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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
15KB total |
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Price: |
$33 |
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ID: |
#1181636 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT is made as of the 1st day of January, 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. Recognizing that Crabb desires to reduce his time commitment to his responsibilities on behalf of the Company, 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 of one (1) year commencing on January 1, 2005, and ending on December 31, 2005. Except as provided in Section 6(e) below, this Agreement replaces and supersedes Crabbs prior Employment Agreement with the Company, which Agreement became effective April 29, 1999.
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 be half-time. 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 half-time services hereunder, the Company shall pay Crabb a salary of $7,307.58 per month, the first payment being made in conjunction with the Companys January 15, 2005 payroll. |
| (b) |
Employee Benefits. Working a half-time schedule, Crabb shall be eligible for non-legally mandated benefits provided by the Company to its employees, such as life insurance and disability insurance. Crabb shall be eligible to receive health insurance benefits under the same conditions as other employees of the Company subject to the terms and conditions of the Companys health insurance plan. During weeks in which a holiday falls, Crabbs commitment to his position responsibilities shall be reduced by 4 hours (50% of the 8 hour holiday) to average 16 hours per week. Crabb shall earn 50% of the 20 vacation days earned by a full-time employee with his |
number of years of service to the Company, which amounts to 80 hours per year. Crabb shall earn three sick days during the year (50% of the sick time earned by full-time employees) and maintain his earned sick day bank in force for use in the event of a catastrophic illness or disability. Given the flexibility provided in Crabbs work schedule, it is not anticipated that sick time will be needed in a significant way to achieve the half-time work commitment. Crabb will still 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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