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Title: |
Employment Agreement |
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Entities: |
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Date: |
2006 |
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Preview shows 4KB of 23KB total |
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Price: |
$40 |
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ID: |
#1037478 |
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EMPLOYMENT AGREEMENT
This Agreement ("Agreement") made as of this 4th day of April, 2006,
between DUSA Pharmaceuticals, Inc., a New Jersey corporation ("DUSA") and
William O'Dell ("O'Dell").
WHEREAS, O'Dell wishes to be employed by DUSA and DUSA wishes to employ
O'Dell on the terms and conditions set forth in this Agreement, and
WHEREAS, DUSA and O'Dell wish to enter this Agreement for their mutual
benefit.
NOW THEREFORE, in consideration of the mutual covenants and promises, the
parties agree as follows:
1. Employment: DUSA hereby employs O'Dell and he hereby accepts such
employment as the Executive Vice President, Sales and Marketing effective on or
about April 17, 2006. O'Dell agrees to work on a full-time basis and to devote
his best efforts and spend as much time and attention as is necessary to manage
the sales and marketing functions of DUSA. O'Dell shall report to the President
of DUSA. O'Dell agrees to abide by the DUSA's Business Code of Ethics and Senior
Officers Code of Ethics as in force from time to time.
2. Duties and Responsibilities: Notwithstanding any language contained
herein to the contrary, O'Dell shall be responsible (by way of example and not
by way of limitation) for:
A. the supervision and oversight of all sales activities and sales
compensation programs;
B. the supervision and oversight of all marketing initiatives for
DUSA's products;
C. identify opportunities for market penetration, revenue growth and
profitability of DUSA's products;
D. identification of corporate partnering opportunities to co-develop
and market DUSA's products; and
E. any additional employment responsibilities as deemed appropriate by
the Board of Directors and DUSA's senior management, from time to time.
3. Remuneration: DUSA will pay to O'Dell a base salary equal to Two Hundred
Fifty Thousand Dollars ($250,000.00) per annum at intervals consistent with
DUSA's administrative practices, from time to time. This base salary shall be
reviewed by the Board of Directors of DUSA from time to time, not less than on
an annual basis, beginning in January, 2007. Any salary increases shall be
determined by, and shall be made at the sole discretion of the Board. Following
the end of each fiscal year, the Board may award a cash bonus to O'Dell in an
amount up to 35% of his current base salary for such year, as determined by the
Board in its sole discretion. For purposes of awarding the total amount of such
bonus, mutually agreeable performance objectives will be set at the beginning of
any calendar year during O'Dell's employment. The Board may award annual cash
bonuses above 35% of then current base salary for outstanding performance.
<PAGE>
All salary and other payments and allowances outlined in this Agreement
shall be subject to such withholding taxes and deductions as may be required by
law.
4. Place of Employment: As Executive Vice President of Sales and Marketing,
O'Dell will operate primarily from the offices of DUSA located in Wilmington,
MA. O'Dell acknowledges, however, that there will be domestic and international
travel required on a regular basis. Such travel is understood to be necessary in
order to promote the business of DUSA.
5. Benefits: O'Dell will be entitled to participate in the medical,
disability, life, and other insurance benefit plans or pension, profit sharing,
deferred compensation, equity incentive plans, or 401K plans which may be made
available to the officers and employees of DUSA from time to time, subject to
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