EXECUTIVE EMPLOYMENT
AGREEMENT
This Executive Employment Agreement (this
“Agreement”) is made to be effective as of September
15, 2009, by and between COPsync, Inc., a Delaware corporation (the
“Company”), and Randy Comer, an individual
(“Employee”).
WHEREAS, Employee currently serves as the Vice
President of Sales and Marketing of the Company, and the Company
desires to continue to have access to the services of Employee, and
Employee desires to continue to provide services to the Company, as
an employee of the Company, in accordance with the terms and
conditions of this Agreement;
NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Employee agree as follows:
1.
Employment . Effective on the Effective Date (as
defined in Section 2 ) and subject to the terms and
conditions of this Agreement, the Company agrees to employ Employee
as the Company’s Vice President of Sales and Marketing, and
Employee agrees to perform the duties associated with that position
diligently and to the reasonable satisfaction of the
Company. From the Effective Date until termination o
f this Agreement, Employee will devote
Employee’s full business time, attention and energies to the
business of the Company. The foregoing notwithstanding, the parties
recognize and agree that Employee may engage in passive personal
investments, trade association or charitable activities, including
serving as a board member or committee member to trade associations
or charities that do not conflict with the business and affairs of
the Company or interfere with Employee's performance of his duties
hereunder. Employee’s principal place of
employment will be Canyon Lake, Texas; provided ,
however , that Employee will travel to the extent reasonably
necessary for Employee to perform his duties as Vice president of
Sales and Marketing of the Company. Employee will report
to the Chief Executive Officer of the Company.
2.
Term and Termination . Employee will be employed
under this Agreement for an initial term (the “Initial
Term”), beginning on the date of this Agreement (the
“Effective Date”) and ending on October 12,
2014. This Agreement will renew for successive one year
periods after the completion of the Initial Term, unless either
party gives prior written notice to the contrary to the other party
no less than 30 days prior to the end of the Initial Term or
renewal period, as the case may be. This Agreement may
be sooner terminated by either party in accordance with Section
3 of this Agreement.
3.
Termination Benefits . If prior to the end of the
Initial Term or any renewal period, as the case may be, (i)
Employee is terminated by reason of his death or Disability (as
defined below), (ii) Employee voluntarily terminates his
employment, or (iii) the Company terminates Employee for Cause (as
hereinafter defined), all future compensation to which Employee is
otherwise entitled and all future benefits for which Employee is
eligible will cease and terminate as of the date of
termination. Employee, or his estate in the case of
Employee’s death, will be entitled to pro rata base salary
through the date of such termination and will be entitled to any
individual bonuses or individual incentive compensation not yet
paid but due under the Company’s plans, but will not be
entitled to any other payments by or on behalf of the Company
except for those which may be payable pursuant to the terms of
the
Company's
employee benefit plans. If prior to the end of the
Initial Term or any renewal period, as the case may be, the Company
terminates Employee other than for Cause, then the Company will be
obligated to (i) pay Employee in a lump sum, within sixty (60) days
after such event, any accrued and unpaid vacation plus $110,000 and
(ii) provide Employee with medical and dental insurance coverage
for six months after such termination. If prior to the
end of the Initial Term or any renewal period, as the case may be,
the Company terminates Employee, other than for Cause, after a
Change in Control (as defined below) then the Company will be
obligated to pay Employee in a lump sum, within sixty (60) days
after such event, any accrued and unpaid vacation plus
$220,000. As used in this Agreement: (i) termination for
“Cause” means any termination of Employee for (a) the
commission of an act of fraud or embezzlement against the Company,
(b) the conviction of, or a plea of “guilty” or
“no contest” to, a Class B or Class A misdemeanor or a
felony under the laws of the United States or any state, (c)
consistent willful misconduct or gross negligence in performing
Employee’s duties hereunder, (d) a material breach of any of
the terms of this Agreement or any other agreement between the
Company and Employ