The Company hereby employs Employee, and Employee hereby accepts such employment by the Company, upon the terms and conditions herein provided. During the period of his employment hereunder, Employee agrees to serve as Executive Vice President of the Company and to be responsible for the day to day operation of the Company and such other duties as may be delegated to him from time to time by the President of the Company.
Term of Employment and Duties. This agreement shall commence on the Effective Date and shall continue for a period of twelve 12 full calendar months thereafter the primary term , unless sooner terminated, as provided in paragraph 8 hereof. The primary term shall be automatically extended for additional successive one 1 year terms the extended term unless either party gives notice to the other party not less than ninety 90 days prior to the expiration of the current term and any extended term that the contract is not going to be extended.
In the event of such notice the contract shall expire upon the last day of said current term. Employee shall devote his full time and attention to the performance of his. Employee acknowledges that he shall travel, as reasonably required by the Company, to the offices of existing and potential clients and elsewhere in connection with his employment.
Employee shall be entitled to sick leave consistent with existing Company policies published in the current personnel policy manual and vacation of not less than fifteen 15 working days each year during the term or extension hereof. Salary payments net of deductions for applicable taxes shall be payable in equal twice monthly installments. In addition, Employee shall be paid an annual incentive bonus in such amounts and at such times as shall be determined by the Company.
Said option can be exercised at any time during the term hereof. This option is non-assignable by the Employee. To exercise this option Employee shall tender to Employer in cash or other acceptable consideration the purchase price and said stock shall be transferred to Employee. Said bonus stock shall not be issued to Employee until said option s is exercised and once issued is not subject to forfeiture except as provided for in paragraph 7.
In the event of the death or permanent disability of the Employee all unexercised stock options and unissued but vested stock bonuses shall be purchased by the Company and the Employee or his estate shall sell to the Company all options and stock bonuses held by the Employee at the most recent price therefor as established by the terms hereof, net of the option price.
In the event the Employee breaches the terms of this agreement, resigns or is terminated all vested stock bonuses shall be forfeited and all stock options shall be purchased by the Company at the most recent price as established by the terms hereof net of the option price.
The Employee shall seek continuing education and professional development opportunities consistent with required job skills necessary to manage and lead the Company toward established goals. The Employee shall undertake such educational program s and the Company shall provide education leave and financial support as prior agreed in writing.
Cause shall include but shall not be strictly limited to:. Employee may resign his employment if the Company should fail to substantially perform its obligations under the terms of this Agreement. In the event of termination, the Company may elect to pay Employee as severance pay his existing salary for three 3 months after notice of termination or may provide in the notice of termination an effective date of termination not less than three 3 months from the date of the notice.
It is the intent hereof that in the event of termination Employee shall continue to receive his existing salary for not less than and not more than three 3 months and at the election of the Company shall continue to perform his duties hereunder during said three 3 month period. Covenant Not to Compete. Breach of any of the foregoing covenants shall be cause for discharge of Employee pursuant to paragraph 6 of this Agreement.
The Employee recognizes and agrees that in the event Employee breaches the non-compete provisions hereof that the Company will have no adequate remedy at law and will be entitled to injunctive relief as well as money damages.
If any provision hereof shall be held invalid, illegal or unenforceable, the remaining provisions shall continue in full force and effect. If any provisions shall for any reason be held to be excessively broad as to time, duration, geographical scope, activity or subject, it shall be construed, by limiting and reducing it, so as to be enforceable to the extent permitted by applicable law. This Agreement shall be binding upon and inure to the benefit of the parties hereto, the legal representatives, successors in interest and assigns, respectively, of each party.
Compensation for subsequent periods of disability may be provided for under the terms of a disability income insurance program which may be carried on the Employee by the Company. Death as Termination of Employment.
The Employee shall be furnished with such facilities and services as are adequate for the performance of his duties. Company shall also provide Employee with a major credit card for use in payment of said expenses.
Benefit Plans and Auto. A The Employee shall be entitled to participate in any fringe benefit plans or programs maintained by the Company for the benefit of its employees. Employee will keep a record of business related expenses incurred in operating the automobile and upon submission of such records, Company will reimburse the Employee for those expenses. The waiver by either party hereto of any breach of any provision of this Agreement shall not operate or be construed as a waiver or any subsequent breach by either party hereto.
Binding Effect and Assignment. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns and the Employee and his heirs and legal representatives. This Agreement is personal as to Employee and may not be assigned by Employee without first obtaining the written consent of the Company. This Agreement may be assigned by the Company without the prior consent of Employee. The unenforceability of any provision or provisions of this Agreement shall not affect the enforceability of any other provision of this Agreement.
This Agreement contains the entire understanding of the parties relating to the employment of the Employee by the Company. It may be changed only by an agreement in writing signed by the party or parties against whom enforcement of any waiver, change, modification, extension or discharge is sought.
This Agreement may be amended in whole or part at any time and from time to time but only in writing in a form substantially similar to the form hereof.
In the event of default or breach of any of the terms and conditions hereof the defaulting party agrees to pay the reasonable attorneys fees incurred by the other party in enforcing the provisions hereof. Employee shall devote his full time and attention to the performance of his duties. Cause shall include but shall not be strictly limited to: Failure to devote full time and effort to his duties hereunder; b.
This Agreement shall be governed by and construed in accordance with the laws of the State of. Attorneys Do you Care to Help People? Can you gain their trust?
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