|
|
|
|
Document Preview Executive Employment Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Executive Employment Agreement |
|||
|
Entities: |
||||
|
Date: |
2001 |
|||
|
Size: |
Preview shows 4KB of 34KB total |
|||
|
Price: |
$40 |
|||
|
ID: |
#1134925 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
<SEQUENCE>5
<FILENAME>w55051qex10-8.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN THE CO. & I. ADAN
<TEXT>
<PAGE>
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement") is
made effective as of the 15th day of October, 2001 by and between Israel Adan,
a resident of New York (the "Employee"), and Orbit/FR, Inc., a Delaware
corporation (the "Company").
WHEREAS, the Company desires to employ Employee, and
Employee desires to be employed by the Company, upon the terms and conditions
hereinafter set forth.
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. The Company hereby employs Employee, and
Employee hereby accepts employment with the Company, as President and CEO (the
"Position") for a period (the "Term") commencing on the date hereof and
continuing until terminated pursuant to the provisions of Section 8 hereof.
2. Duties. During the 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 will be reporting directly to the company's
Chairman, Vice Chairman and Board of Directors.
3. Other Business Activities. During the Term, Employee will not,
without the prior written consent of the Board of Directors of the Company in
its sole discretion, directly or indirectly engage in any other business
activities or pursuits whatsoever, except activities in connection with
charitable or civic activities, personal investments and serving as an
executor, trustee or in other similar fiduciary capacity; provided, that such
activities do not interfere with his performance of his responsibilities and
obligations pursuant to this Agreement.
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, 6 and 7 hereof, the
compensation set forth in this Section 4.
4.1. Base Salary. The Company shall pay Employee a base salary at
the annual rate of One Hundred Fifty thousand dollars ($150,000) (the "Base
Salary"). The Base Salary shall be inclusive of all applicable income and
other taxes and charges that are required by law to be withheld by the
Company, are requested to be withheld by Employee, and shall be withheld and
paid in accordance with the Company's normal payroll practice for its
similarly situated employees from time to time in effect. Upon commencement of
Employee's employment hereunder, Employee shall be entitled to a special
payment in an amount equal $6,667.
-1-
<PAGE>
4.2. Bonus Program. Employee may be entitle to an annual bonus
(the "Bonus") based upon the achievement (during any calendar year) of such
written individual and corporate annual objectives (the "Objectives") as the
Board of Directors may from time to time establish. Employee acknowledges that
such Objectives may be amended from time to time without Employee's consent.
Employee further acknowledges that any Bonus shall be deemed earned on the
last day of the applicable calendar year and shall be payable to Employee by
the end of the first quarter of the following calendar year, except as
expressly otherwise set forth in Section 8 hereof in connection with a
pro-rata payment upon termination.
4.3. Fringe Benefits. Employee shall be entitled to participate
in any health, life and disability insurance, 401(k) and other fringe benefit
programs (collectively the "Benefits") of the Company to the extent and on
substantially similar terms and conditions as are accorded to other executives
|
End of Preview |
Home Intelligence Services Subscriptions News About Us