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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Apropos Technology, Inc.

Date:

2003

Size:

Preview shows 4KB of 34KB total

Price:

$40

ID:

#1148979

 

 


► Technology ► Software & Programming

 

 

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                              EMPLOYMENT AGREEMENT


THIS AGREEMENT, by and between John Repko (the "Employee") and Apropos
Technology, Inc., an Illinois corporation (the "Company"), is made as of the
26th day of November, 2002.

In consideration of the mutual covenants herein contained, and in
consideration of the employment of Employee by the Company, the parties agree as
follows:

1. DUTIES AND SCOPE OF EMPLOYMENT.

(a) POSITION. The Company agrees to employ the Employee under the terms of
this Agreement in the position of Chief Technology Officer (CTO). As Chief
Technology Officer (CTO), the employee shall report to the President of the
Company. The primary duties and responsibilities of the Chief Technology Officer
are defined on Exhibit A. Exhibit A is intended to demonstrate Employee's
primary duties and responsibilities as envisioned by the President as of the
date hereof. The Employee's duties shall not be limited by this Exhibit.
Accordingly, Employee's responsibilities may be modified, reduced or expanded at
any time to accommodate the Company's needs, consistent with Employee's position
with the Company. Employee shall use his best efforts to fulfill his duties and
responsibilities.

(b) OTHER ACTIVITIES. During the term of this Agreement, the Employee shall
devote his full business efforts and time to the Company during normal working
hours. Employee shall not be involved in any other activities with an
expectation of profit, other than passive investments, during these hours.

2. COMPENSATION.

(a) BASE SALARY AND BONUS. Effective September 1, 2002, the Employee shall
be paid a base salary (the "Base Compensation") of $185,000 per year, payable in
accordance with the Company's standard payroll policies. The President shall
review Employee's performance and the Company's financial and operating results
on at least an annual basis and shall report his findings to the Compensation
Committee. The Compensation Committee, in its sole discretion, may increase
Employee's base salary as it deems appropriate based on such review.

<Page>

(b) BONUS. Employee shall also be eligible for a bonus of up to $60,000 for
each full fiscal year if financial and personal targets are achieved. In the
event Employee's employment with the Company terminates for any reason other
than pursuant to Section 6(c) hereof (voluntary termination by the Employee) or
6(b)(ii) hereof (Termination for Cause), Employee shall be entitled to receive a
pro rated bonus for such year, determined by multiplying the aggregate bonus
that he would have earned for the entire year by a fraction representing the
portion of the year during which he was employed. Such bonus shall be paid on
February 15th of the following year. If Employee's employment with the Company
terminates pursuant to Section 6(c) hereof or Section 6(b)(ii) hereof, Employee
shall be deemed to have forfeited his entire bonus for such year and no such
bonus shall be due or payable by the Company.

(c) STOCK OPTIONS. On the Commencement Date, the Employee received stock
options to purchase an aggregate of 100,000 Common Shares of the Company (the
"Common Shares").

(d) VACATION. Employee shall be entitled to three (3) weeks paid vacation
during each year of employment. Such vacation shall be taken at a time mutually
convenient for both the Company and the Employee. Unused vacation time may not
be accrued from year to year during the term of this Agreement without the
Company's prior written approval. In the event this Agreement is terminated by
either the Company or the Employee, the Employee shall be paid for any unused,
accrued vacation time.

3. DEFINITIONS. As used herein, the following definitions shall apply:


 

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