Exhibit 10.2
July 18, 1997
Mr. Charles Lesser
5801 Serrania Avenue
Woodland Hills, CA 91367
Dear Charles,
I am pleased to confirm your employment with Celestial Based Communications
CBCom, Inc. as a member of our senior management. Effective 16,1997, you will
fill the position of Vice President for Business Development and Chief Financial
Officer for CBCom, Inc. You may be assigned other positions, titles and
responsibilities from time to time.
In your primary position with CBCom, Inc. you will be expected to, among other
things, (1) carrying out fiscal and accounting responsibilities of the company
and its projects, (2) develop project and business plans, (3) raise capital to
finance the company and its projects, and at the direction of the Chief
Executive Officer, (4) maintain the financial viability of the company, in
addition to other duties the Chief Executive Officer may assign.
Your base pay will be $150,000 per year, paid in send-monthly increments.
Annual performance bonus payments, If any, shall be at the discretion of the
Chief Executive Officer. All bonuses are discretionary. Your salary hall be
increased on your twelve month anniversary by amount of the increase In the Los
Angeles-Anaheim-Riverside, California Consumer Index for all Urban Consumers as
reported for the Immediately preceding December 31st by the Bureau of Labor
Statistics of the US Department of Labor, has increased over the level at March
31, 1.997 and subsequent annual March 31st reference dates.
You will be allowed an option to purchase two percent of the companies stock at
par value. In addition you will be awarded an option to purchase two percent of
the companies stock, one percent to vest on each anniversary of service. The
executive committee of the board will determine the terms. It is also
anticipated that the company will make future offerings of securities and you
may be rewarded for your efforts at the discretion of the Chief Executive
Officer subject to whatever concurrence policies are established by the board.
You will be eligible to participate in deferred compensation plans, yet to be
developed, which serve essential executives. You will be eligible to participate
in a company 401K plan pursuant to the rules and requirements of such a plan.
You will be bound by company policies and procedures as prescribed by the
company policy handbook at such time and as adopted by the Board of Directors.
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You will be covered by life insurance at two times your annual earnings and will
be provided accidental death and dismemberment coverage equal to two times your
salary. You will be eligible to participate in the company health plan,
including medical and dental coverage with your deductibles reimbursed by the
company. You will be entitled to four weeks of vacation and a minimum often
paid holidays per year. Sick days will accrue at the rate of one per month to a
maximum of 40 days. You shall receive a monthly car allowance of $500.
The term of this agreement shaft be for two years, extended thereafter on an
annual basis by notification of the Chief Executive Officer on or before April
15 of each year. You may be terminated for cause which Is defined as commission
of a misdemeanor or felony, or non-performance of your duties as assigned, or
neglect, which In either case has not, In the sole judgment of the Chief
Executive Officer, been cured after 30 days prior written notice. If this
agreement Is terminated for any reason other than cause, you will be given a
severance payment equal to four.(4) month's compensation.
Should a dispute arise regarding the terms of your employment, It shall be
resolved by final and binding arbitration. In California in accordance with the
arbitration procedures of the American Arbitration Association.
Signed and accepted, Signed and accepted,
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Charles Lesser Bernard J. Luskin, Chairman and CEO
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Date
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MAX SUN
PRESIDENT AND CHIEF OPERATIONS OFFICER
APRIL 21, 1999
MR. CHARLES A. LESSER
5801 SERRANIA AVENUE
WOODLAND HILLS, CA 91367
RE: EMPLOYMENT AGREEMENT
DEAR CHARLES,
YOUR ORIGINAL EMPLOYMENT AGREEMENT DATED JULY 18, 1997 WAS FOR A PERIOD A TWO
YEARS FROM JUNE 16, 1997 THROUGH JUNE 15, 1999.
ACCORDING TO THE NOTICE PROVISION CONTAINED IN THE AGREEMENT, WE HEREBY EXTEND
THE AGREEMENT FOR ONE ADDITIONAL YEAR THROUGH JUNE 15, 2000.
SIGNED AND ACCEPTED, SIGNED AND ACCEPTED,
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CHARLES A. LESSER MAX SUN,PRESIDENT
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DATE
