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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 6KB of 18KB total |
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Price: |
$42 |
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ID: |
#1194231 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (Agreement) is made and entered into on June 6, 2005 by and between Niku Corporation (the Company) and Michael Shahbazian (Executive) (together the Parties).
NOW, THEREFORE, in consideration of the mutual premises, covenants and agreements herein contained, intending to be legally bound, the Parties agree as follows:
1. Employment. The Company hereby agrees to employ Executive, and Executive hereby agrees to serve, subject to the provisions of this Agreement, as an employee of the Company in the position of Chief Financial Officer (CFO). Executive shall perform such services as are consistent with Executives position as determined by the Companys President and CEO (the CEO). Executive shall devote the whole of his professional time, attention and energies to the performance of his work responsibilities.
2. Term. This Agreement is for the one-year period (the Term) commencing on the date hereof and terminating on the first anniversary of such date, or upon the date of termination of employment pursuant to Section 8 of this Agreement.
3. Place of Performance. Except for required travel on the Companys business, Executives principal place of employment shall be the Companys headquarters located in San Mateo County, California.
4. Compensation.
(a) Base Salary. During the Term, Executives salary shall be at the annual rate of $225,000 (the Base Salary), payable in accordance with the Companys regular payroll practices. All applicable withholdings, including taxes, shall be deducted from such payments.
(b) Annual Bonus. During the Term, Executive will be eligible to receive an annual bonus in the amount that he received in fiscal 2005 based on the achievement of certain performance targets to be to set by the CEO at the beginning of each fiscal year.
(c) Stock Options. Executives current Company stock options shall be governed by the terms and conditions of the applicable Company stock option plan and/or stock option agreement. Executive may be granted additional options to purchase Company common stock, on such terms and conditions as may be determined by the Compensation Committee.
5. Business Expenses. During the Term, the Company will reimburse Executive for all ordinary and necessary business expenses incurred by him in connection with his employment upon timely submission by the Executive of receipts and other documentation in accordance with the Companys normal procedures, as may be amended from time to time.
6. Vacation, Holidays and Sick Leave. During the Term, Executive shall be entitled to paid vacation, paid holidays and sick leave in accordance with the Companys standard policies for its employees, as may be amended from time to time.
7. Benefits. During the Term, Executive shall be eligible to participate fully in all health benefits, insurance programs, retirement plans and other employee benefit and compensation arrangements (collectively, the Employee Benefits) available to employees of the Company generally, as may be amended from time to time.
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