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Employment Agreement (Executive)

Employment Agreement (Executive)

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Published by: Legal Forms on Jan 19, 2008
Copyright:Attribution Non-commercial


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Employment Agreement
made as of Date of Agreement (ie. July 31, 2000) between Name of Employer, of Address of Employer (the “Employer”) and Name of Employee, of Address of Employee (the “Employee”).
the Employer carries on the business of Description of Business carried on byEmployer (ie. Software Consulting) under the trade name of “Trade Name of Employer (ie. ABCSoftware Consulting)” (the “Business”);
the Board of Directors of the Employer considers it to be in the best interestsof the Employer to enter into this Agreement with the Employee, and this Agreement has beenduly approved by the Board of Directors of the Employer;
this agreement witnesses that in consideration of the foregoing and themutual covenants and agreements set out below and of other good and valuable consideration,the parties hereby agree as follows:1.
Whenever used in this Agreement the following words and phrases shallhave the following respective meanings:(a)
Business Day
” shall mean the day upon which the principal office of all of thechartered banks in Name of City Employer is Located, State or ProvinceEmployer is Located are open for the transaction of business.(b)
Date of Termination
” shall mean the date the Employee ceases to be employed by the Employer for whatever reason.(c)
” shall mean generally accepted accounting principles.(d)
Guaranteed Amount
” shall mean an amount equal to Number of MonthsPayment to Be Made to Employee in the Event of Termination without Cause (ie.twenty-four (24)) times the base monthly salary payable to the Employee by theEmployer during the calendar month immediately preceding the Date of Termination.(e)
Voting Shares
” shall mean, for the particular corporation, any shares of capitalstock having voting power under ordinary circumstances to vote in the election of directors of such corporation.2.
Term and Position
. The Employer will continue to employ the Employee asPosition of Employee until the Employee’s employment is terminated in
accordance with the provisions of this Agreement.(b)
. The parties agree that notwithstanding any other provision of thisAgreement, this Agreement and the employment of the Employee under thisAgreement shall not extend beyond the date on which the Employee reachessixty-five (65) years of age (“Retirement”).(c)
Reporting Relationship and Responsibilities
. As Position of Employee, theEmployee will report to the Employer’s Position to whom Employee will beReporting and will discharge such duties and responsibilities as are assigned tohim from time to time by Position to whom Employee will be Reporting.(d)
. During the term of his employment with the Employer, the Employeewill devote his full time, attention, and abilities to furthering the business of theEmployer and will faithfully serve the Employer and use his best efforts to promote the interests of the Employer. The Employer agrees that the Employeewill be free to hold equity interests in businesses which do not compete with the business of the Employer.3.
. The Employee will receive a salary of Amount of Annual Compensation(ie. $70,000.00) per annum payable in equal bi-weekly installments. TheEmployee’s salary will be reviewed by the Employer’s Board of Directors fromtime to time at the Board’s discretion, but in any event will be reviewed not later than Date of First Salary Review, and annually thereafter. Any salary review will be done with a view to assessing the Employee’s achievement of overallobjectives established from time to time by the Board and considering marketrates of remuneration paid to Position of Employees of comparable internationalcompanies.(b)
. The Employer will reimburse the Employer for all reasonable directout-of-pocket expenses incurred in connection with the performance of his dutiesand responsibilities, or in carrying out any request made of the Employee by theEmployer.(c)
. During the term of his employment, the Employee will be entitled tosuch reasonable periods of vacation as the Compensation Committee of the Boardof Directors and the Employee may agree upon, but not less than Number of Weeks Vacation Employee Entitled to (ie. four (4)) weeks every year. Suchvacation shall be taken at such time as the Employee may from time to timereasonably decide, provided such time, in the opinion of the CompensationCommittee acting reasonably, does not materially interfere with the Employee’sduties hereunder. The Employee will be permitted to carry forward any unusedvacation into the next calendar year.
. The Employee will be entitled to participate on equal terms andconditions in all insurance and other benefit plans which the Employer offers toits senior executives and will continue to receive all such benefits as he nowenjoys.(e)
. The Employer will provide the Employee with the use of anautomobile leased by the Employer and the Employer will pay for all gas, oil,insurance, maintenance, repair, and other expenses incurred by the Employee inthe operation and maintenance of his automobile. The Employee will continue tohave the use of his automobile until the expiry of its lease, at which time theEmployer will lease for the Employee’s use an equivalent automobile of hischoosing.(f)
Incentive Compensation
. The Employee will participate in an incentivecompensation plan designed specifically for him. The Employee will be paid anannual bonus of Percentage of Net Profit to be Paid as Bonus to Employee (ie.twenty percent (20%)) of the Employer’s earnings before tax but after extraordinary items, all determined in accordance with GAAP, payable within 60days of the end of each fiscal quarter and calculated, for the payments duefollowing the first three fiscal quarters, based upon the Employer’s business planand adjusted following the fourth quarter at each year end to reflect the actualincome of the Employer for such year contained in the audited financialstatements of the Employer. In the event there has been an over-payment after theyear end adjustment has been made, the over-payment will be repaid by theEmployee within 60 days of the Employer notifying the Employee of the over- payment.(g)
Stock Options
. The Employee will be entitled to participate in any stock option program offered by the Employer to its senior executives. Such stock option program will be designed considering stock option programs offered to senior executives of comparable international companies.4.
Voluntary Resignation
. The Employee may terminate his employment with theEmployer at any time by giving Number of Month's Notice Employee Must GiveEmployer to Resign (ie. four (4)) months’ notice to the Board of Directors of theEmployer.(b)
Termination for Just Cause
. The Employer may terminate the Employee’semployment at any time for just cause, without notice or payment of anycompensation either by way of anticipated earnings or damages of any kind.(c)
Termination of Employee’s Employment Without Cause
. The Employer shallhave the right to terminate the Employee’s employment hereunder at any timewithout cause whereupon:

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