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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 22KB total |
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Price: |
$40 |
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ID: |
#1148983 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT, by and between Jeffrey K. Cordes (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 Senior Vice President, Global Human Resources,
Recruiting and Learning Systems. As SVP, Global HR, Employee shall report to the
President of the Company. The primary duties and responsibilities of the SVP
Global HR are defined in 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 SVP Global Human Resources of the Company. Employee shall use his best
efforts to fulfill his duties and responsibilities. The Employee commenced
employment with the Company on July 1st, 2001 (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
$170,000, 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 $40,000 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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