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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 4KB of 21KB total |
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Price: |
$39 |
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ID: |
#1148981 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT, by and between Frank Leonard (the "Employee") and Apropos
Technology, Inc., an Illinois corporation (the "Company"), is made as of the
27th 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 Financial Officer. As Chief Financial
Officer, Employee shall report to the President of the Company. The primary
duties and responsibilities of the Chief Financial 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 as Chief Financial
Officer of the Company. Employee shall use his best efforts to fulfill his
duties and responsibilities. The Employee commenced employment with the Company
on July 12th, 2000 (the "Commencement Date").
(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. Beginning on the effective date of this
Agreement, the Employee shall be paid a base salary (the "Base Compensation") of
$190,000, 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
<Page>
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.
(b) BONUS. Employee shall also be eligible for a bonus of up to 35% of the
Base Compensation for each full fiscal year. The objectives shall be determined
by the President on an annual basis. The bonus shall be due and payable on the
15th day of February of each year, commencing with February 15th, 2003, if the
Compensation Committee, in the exercise of its reasonable judgment, believes
that the objectives have been obtained. 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.
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