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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 7KB of 31KB total |
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Price: |
$43 |
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ID: |
#1227017 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT is made effective as of the 1st day of December, 2004 by and between Ener1, Inc., a Florida corporation with its offices at 500 West Cypress Creek Road, Suite 100, Fort Lauderdale, Florida 33309 (the Corporation), and Pankaj Dhingra, with a residence at 3819 Columbia Drive, Bloomfield Hills, Michigan 48302 (the Executive).
WHEREAS, the Corporation desires to retain the Executive as an executive of the Corporations Energy Division and EnerDel, Inc. subsidiary, and the Executive desires to assume such positions, on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and the mutual agreements made herein, and intending to be legally bound hereby, the Corporation and the Executive agree as follows:
1. Employment; Duties.
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(a) Employment and Employment Period. The Corporation shall employ the Executive (and the Executive shall begin work for the Corporation full-time) beginning December 15, 2004 and the Corporation shall continue to employ the Executive until December 15, 2007 (the Employment Period). |
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(b) Offices, Duties and Reporting Relationships. The Executive shall hold the titles of President of the Corporations Energy Division (consisting of the Corporations subsidiaries, EnerDel, Inc., EnerFuel, Inc. and NanoEner, Inc.) and President of EnerDel, Inc. In his capacity as President of the Corporations Energy Division, the Executive shall report to the Chief Executive Officer of the Corporation (unless and until the Corporation retains a President, at which time, the Executive shall report to the President) and be responsible for overall management of the Energy Division. In his capacity as President of EnerDel, the Executive shall report to the EnerDel Board of Directors, through its Chairman, and be responsible for overall management of EnerDel. The Corporation and the Executive acknowledge that the Executives role as President of EnerDel is intended to be temporary in nature, pending selection of a permanent President of EnerDel. |
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(c) Devotion to Interests of the Corporation. Except as expressly authorized by the Corporations Board of Directors, until the effective date of notice of termination of this Agreement by either the Executive or the Corporation or the end of the Employment Period, the Executive shall render his or her business services solely in the performance of his duties hereunder. The Executive shall use his best efforts to promote the interests and welfare of the Corporation. |
2. Base Compensation and Fringe Benefits.
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a) Base Compensation. The Corporation shall pay the Executive a base salary at the rate of $300,000 per year, payable on the Corporations regularly scheduled payroll dates, effective beginning on the first day of the Executives full-time employment with the Corporation. Annual increases in compensation, if any, to said base salary shall be as determined by the Chief Executive Officer of the Corporation after consultation with the Board of Directors of the Corporation. There shall be deducted from any payments made hereunder any taxes or other amounts required to be withheld by any government entity or taxing authority having jurisdiction over the matter. |
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(b) Annual Performance Bonuses. The Executive shall be eligible to earn an annual bonus equal to up to 100% of his base salary, based on the achievement of certain business and personal performance objectives, to be mutually agreed upon by the Corporations Board of Directors and the Executive, in advance, in writing. Such bonuses, if and to the extent earned, shall be paid within 120 days after the close of the Corporations fiscal year. |
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(c) Sign-on Bonus. The Corporation shall cause EnerDel to pay to the Executive a sign-on bonus of $75,000, payable on his first day of employment with the Corporation. |
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