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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Pall Corp.

Date:

2001

Size:

Preview shows 5KB of 30KB total

Price:

$35

ID:

#1223330

 

 

► Employment ► Employment Agreements
► Technology ► Scientific & Technical Instruments

 

 

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<SEQUENCE>3

<FILENAME>b312043ex10_2a.txt
<DESCRIPTION>EX 10.2(A) -- EMPLOYMENT AGREEMENT
<TEXT>

<PAGE>
[Elected Executive Vice President]
Single Bonus

EMPLOYMENT AGREEMENT
--------------------

AGREEMENT made as of January 22, 2001 between PALL
CORPORATION, a New York corporation (the "Company") and Donald B. Stevens
("Executive").

WHEREAS, the parties desire to terminate, as of January 21,
2001, any employment agreement between them then in effect, and to enter into a
new employment agreement, on the terms and conditions hereinafter set forth, for
a term beginning January 22, 2001.

NOW, THEREFORE, in consideration of the mutual agreements
hereinafter set forth, the parties hereto agree as follows:


ss.1. Employment and Term

The Company hereby employs Executive, and Executive hereby agrees to
serve, as an executive employee of the Company with the duties set forth in
ss.2, for a term (hereinafter called the "Term of Employment") beginning January
22, 2001 and ending, unless sooner terminated under ss.4, on the effective date
specified in a notice of termination given by either party to the other except
that such effective date shall not be earlier than the second anniversary of the
date on which such notice is given.

<PAGE>


ss.2. Duties

(a) Executive agrees that during the Term of Employment he will hold such
offices or positions with the Company, and perform such duties and
assignments relating to the business of the Company, as the Board of
Directors or the Chief Executive Officer of the Company shall direct
except that Executive shall not be required to hold any office or
position or to perform any duties or assignment inconsistent with his
experience and qualifications or not customarily performed by a
corporate officer. The Company represents to Executive that the Board
of Directors (acting by its Compensation Committee) has authorized the
making of this Agreement and expressed its present intention that
during the Term of Employment Executive will be an elected officer of
the Company. The failure of any future Board of Directors to elect
Executive as an officer of the Company shall not, however, be deemed to
relieve either party hereto of any of his or its obligations under this
Agreement.

(b) If the Board of Directors or the Chief Executive Officer of the Company
so directs, Executive shall serve as an officer of one or more
subsidiaries of the Company (provided that the duties of such office
are not inconsistent with Executive's experience and qualifications and
are duties customarily performed by a corporate officer) and part or
all of the compensation to which Executive is entitled hereunder may be
paid by such subsidiary or subsidiaries. However, such employment
and/or payment of Executive by a subsidiary or subsidiaries shall not
relieve the Company from any of its obligations under this Agreement
except to the extent of payments actually made to Executive by a
subsidiary.




2
<PAGE>

(c) During the Term of Employment Executive shall, except during
customary vacation periods and periods of illness, devote
substantially all of his business time and attention to the
performance of his duties hereunder and to the business and
affairs of the Company and its subsidiaries and to promoting
the best interests of the Company and its subsidiaries and he
shall not, either during or outside of such normal business
hours, engage in any activity inimical to such best interests.

ss.3. Compensation During Term of Employment

(a) Base Salary. With respect to the period beginning January 22,
2001 and ending at the end of the Term of Employment, the
Company shall pay to Executive base compensation (in addition

 

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