This agreement is made as of the 4th day of September 2004, between
Mirenco, Inc. of Radcliff, Iowa (hereinafter the "Employer") and Richard A.
Musal of Norwalk, Iowa (hereinafter "Employee").
WHEREAS, the Board of Directors of the Employer considers it to be in the
best interests of the Employer to enter into this agreement with the Employee,
and this agreement has been approved by the Board of Directors of the Employer;
NOW, THEREFORE, in consideration of the agreements set out below, the
parties agree as follows:
1.DEFINITIONS: Whenever used in this agreement these words and phrases
shall have the following meanings:
(a)"Business Day" when the principle office of Employer is open for
the transaction of business.
(b)"Date of Termination" the date the Employee ceases to be employed
by Employer for whatever reason.
(c)"GAAP" generally accepted accounting principles.
(d)"Guaranteed Amount" During the first two years of this agreement
it shall mean an amount equal to three times the then current
base monthly salary payable to the Employee by the Employer, and
after the first two years of the agreement, six times the then
current monthly base salary payable to the Employee by the
(a)Position. The Employer will employ the Employee as Chief
Operating Officer (COO) and Chief Financial Officer (CFO) until
the Employee's employment is terminated by lapse of this
agreement or in accordance with the provisions of the agreement.
(b)Term. This agreement shall be in effect for seven (7) years from
the date of execution.
(c)Reporting Relationship and Responsibilities. As COO and