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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Chase Manhattan Bank; Fisher Scientific International Inc.; General Chemical Group Inc.; GenTek Inc.

Date:

2002

Size:

Preview shows 5KB of 43KB total

Price:

$43

ID:

#1125671

 

 


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<TEXT>

<PAGE>

EMPLOYMENT AGREEMENT


This EMPLOYMENT AGREEMENT (this "Agreement") is entered into by and
between Fisher Scientific International, Inc., a Delaware corporation (the
"Company") and Paul M. Montrone (the "Executive"), dated as of the 31st day of
December, 2001.

1. TERM OF THE AGREEMENT. This Agreement shall commence as of
December 31, 2001 (the "Effective Date") and end on December 31, 2006 (the
"Initial Employment Period" and, together with any extensions thereof pursuant
to the next sentence, the "Employment Period"). As of the last day of the
Initial Employment Period and each anniversary thereof, unless either party
hereto shall have given the other party 60 days' advance notice that there shall
be no further extensions pursuant to this sentence (such notices, a "Notice of
Non-Extension"), the Employment Period shall be extended by an additional year.

2. POSITION AND DUTIES. During the Employment Period, the
Executive's position (including status, offices, titles and reporting
requirements), authority, duties and responsibilities shall be at least
commensurate in all material respects with those held, exercised and assigned to
the Executive on the day immediately preceding the Effective Date. The
Executive's services shall be performed at the location where the Executive was
employed immediately preceding the Effective Date or any office or location less
than 25 miles from such location. During the Employment Period, and excluding
any periods of vacation and sick leave to which the Executive is entitled, the
Executive agrees to devote reasonable attention and time during normal business
hours to the business and affairs of the Company and, to the extent necessary to
discharge the responsibilities assigned to the Executive hereunder, to use the
Executive's reasonable best efforts to perform faithfully and efficiently such
responsibilities. During the Employment Period it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic, charitable,
governmental or religious boards or committees, (B) to manage or participate in
activities of General Chemical Group, GenTek Inc.and Latona Associates, Inc., in
a manner consistent with his current practice, (C) deliver lectures, fulfill
speaking engagements or teach at educational institutions, (D) participate in
political activities and fundraising and (E) manage personal investments, so
long as such activities do not significantly interfere with the performance of
the Executive's responsibilities as an employee of the Company in accordance
with this Agreement. It is expressly understood and agreed that to the extent
that any such activities have been conducted by the Executive prior to the
Effective Date, the continued conduct of such activities (or the conduct of
activities similar in nature and scope thereto) subsequent to the Effective Date
shall not thereafter be deemed to interfere with the performance of the
Executive's responsibilities to the Company.


<PAGE>

3. COMPENSATION.

(a) BASE SALARY. During the Employment Period, the Executive shall
receive an annual base salary of at least $815,000 ("Annual Base Salary"),
which shall be paid in accordance with the Company's generally applicable
payroll practices and policies. During the Employment Period, the Annual Base
Salary shall be reviewed at least annually. Any increase in Annual Base Salary
shall not serve to limit or reduce any other obligation to the Executive under
this Agreement. Annual Base Salary shall not be reduced after any such increase
and the term Annual Base Salary as utilized in this Agreement shall refer to
Annual Base Salary as so increased.

(b) ANNUAL BONUS. In addition to Annual Base Salary, the Executive
shall be awarded, for each fiscal year ending during the Employment Period, an
annual bonus (the "Annual Bonus") in cash at least equal to $475,000 (the
"Minimum Bonus Amount"). Each such Annual Bonus shall be paid no later than the
end of the third month of the fiscal year next following the fiscal year for
which the Annual Bonus is awarded, unless the Executive shall elect to defer the

 

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