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Title: |
Employment Agreement |
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Date: |
2002 |
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Preview shows 5KB of 36KB total |
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Price: |
$34 |
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ID: |
#1153725 |
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<SEQUENCE>3
<FILENAME>dex1028.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<PAGE>
Exhibit. 10.28
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT, made this 20th day of May, 2002, by and between ION
Networks, Inc., a Delaware corporation, with its principal place of business at
1551 South Washington Avenue, Piscataway, New Jersey 08854, (the "Company") and
Ted Kaminer residing at 12 Chateau Drive, Cherry Hill, New Jersey 08003 (the
"Employee").
W I T N E S S E T H:
WHEREAS, the Company desires to employ the Employee as Chief Financial
Officer and Vice President and wishes to acquire and be assured of Employee's
continued services on the terms and conditions hereinafter set forth;
WHEREAS, the Employee desires to be employed by the Company as Chief
Financial Officer and Vice President and to perform and to serve the Company on
the terms and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual terms, covenants, agreements
and conditions hereinafter set forth, the Company and the Employee hereby agree
as follows:
1. Employment. The Company hereby employs the Employee to serve as a full
time Employee of the Company, and the Employee hereby accepts such employment
with the Company, for the period set forth in Section 2 below. The Employee's
principal place of employment shall be in the Company's offices in Piscataway,
New Jersey or other such places as are reasonably directed by the Company. The
Employee hereby accepts such employment and agrees to undertake the duties and
responsibilities inherent in such position.
2. Term. Unless earlier terminated as provided in this Agreement, the
term of the Employee's employment under this Agreement shall commence on May 20,
2002 (the "Engagement Date") and shall continue until June 30, 2005, but shall
be terminable prior thereto, for the reasons set forth in paragraph 7, including
for "Cause" (as defined in paragraph 7(a)(iii)). The period of Employee's
employment hereunder shall hereinafter be known as the "Employment Term." Any
renewal of this agreement shall be only by mutual agreement of the parties. The
parties will commence discussion of any possible renewal not later than May 31,
2005.
3. Duties and Authority.
(a) Duties. The Employee shall be employed as the Chief Financial
Officer and Vice President of the Company, shall faithfully and competently
perform such duties at such times and places and in such manner as the Board of
Directors of the Company (the "Board"), may from time to time reasonably direct,
and Employee shall report to the Chief Executive Officer of the Company. The
Employee will be primarily responsible for overseeing the Company's finance and
administration components including, but not limited to, accounting and
controls, risk management, corporate administration and investor relations. In
addition, the Employee will provide integral financial perspective regarding key
senior management decisions. Except as otherwise may be approved in advance by
the Board, and except during
1
<PAGE>
vacation periods and reasonable periods of absence, including absences due to
sickness, personal injury, family leave as permitted by law, or other
disability, the Employee shall devote Employee's full time throughout the
Employment Term to the services required of Employee hereunder. The Employee
shall render Employee's services exclusively to the Company during the
Employment Term and shall use Employee's best efforts, judgment and energy to
improve and advance the business and interests of the Company in a manner
consistent with the duties of Employee's position.
(b) Authority. The Employee shall have such authority, duties and
responsibilities consistent with his position, subject to the supervision and
authority of the Board.
(c) Assistance. The Company will assist the Employee by furnishing
all necessary information with respect to its products and with respect to all
technical and administrative support as is reasonably required. The Company will
keep the Employee informed concerning its new products, sales strategies and
general business developments. The Company will provide Employee with office
facilities adequate to his function and position, comparable to that provided by
the Company to other senior executives.
4. Compensation.
(a) Base Salary. In consideration of the services of the Employee
rendered to the Company hereunder, the Company shall pay the Employee (i) a base
salary at an annual rate of $145,000 during the period of the Employment Term
commencing May 20, 2002, and (ii) certain bonus payments as set forth below.
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