THIS EMPLOYMENT AGREEMENT (“Agreement”) is effective as of January 1, 2002, by and between URECOATS
INDUSTRIES INC., a Delaware corporation with offices at Newport Center Plaza, 1239 East Newport Center Drive, Suite 101,
Deerfield Beach, Florida 33442 (the “Company”), and Michael T. Adams an individual residing at 1883 Discovery Way, Deerfield
Beach, Florida 33442 (the “Executive”).
W I T N E S S E T H :
WHEREAS, the Company wishes to employ the Executive and the Executive wishes to accept such employment, subject to
the terms and conditions hereinafter set forth.
WHEREAS, the Company acknowledges that Executive has been working for the Company in various capacities since
January 1997 and is currently employed as the Executive Vice President under an employment arrangement.
WHEREAS, the Company wishes to memorialize the employment of the Executive in a formal Agreement and the Executive
wishes to enter into such Agreement, subject to the terms and conditions hereinafter set forth.
NOW THEREFORE, the parties hereto, in consideration of the premises and mutual promises contained herein and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, agree as follows:
1. EMPLOYMENT TERM . The Company hereby agrees to employ the Executive, and the Executive hereby accepts such
employment for a period of four (4) years from January 1, 2002 through December 31, 2005, unless sooner terminated in
accordance with Section 6 hereof (the “Employment Period”).
2. POSITION; DUTIES . During the Employment Period, the Executive shall hold the title and position of Executive Vice
President of the Company and shall have the duties and responsibilities usually vested in such capacity, as determined from
time to time by the Board of Directors, Chief Executive Officer and/or President of the Company, and such other duties and
responsibilities as may be assigned to him from time to