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Title: |
Employment Agreement |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 5KB of 26KB total |
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Price: |
$41 |
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ID: |
#1168727 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT ("Agreement"), dated as of February 26,1999, is entered
into between Interactive Technologies.Com, Ltd., a Delaware corporation (the
"Company"), and William R. Becker (the "Executive").
Recitals
Executive is currently employed by the Company as a senior executive
officer and is an integral part of its management. The Board of Directors of the
Company recognizes the Executive as a key founding officer of the Company's
operating business, and consequently has approved the terms and conditions of
the continued employment of Executive as set forth herein and has authorized the
execution and delivery of this Agreement.
Agreement
For and in consideration of the foregoing and of the mutual covenants of
the parties herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:
1. EMPLOYMENT. The Company hereby employs Executive to serve in the capacities
described herein and Executive hereby accepts such employment and agrees to
perform the services described herein upon the terms and conditions hereinafter
set forth.
2. TERM. The term of Executive's employment pursuant to this Agreement shall
commence as of the date hereof and shall terminate at the close of business on
January 01, 2005, subject to earlier termination in accordance with Section 9
hereof and the other terms, provisions, and conditions set forth herein.
3. DUTIES. Executive shall serve as and have the title of President and Chief
Executive Officer of the Company and shall be the chairman of the Company's
Board of Directors. Executive agrees to devote substantially all of his business
time, energy, and skills to such employment while so employed.
4. COMPENSATION.
(a) Base Compensation. The Company shall pay Executive, and
Executive agrees to accept, base compensation at the rate of not less than
$250,000 per year in equal, weekly installments commencing as of January 01,
2000, through the term of this Agreement ("Base Compensation"). The Base
Compensation specified in this Section 4(a) may be increased at any time during
the term of this Agreement in the discretion of the Board of Directors and will
be reviewed no less frequently than during the first quarter of each calendar
year beginning in 2000. No increase in the Base Compensation pursuant to this
Section 4(a) shall at any time operate as a cancellation of this Agreement; any
such increase shall operate merely as an amendment hereof, without any further
action by Executive or the Company. If any such increase or increases shall be
so authorized, all of the terms, provisions and conditions of this Agreement
shall remain in effect as herein provided, except that the Base Compensation set
forth
<PAGE>
in this Section 4(a) shall be deemed amended to set forth the higher amount of
such Base Compensation to Executive.
(b) Bonus Compensation. The Company shall pay Executive an annual
bonus ("Bonus Compensation") within 90 days following the end of each fiscal
year of the Company during the term of Executive's employment under this
Agreement. The amount of Executive's Bonus Compensation shall be determined by
the Board of Directors of the Company, after consideration of any
recommendations made by the Compensation Committee of the Board of Directors,
based upon Executive's performance and the performance of the Company during
such year. See attached bonus plan.
(c) Annual Stock Options. Employee shall be eligible to receive an
annual stock option award (the "Annual Stock Options") following each fiscal
year of the Company in amounts, at such exercise prices, and on such terms as
the Board of Directors determines, based upon the performance of the Employee
and the Company during such fiscal year. See attached option schedule.
5. FRINGE BENEFITS.
(a) Generally. Executive shall be eligible for fringe benefits
pursuant to any insurance, pension or other employee fringe benefit plan
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