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Employment Agreement

 

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Title:

Employment Agreement

Entities:

ION Networks, Inc.

Date:

2001

Size:

Preview shows 5KB of 97KB total

Price:

$49

ID:

#1153766

 

 


► Technology ► Computer Peripherals

 

 

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                              EMPLOYMENT AGREEMENT


EMPLOYMENT AGREEMENT, made this 17th day of October, 2001, 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 David Arbeitel residing at 2 Carlton Court, East Brunswick, New
Jersey 08816 (the "Employee").

W I T N E S S E T H:

WHEREAS, the Company desires to employ the Employee as Chief
Technology 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 Technology 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 October
17, 2001 (the "Engagement Date") and shall continue until September 30, 2004,
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 June 30, 2004.

3. DUTIES AND AUTHORITY.
------------------------

(a) Duties. The Employee shall be employed as the Chief Technology
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 leading the development of product
and technology strategy and for the creation and management of an innovation
process for leveraging intellectual property for the Company. Except as
otherwise may be approved in advance by the Board, and except during vacation
periods and reasonable periods of absence, including absences due to sickness,
personal injury, family leave as permitted
<PAGE>

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 $148,000 during the period of the Employment Term
commencing October 17, 2001 and ending September 30, 2002, and (ii) certain
bonus payments as set forth below. Upon expiration or termination of this

 

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