acquisition
strategies or acquisitions under consideration, pricing or cost information,
marketing strategies, passwords or codes or any other information relating to
the Company or any of the Related Entities which could be reasonably regarded
as confidential (collectively referred to as “Confidential Information”). However,
the term “Confidential Information” does not include any 

 

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information which is or shall become generally available to the public
other than as a result of disclosure by the Employee or by any person or entity
which the Employee knows (or which the Employee reasonably should know) has a
duty of confidentiality to the Company or a Related Entity with respect to such
information. In addition to the foregoing, Company will be fully entitled to
all of the protections and benefits afforded by the California Uniform Trade
Secrets Acts and any other applicable law. Trade Secret shall mean information,
including a formula, pattern, compilation, program, device, method technique,
or process that derives independent economic value, actual or potential, from
being not generally known to, and not being readily ascertainable by proper
means by, other persons who can derive economic value from its disclosure or
use, including but not limited to the patented information and processes as
well as the unpatented information and processes comprising, underlying,
arising from, and associated with Liquidmetal Alloy and Liquidmetal Coatings
used by the Company.

 

(d)                                 Prevention
of Premature Disclosure of Confidential Information and Trade Secrets. The
Employee agrees and acknowledges that, because the success of the Company is
heavily dependent upon maintaining the secrecy of the Company’s Confidential
Information and Trade Secrets and preventing the premature public disclosure of
the Company’s proprietary information and technology including its Confidential
Information and Trade Secrets, the Employee agrees to use the Employee’s best
efforts and his or her highest degree of care, diligence, and prudence to
ensure that no Confidential Information or Trade Secret prematurely leaks or
otherwise prematurely makes its way into the public domain or any public forum,
including, without limitation, into any trade publications, internet chat
rooms, or other similar forums. In the event that the Employee becomes aware of
any premature leak of Confidential Information or Trade Secret or becomes aware
of any circumstances creating a risk of such a leak, the Employee shall
immediately inform the Board of Directors, the Chief Executive Officer, or
the Employee’s supervisor of such leak or of such circumstances.

 

(e)                                  Removal
and Return of Proprietary Items. The Employee will not remove from the
Company’s premises (except to the extent such removal is for purposes of the
performance of the Employee’s duties at home or while traveling, and under such
conditions and restrictions as are specifically authorized and/or required by the
Company) or transmit by any means, electronic or otherwise, any document,
record, notebook, plan, model, component, device, computer software or code, or
Confidential Information or Trade Secret whether embodied in a disk or in any
other form, including electronic form (collectively, the “Proprietary
Items”). The Employee recognizes that, as between the Company and the
Employee, all of the Proprietary Items, whether or not developed by the
Employee, are the exclusive property of the Company. Upon termination of
Employee’s employment with the Company by either party (regardless of the
reason for termination), or upon the request of the Company during the term of
employment, the Employee will return to the Company all of the Proprietary
Items in the Employee’s possession or subject to the Employee’s control, and
the Employee shall not retain any copies, abstracts, sketches, or other
physical embodiment of any of the Proprietary Items, Confidential Information,
Trade Secret or any part thereof.

 

(f)                                    Enforcement
and Remedies. In the event of any breach of any of the covenants set forth
in this Section 6, the Employee recognizes that the remedies at law will
be inadequate and that in addition to any relief at law which may be
available to the Company for 

 

6

 

such violation or breach and regardless of any other provision
contained in this Agreement, the Company shall be entitled to equitable
remedies (including an injunction) and such other relief as a court may grant
after considering the intent of this Section 6. Additionally, the period
of time applicable to any covenant set forth in this Section 6 will be
extended by the duration of any violation by Employee of such covenant. In the
event a court of competent jurisdiction determines that any of the covenants
set forth in this Section 6 are excessively broad as to duration,
geographic scope, prohibited activities or otherwise, the parties agree that
this covenant shall be reduced or curtailed to the extent, but only to the
extent, necessary to render it enforceable.

