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Title: |
Employment Agreement |
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Date: |
2000 |
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Preview shows 4KB of 18KB total |
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Price: |
$39 |
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ID: |
#1110882 |
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ADVANCED POWER TECHNOLOGY, INC.
EMPLOYMENT AGREEMENT
(MANAGEMENT & TECHNICAL PERSONNEL)
EXEMPT SALARIED EMPLOYEES
THIS EMPLOYMENT AGREEMENT is made and entered into this day of AUGUST 16,
1985 by and between ADVANCED POWER TECHNOLOGY, INC., a Delaware corporation
("Company") and PATRICK SIRETA an individual ("Employee").
WHEREAS, Company desires to employ Employee upon the terms and conditions
hereinafter set forth, and Employee desires to be so employed;
NOW, THEREFORE, in consideration of the mutual promises contained herein,
Company and Employee agree as follows:
1. EMPLOYMENT
Company hereby employees Employee as PRESIDENT AND CHIEF EXECUTIVE OFFICER
of the Company with the powers an duties consistent with such position, and
Employee hereby accepts such employment, on the terms and conditions
hereinafter set forth. Employee, subject to the control of the Management
of Company, agrees to diligently utilize his or her best efforts to further
the interests of the Company and to discharge those responsibilities and
duties required for the planning, development, operation, promotion and
advancement of the Company, and such other duties as Company may require.
2. TERM AND TERMINATION
2.1 This Agreement shall terminate upon the happening of any of the
following events:
(a) By mutual agreement between Company and Employee;
(b) Unilaterally by Employee without cause;
(c) Upon the death of Employee;
(d) Upon the good faith determination of the Chief Executive Officer
of the Company that Employee has become so physically or mentally
disabled as to be incapable of satisfactorily performing his or her
duties hereunder for a period of ninety (90) consecutive days, such
determination based upon a certificate as to such physical or mental
disability issued by a licensed physician and/or psychiatrist (as the
case may be) employed by the Company; or
(e) By the Company for cause, that is to say only upon Employee's
conviction of a felony, commission of any material act of dishonesty
against the Company, material breach of this Agreement by Employee, or
misconduct by Employee having a substantial adverse effect on the
business of the Company.
(f) Unilaterally by the Company without cause, in which event
(Section 2.2 to the contrary not withstanding) the Company will
continue to pay Employee the full amount due as salary for a period of
thirty days following notice of termination.
2.2 In the event that this Agreement is terminated pursuant to Paragraph
2.1, neither Company nor Employee shall have any remaining duties or
obligations hereunder, except that Company shall pay to Employee, or his or
her representatives, such compensation as is due pursuant to Sub-Section
2.1(f) and Section 3. The provisions of Section 4-9 shall survive
termination.
2.3 This Agreement shall not be terminated by any:
(a) Merger, whether the Company is or is not the surviving
corporation; or
(b) Transfer of all or substantially all of the assets of the
Company; or
(c) Voluntary or involuntary dissolution or liquidation of the
Company; or
(d) Consolidation to which the Company is a party.
In the event of any such merger, transfer of assets, dissolution,
liquidation, or consolidation, the surviving corporation or transferee, as
the case may be, shall be bound by and shall have the benefits of this
Agreement, and Company shall take all action to ensure that such
corporation or transferee is bound by the provisions of this Agreement.
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