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Title: |
Employment Agreement |
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Date: |
2000 |
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Preview shows 5KB of 20KB total |
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Price: |
$39 |
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ID: |
#1110885 |
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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 20 day of JUNE,
1986, by and between ADVANCED POWER TECHNOLOGY, INC., a Delaware corporation
("Company") and RUSSELL J. CRECRAFT 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 PRODUCT ENGINEER 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 Employee's 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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