 

7.                                       Employee Inventions.

 

(a)                                  Definition.
For purposes of this Agreement, “Employee Invention” means any idea,
invention, technique, modification, process, or improvement (whether patentable
or not), any industrial design (whether registerable or not), any mask work,
however fixed or encoded, that is suitable to be fixed, embedded or programmed
in a semiconductor product (whether recordable or not), and any work of
authorship (whether or not copyright protection may be obtained for it)
created, conceived, or developed by the Employee, either solely or in
conjunction with others, during the Employee’s employment with the Company or
during the twenty four (24) month period following such employment, that relates
in any way to, or is useful in any manner in, the businesses then being
conducted or proposed to be conducted by the Company or any Related Entity.

 

(b)                                 Ownership
of Employee Inventions. Employee agrees and acknowledges that all Employee
Inventions will belong exclusively to the Company and that all Employee
Inventions are works made for hire and the property of the Company, including
any copyrights, patents, semiconductor mask protection, or other intellectual
property rights pertaining thereto. If it is determined that any such works are
not works made for hire, the Employee hereby assigns to the Company all of the
Company’s right, title, and interest, including all rights of copyright,
patent, semiconductor mask protection, and other intellectual property rights,
to or in such Employee Inventions. The Employee covenants that the Employee
will promptly:

 

(i)                                  disclose
to the Company in writing any Employee Invention;

 

(ii)                               assign
to the Company or to a party designated by the Company, at the Company’s request
and without additional compensation, all of the Employee’s right to the
Employee Invention for the United States and all foreign jurisdictions;

 

(iii)                            execute
and deliver to the Company such applications, assignments, and other documents
as the Company may request in order to apply for and obtain patents or
other registrations with respect to any Employee Invention in the United States
and any foreign jurisdictions;

 

(iv)                           sign
all other papers necessary to carry out the above obligations; and

 

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(v)                              give
testimony and render any other assistance in support of the Company’s rights to
any Employee Invention.

 

8.                                       Essential and Independent
Covenants. The Employee’s
covenants in Sections 6 and 7 of this Agreement are independent covenants, and
the existence of any claim by the Employee against the Company under this
Agreement or otherwise will not excuse the Employee’s breach of any covenant in
Section 6 or 7. The covenants of Sections 6 and 7 shall survive the
termination, extinguishment, or lapse of this Agreement under any
circumstances, even if this Agreement is terminated by either party, whether
for Cause or Not for Cause.

 

9.                                       Representations and Warranties by
The Employee. The Employee
represents and warrants to the Company that the execution and delivery by the
Employee of this Agreement do not, and the performance by the Employee of the
Employee’s obligations hereunder will not, with or without the giving of notice
or the passage of time, or both: (a) violate any judgment, writ,
injunction, or order of any court, arbitrator, or governmental agency
applicable to the Employee, or (b) conflict with, result in the breach of
any provisions of or the termination of, or constitute a default under, any
agreement to which the Employee is a party or by which the Employee is or may be
bound, including, without limitation, any noncompetition agreement or similar
agreement. Employee further represents and warrants that he fully and
completely understands this Agreement and that he has engaged in negotiations
with the Company and has either consulted with an attorney of his choice or has
had ample opportunity to do so and is fully satisfied with the opportunity he
has had.

 

10.                                 Notices. For purposes of this Agreement, notices and all
other communications provided for herein shall be in writing and shall be
deemed to have been duly given when hand-delivered, sent by facsimile
transmission (as long as receipt is acknowledged), or mailed by United States
certified or registered mail, return receipt requested, postage prepaid,
addressed to the address or facsimile number for each party set forth on the
signature page hereto, or to such other address or facsimile number as
either party may have furnished to the other in writing in accordance
herewith, except that a notice of change of address shall be effective only
upon receipt.

