Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Employment Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Employment Agreement

Entities:

Natural Health Trends Corp.; Natural Health Trends Corp.

Date:

2004

Size:

Preview shows 6KB of 37KB total

Price:

$47

ID:

#1216585

 

 

► Employment ► Employment Agreements
► Retail ► Drugs

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT

--------------------


THIS EMPLOYMENT AGREEMENT, dated as of March 31, 2004 (this
"Agreement"), is by and between MARKETVISION COMMUNICATIONS CORPORATION, a
Delaware corporation (the "Company"), and JOHN CAVANAUGH, an individual residing
in the State of Minnesota (the "Executive").

W I T N E S S E T H :
- - - - - - - - - -

WHEREAS, the Company desires to secure the services of the Executive
upon the terms and conditions hereinafter set forth; and the Executive desires
to render services to the Company upon the terms and conditions hereinafter set
forth; and

WHEREAS, the execution and delivery of this Agreement is a condition to
the consummation of the merger and other transactions contemplated by that
certain Agreement and Plan of Merger, dated as of March 31, 2004 (the "Merger
Agreement"), among Natural Health Trends Corp. ("Parent"), MV MergerCo., Inc., a
Delaware corporation ("MergerCo"), and MarketVision Communications Corporation,
a Minnesota corporation ("MV-Minn"). The Company is the surviving corporation of
the Merger (and is a wholly owned subsidiary of Parent. Capitalized terms used
and not defined herein shall have the respective meanings ascribed to such terms
in the Merger Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties mutually agree as
follows:

Section 1. Employment. The Company hereby employs Executive as
the President of the Company, and the Executive hereby accepts such employment,
subject to the terms and conditions set forth in this Agreement.


Section 2. Duties; Exclusive Services; Best Efforts.

(a) The Executive shall perform all duties incident to
the position of President of the Company, as well as any other duties as may
from time to time be assigned to him by the Board of Directors or the Chairman
of the Board of the Company or his designee, and agrees to abide by all bylaws,
policies, practices, procedures or rules of the company and (to the extent
possible) Parent consistent with his position as President of the company. The
Executive agrees to devote his best efforts, energies and skill to the discharge
of the duties and responsibilities attributable to his position, and to this
end, he will devote his full time and attention to the business and affairs of
the Company. The Executive also agrees that he shall not take personal advantage
of any business opportunities which arise during his employment and which may
benefit the Company, Parent or any other subsidiary of Parent (each, a "Group
Member"). All material facts regarding such opportunities must be promptly
reported to the Chairman of the Board for consideration by the Company.

1
<PAGE>

Notwithstanding the foregoing, the Executive may expend his time and efforts in
other activities so long as such endeavors do not affect his ability to perform
his duties under this Agreement and such endeavors do not involve the Executive
providing computer programming services. However, if such programming services
do not affect his ability to perform his duties under this Agreement, the
Executive may provide computer programming services to (i) the entities set
forth on Exhibit A attached hereto and incorporated herein by reference, or (ii)
to such other entities so long as the Board of Directors of the Company has
given its prior written consent, which consent may be withheld, conditioned or
delayed in its sole discretion. If requested by the Company, the Executive shall
serve on the Board of Directors or any committee thereof without additional
compensation.

(b) In performing his duties hereunder, the Executive
shall work at the offices of the Company located in Bloomington, Minnesota, or
such other location(s) as the Company and the Executive shall mutually agree.
However, the Executive shall also render services at such other place or places
within or without the United States as the Board of Directors or Chairman of the
Board may direct from time to time; provided that the Executive shall not be
required to render services away from the such location for more than twenty
business days in any given twelve-month period.

Section 3. Term of Employment; Vacation.

(a) Unless extended in writing by both the Company and
the Executive, the term of the Executive's employment shall be for a period of
thirty six (36) months commencing on the date hereof, subject to earlier
termination by the parties pursuant to Sections 5 and 6 hereof (the "Term").

(b) The Executive shall be entitled to three (3) weeks
vacation during each year of the Term.

Section 4. Compensation of Executive.

4.1 Salary; Bonus. The Company shall pay to Executive a
base salary of $193,000 per annum (the "Base Salary"), subject to such
deductions as shall be required to be withheld by applicable law and
regulations. The Base Salary shall be paid at such regular weekly, biweekly or
semi-monthly time or times as the U.S. operating subsidiaries of Parent ("U.S.
Group Members") make payment of their regular payroll in the regular course of
business. By no later than June 30, 2004, the Company and the Executive shall in
good faith negotiate a bonus arrangement reasonably acceptable to the Company
and the Executive.

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC