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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 5KB of 98KB total |
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Price: |
$58 |
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ID: |
#1153767 |
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EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT, made this 4th 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 Kam Saifi residing at 2041 Winding Brook Way, Westfield, NJ 07090
(the "Employee").
W I T N E S S E T H:
WHEREAS, the Company desires to employ the Employee as Chief
Executive Officer and 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 Executive Officer and 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. Employee and Company
agree that the effectiveness of this Agreement (and the Appendices hereto) is
conditioned upon the approval of the Company's Board of Directors, which will be
sought immediately after execution hereof. If such Board approval is not
received on or prior to October 10, 2001, then this Agreement (and the
Appendices hereto) will be null and void from inception and the parties shall
have no obligations towards each other.
2. TERM. Unless earlier terminated as provided in this Agreement, the
term of the Employee's employment under this Agreement shall commence on October
1, 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.
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(a) Duties. The Employee shall be employed as the Chief Executive
Officer and 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 Chairman of the
<PAGE>
Board, or his designee if the Chairman is not available. The Employee will be
primarily responsible for the overall operations and profitability of the
Company, including overseeing legal, finance, strategy, operations, sales,
administrative and personnel matters. 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 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
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