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Employment Agreement

 

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Title:

Employment Agreement

Entities:

ION Networks, Inc.

Date:

2003

Size:

Preview shows 4KB of 26KB total

Price:

$35

ID:

#1153671

 

 


► Technology ► Computer Peripherals

 

 

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<SEQUENCE>3

<FILENAME>v_ex10-21.txt
<TEXT>

EMPLOYMENT AGREEMENT
--------------------------------------------------------------------------------

This Employment Agreement, dated September 15, 2003, ("Effective Date") is
between ION Networks, Inc., a Delaware corporation (the "Company"), and Patrick
E. Delaney, an individual residing at 149 Mill Road, North Hampton, NH 03862
("Executive").

1. Position and Responsibilities.

1.1 Position. Executive is employed by the Company to render services to
the Company in the position of Chief Financial Officer. Executive shall perform
such duties and responsibilities as are normally related to such position in
accordance with the standards of the industry and any additional duties
consistent with his position now or hereafter assigned to Executive by the Chief
Executive Officer. Executive shall abide by the rules, regulations, and
practices as adopted or modified from time to time in the Company's sole
discretion.

1.2 Other Activities. Executive shall devote his full business time,
attention and skill to perform any assigned duties, services and
responsibilities while employed by the Company, for the furtherance of the
Company's business, in a diligent, loyal and conscientious manner. Except upon
the prior written consent of the Chief Executive Officer, Executive will not,
during the term of this Agreement, (i) accept any other employment, or (ii)
engage, directly or indirectly, in any other business activity (whether or not
pursued for pecuniary advantage) that might interfere with Executive's duties
and responsibilities hereunder or create a conflict of interest with the
Company.

1.3 No Conflict. Executive represents and warrants that Executive's
execution of this Agreement, Executive's employment with the Company, and the
performance of Executive's proposed duties under this Agreement shall not
violate any obligations Executive may have to any other employer, person or
entity, including any obligations with respect to proprietary or confidential
information of any other person or entity.

2. Compensation and Benefits.

2.1 Base Salary. In consideration of the services to be rendered under
this Agreement, the Company shall pay Executive a base salary at an annualized
rate of $120,000 from the Effective Date through December 31, 2003. Beginning
January 1, 2004, the Executive's base salary shall increase to an annualized
rate of no less than $156,000. The Base Salary shall be paid in accordance with
the Company's regularly established payroll practice. Executive's Base Salary
shall be reduced by withholdings required by law. Executive's Base Salary will
be reviewed from time to time in accordance with the established procedures of
the Company for adjusting salaries for similarly situated employees and may be
adjusted in the sole discretion of the Company.

2.2 Stock Options. The Company shall recommend to the Compensation
Committee and to the Board of Directors (the "Board") that Executive be provided
with non-qualified stock options to purchase 600,000 shares of the Common Stock
of the Company on the Effective Date, an additional 400,000 shares of the Common
Stock of the Company on January 1, 2004. This recommendation will be considered
for approval at the Company's next Board meeting. The price per share of any
approved options will be determined at that meeting. Executive's entitlement to
any stock options that may be approved is conditioned upon Executive's signing
of a separate Stock Option Agreement. Stock options to purchase 500,000 shares
of the Common Stock of the Company shall automatically vest upon a Change in
Control (as defined below) which occurs within (6) months after the Effective

 

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