 

11.                                 Miscellaneous. No provision of this Agreement may be
modified or waived unless such waiver or modification is agreed to in writing
signed by both of the parties hereto. No waiver by any party hereto of any
breach by any other party hereto shall be deemed a waiver of any similar or
dissimilar term or condition at the same or at any prior or subsequent time. This
Agreement is the entire agreement between the parties hereto with respect to
the Employee’s employment by the Company, and there are no agreements or
representations, oral or otherwise, expressed or implied, with respect to or
related to the employment of the Employee which are not set forth in this
Agreement. This Agreement shall be binding upon, and inure to the benefit of,
the Company, its respective successors and assigns, and the Employee and
Employee’s heirs, executors, administrators and legal representatives. The
duties and covenants of the Employee under this Agreement, being personal, may not
be delegated or assigned by the Employee without the prior written consent of
the Company, and any attempted delegation or assignment without such prior
written consent shall be null and void and without legal effect. The parties
agree that if any provision of this Agreement shall under any circumstances be
deemed invalid or inoperative, 

 

8

 

the Agreement shall be construed with the invalid
or inoperative provision deleted and the rights and obligations of the parties
shall be construed and enforced accordingly. This Agreement may be
assigned by the Company without the consent of the Employee, provided, however,
that the Employee is given notice of the assignment.

 

12.                                 Governing Law; Resolution of
Disputes. The validity,
interpretation, construction, and performance of this Agreement shall be
governed by the laws of the State of California without regard to principles of
choice of law or conflicts of law thereunder. Any action or proceeding seeking
to enforce any provision of, or based on any right arising out of, this
Agreement may be brought against either of the parties in the courts of
the State of California, County of Orange, or, if it has or can acquire
jurisdiction, in the federal courts located in, Orange County, California, and
each of the parties consents to the jurisdiction of such courts (and of the
appropriate appellate courts) in any such action or proceeding and waives any
objection to venue laid therein. Process in any action or proceeding referred
to in the preceding sentence may be served on either party anywhere in the
world. The parties hereto agree that having venue and jurisdiction solely in
California is reasonable in that the headquarters for the Company is in Orange
County, California and that site for litigation is the most central for such
matters. THE PARTIES HEREBY WAIVE A JURY TRIAL IN ANY LITIGATION ARISING UNDER
OR RELATING TO THIS AGREEMENT OR THE EMPLOYMENT OF THE EMPLOYEE WITH THE
COMPANY. This Agreement shall not be construed against either party but shall
be construed without regard to the participation of either party in the
drafting of this Agreement or any part thereof.

 

13.                                 Counterparts; Facsimile
Signatures. This Agreement may be
executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument. This Agreement may be effective upon the execution and
delivery by any party hereto of facsimile copies of signature pages hereto
duly executed by such party; provided, however, that any party
delivering a facsimile signature page covenants and agrees to deliver
promptly after the date hereof two (2) original copies to the other party
hereto.

 

14.                                 Modification By The Court. In the event that any
provision or Section of this Agreement violates any law of the state of
California or is for some other reason unenforceable as written in the state of
California, the Employee and the Company agree that the unenforceable provision
or Section should not cause the entire Agreement to become unenforceable
unless it is caused to fail in its essential purpose. In the event that any
provision or Section of this Agreement violates any law of the state of California
or is for some other reason unenforceable as written in the state of
California, the Employee agrees that the provision should be reduced in scope
or length or otherwise modified by the Court, if possible under the law, to
cause the provision or Section of the Agreement to be legal and
enforceable but to still provide to the Company the maximum protection
available to it under the law.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written.

 

9

 

	
   

  	
  LIQUIDMETAL TECHNOLOGIES, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John Kang

  
	
   

  	
   

  	
  John
  Kang, Chairman

  
	
   

  	
   

  	
   

  
	
   

  	
  Liquidmetal
  Technologies

  
	
   

  	
  25800
  Commercentre Drive

  
	
   

  	
  Suite 100

  
	
   

  	
  Lake
  Forest, CA

  
	
   

  	
  92630

  
	
   

  	
  Facsimile
  Number: 949.206.8008

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Ricardo A. Salas

  
	
   

  	
   

  
	
   

  	
  Printed
  Name:

  	
   

  	
  RICARDO
  A. SALAS

  
	
   

  	
   

  	
   

  
	
   

  	
  Address
  and Facsimile Number:

  
	
   

  	
   

  	
   

  
	
   

  	
  64 RITZ COVE DRIVE

  
	
   

  	
   

  
	
   

  	
  MONARCH BEACH, CA 92629

  
	
   

  	
   

  
	
   

  	
  FAX: (949) 315-3096

  
	
   

  	
   

  
	
   

  	
   

  
					

 

10

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