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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
Preview shows 6KB of 16KB total |
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Price: |
$36 |
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ID: |
#1181625 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT is made as of the 28th day of July, 2005, between IMMUCELL CORPORATION, a Delaware Corporation (the Company), and Joseph H. Crabb, of Falmouth, Maine (Crabb).
WITNESSETH:
In consideration of the mutual promises hereinafter contained, the parties hereto agree as follows:
1. EMPLOYMENT AND TERM. The Company hereby agrees to employ Crabb and Crabb hereby agrees to accept half-time employment by the Company, subject to the provisions of this Agreement, for a term ending on December 31, 2007. Except as provided in Section 6(e) below, this Agreement replaces and supersedes Crabbs prior Employment Agreement with the Company, which Agreement became effective January 1, 2005. This Agreement is renewable only upon the mutual written agreement of terms to be negotiated by both the Company and Crabb.
2. DUTIES OF CRABB. Crabb shall continue to be employed by the Company as its Vice President and Chief Scientific Officer, performing such duties consistent with such position as its Board of Directors shall assign to Crabb from time to time. As an exempt employee, Crabb shall work those hours that are reasonably necessary to complete his assigned duties on behalf of the Company, with the understanding that it is expected that his time commitment to his position responsibilities shall average at least twenty (20) hours per week. Even though working a half-time schedule, Crabb shall serve the Company faithfully and diligently, using his best efforts to promote the interests of the Company. Crabb further agrees when called upon to serve as a member of the Board of Directors of the Company. Any service as a director shall be part of Crabbs expected time commitment to the Company and therefore performed without expectation of any additional compensation.
3. COMPENSATION.
| (a) | Base salary. As compensation for his services hereunder, the Company shall continue to pay Crabb a salary of $7,307.58 per month, provided that on January 1, 2006, and again on January 1, 2007, such amount shall be increased by the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the twelve (12) month period ending with the prior December, as reported by the Bureau of Labor Statistics of the U.S. Department of Labor. |
| (b) | Employee Benefits. Working a half-time schedule, Crabb shall be entitled to participate in any benefits provided by the Company to its employees, such as life |
| insurance and disability insurance, subject to the eligibility requirements and other terms and conditions of such plans as they may change from time to time. In no way limiting the above, Crabb shall be eligible to receive health insurance benefits under the same terms and conditions as other employees of the Company subject to the provisions of the Companys health insurance plan, as amended from time to time. Crabb shall also be eligible for a 401(k) Plan employer match in accordance with the terms of that Plan as it may be amended from time to time. |
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