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Senior Executive Agreement

 

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Title:

Senior Executive Agreement

Entities:

Date:

2004

Size:

Preview shows 6KB of 27KB total

Price:

$41

ID:

#1054848

 

 

► Employment ► Executive ► Senior Executive Agreements

 

 

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SENIOR EXECUTIVE AGREEMENT

 

THIS AGREEMENT is made effective as of May 1, 2004, between GLOBAL IMAGING SYSTEMS, INC., a Delaware corporation (the Company), and CECIL A. MCCLARY (Executive).

 

Recitals

 

A. The Company and Executive desire to enter into an agreement pursuant to which Executive will be employed as the Vice President of Human Resources of the Company on the terms and conditions set forth in this Agreement.

 

B. Certain definitions are set forth in Section 3 of this Agreement.

 

Agreement

 

The parties hereto agree as follows:

 

1. Employment. The Company hereby engages Executive to serve as the Vice President of Human Resources of the Company, and Executive agrees to serve the Company, during the Service Term (as defined in Section 1(d) hereof) in the capacities, and subject to the terms and conditions, set forth in this Agreement.

 

(a) Services. During the Service Term, Executive, as Vice President of Human Resources of the Company, shall have all the duties and responsibilities customarily rendered by Vice Presidents of Human Resources of companies of similar size and nature and as may be reasonably assigned from time to time by the Board and the Companys Chief Executive Officer (the CEO). Executive will devote his best efforts and substantially all of his business time and attention (except for vacation periods and periods of illness or other incapacity) to the business of the Company and its Affiliates. Notwithstanding the foregoing, and provided that such activities do not interfere with the fulfillment of Executives obligations hereunder, Executive may (A) serve as an officer, director or trustee of any charitable or non-profit entity; or (B) own up to 5% of the outstanding voting securities of any company. Unless the Company and Executive agree to the contrary, Executives place of employment shall be at the Companys principal executive offices in Tampa, Florida; provided, however, that Executive will travel to such other locations of the Company and its Affiliates as may be reasonably necessary and/or as required by the Board in its sole discretion in order to discharge his duties hereunder. During the Extended Term (as defined below), if any, Executive shall perform such reasonable duties as assigned by the CEO, the Companys Chairman, the Companys President or the Board, but in no event shall Executive be required to travel or to work out of his home for more than one day per week without his consent, which shall not be unreasonably withheld.


(b) Salary, Bonus and Benefits.

 

(i) Salary and Bonus. During the Service Term, the Company will pay Executive a base salary (the Annual Base Salary) as the Board may designate from time to time, at the rate of not less than $130,000 per annum; provided, however, that the Annual Base Salary shall be subject to review annually by the Board for upward increases thereon. The Executive will be eligible to receive an annual bonus in an amount of up to 50% of Executives Annual Base Salary for such year, as determined by the Board based upon the Companys achievement of budgetary and other objectives set by the Board in good faith and consistent with past practice in consultation with the Executive, which objectives shall be reasonable in light of the Companys past years performance and shall be communicated to Executive by the Board prior to the start of the Companys fiscal year. The annual bonus, if any, shall be due and payable to Executive prior to June 30 of the following fiscal year. Upon termination of this Agreement by the Company prior to expiration of the Service Term or by Executive for any reason, Executive shall have the option to elect to remain employed by the Company until Executives 65th birthday (the Extended Term). During the Extended Term, Executive shall be paid an annual base salary of Twelve Thousand Dollars ($12,000), payable in accordance with the Companys normal payroll practices.


 

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