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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Date: |
2001 |
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Preview shows 4KB of 20KB total |
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Price: |
$32 |
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ID: |
#1134923 |
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<SEQUENCE>4
<FILENAME>w55051qex10-7.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN THE CO. & Z. STEVIN
<TEXT>
<PAGE>
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is
executed this 5th day of September, 2001 by and between Zeev Stein (the
"Employee"), and Orbit/FR, Inc., a Delaware corporation (the "Company").
WHEREAS, Employee has served as Chairman of the Company continuously
since December 31, 1998; and
WHEREAS, Employee and the Company desire to formalize the terms of
Employee's employment by the Company.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations contained herein, and intending to be legally bound, the parties,
subject to the terms and conditions set forth herein, agree as follows:
1. Employment and Term.
1.1. This Agreement shall, upon its execution and approval by the
Company's board of directors, be deemed effective as of January 1, 2001 and
shall continue until this Agreement is terminated pursuant to Section 7
hereof. Upon the effective time of this Agreement, the employment of Employee
by the Company pursuant hereto shall be deemed to have commenced on December
31, 1998 (the "Commencement Date"). The period from the Commencement Date
until the termination of this Agreement is referred to as the "Employment
Term."
1.2. During the Employment Term, Employee shall continue to serve
as Chairman (the "Position") of the Company.
2. Duties. During the Employment Term, Employee shall serve the Company
faithfully and to the best of his ability and shall devote his full time,
attention, skill and efforts to the performance of the duties required by or
appropriate for the Position. Employee agrees to assume such duties and
responsibilities as may be customarily incident to such a position, and such
additional and other duties as may be assigned to Employee from time to time
by the Board of Directors of the Company.
3. Other Business Activities. During the Employment Term, Employee will
not, without the prior written consent of the Company's board of directors,
directly engage in any other business activities or pursuits whatsoever,
except activities in connection with academic, charitable or civic activities,
personal investments and serving as an executor, trustee or in other similar
fiduciary capacity; provided, that a service by Employee in whatever capacity
for the benefit of any affiliate of the Company shall be permitted as long as
such activity does not
1
<PAGE>
interfere with his performance of his responsibilities and obligations
pursuant to this Agreement; provided, further, that the Company shall not
unreasonably withhold its consent to Employee's engagement in any other
business activity which is not reasonably expected to interfere with the
performance of Employees duties hereunder.
4. Compensation. The Company shall pay Employee, and Employee hereby
agrees to accept, as compensation for all services rendered hereunder, and for
Employee's covenants provided for in Sections 5 and 6 hereof, the compensation
set forth in this Section 4.
4.1. Base Salary. The Company shall pay Employee an initial base
salary (the "Base Salary") at the annual rate of one hundred twenty thousand
dollars ($120,000). The Base Salary shall be inclusive of all applicable
income, social security and other taxes and charges that are required by law
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