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Employment Agreement

 

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Title:

Employment Agreement

Entities:

OmniComm Systems, Inc.

Date:

2001

Size:

Preview shows 5KB of 17KB total

Price:

$37

ID:

#1193357

 

 


► Technology ► Software & Programming

 

 

Start of Preview


                             EMPLOYMENT AGREEMENT


This Employment Agreement (the "Agreement"), dated as of September 1,
2001, between OmniComm Systems, Inc., a Delaware corporation, (the "Company"),
and Randall G. Smith (the "Executive").

WITNESSETH:

WHEREAS, the Executive has experience in managing at a senior level
the technology of a publicly traded company (or a division of such a company)
involved in the clinical trials business;

WHEREAS, the parties acknowledge that the Executive's abilities and
services are unique and essential to the prospects of the Company; and,

WHEREAS, in light of the foregoing, the Company desires to employ the
Executive as its Chief Technology Officer and the Executive desires to accept
such employment.

NOW, THEREFORE, the parties hereto agree as follows:

1. Employment. The Company hereby employs the Executive and the
Executive hereby accepts employment upon the terms and conditions hereinafter
set forth.

2. Term and Termination. This Agreement shall commence on September
1, 2001 and shall terminate as of the earlier of:

(a) 3 years from the date hereof;

(b) the death or disability of the Executive. Disability shall
mean the Executive's inability, due to sickness or injury, to perform
effectively his duties hereunder for a period of at least 90
consecutive days;

(c) thirty (30) days after notice is given by the Company to the
Executive after a material breach hereof by the Executive; or,

(d) thirty (30) days after notice is given by the Executive to
the Company after a material breach hereof by the Company.

The exercise of the Company's or the Executive's right to terminate this
Agreement pursuant to clause (c) or (d) hereof, as the case may be, shall not
abrogate the rights and remedies of the terminating party in respect of the
breach giving rise to such termination.

3. Salary. For all services rendered under this Agreement:

(a) During the term of his employment, the Company shall pay the
Executive an annual salary of $150,000. The Executive's salary may be paid in
the form of cash and/or stock, as agreed upon by the parties. This amount may
be increased at the discretion of the Board of Directors and shall be adjusted
to compensate for annual cost of living increases.

(b) During the term of his employment, the Executive shall
be entitled to participate in employee benefit plans or
programs of the Company, if any, to the extent the
Executive is eligible to participate thereunder. Such
plans and programs shall include, but not be limited
to, the following:

(i) major medical health insurance for the Executive, his
spouse and two children; and

(ii) four weeks paid vacation.

(c) The Executive shall be permitted to participate in the
Company's stock option plan. The number of shares subject to
options, type of options, and vesting of the options are set
forth on Exhibit "A," attached hereto as if fully set forth
herein.
<PAGE>

(d) The Company shall also pay the Executive a bonus based upon
achieving technology related milestones set forth in a particular
calendar year. The Executive shall be entitled to receive a bonus
to be agreed upon by the Executive and the Company's Board of
Directors. The Company's Board of Directors and the Executive
shall agree upon the milestones and if the Executive meets the
milestone conditions, he shall be paid 30 days after the end of
the Company's calendar year.
(e) The Executive shall also be entitled to severance pay equal
to six (6) months salary and benefits in the event of termination

 

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