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Title: |
Employment Agreement |
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Date: |
2000 |
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Preview shows 5KB of 29KB total |
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Price: |
$31 |
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ID: |
#1223334 |
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[Elected Vice President Form]
EMPLOYMENT AGREEMENT
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AGREEMENT made as of February 1, 1992 between PALL
CORPORATION, a New York corporation (the "Company") and JOHN MILLER
("Executive").
WHEREAS, the parties desire to terminate, as of January 31,
1992, 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 February l, 1992,
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 February 1, 1992 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.
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
-1-
<PAGE>
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
-2-
<PAGE>
except to the extent of payments actually made to Executive by a subsidiary.
(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
--------------------------------------
(d) Base Salary. With respect to the period beginning February
1, 1992 and ending at the end of the Term of Employment, the Company shall pay
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