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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 6KB of 53KB total |
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Price: |
$38 |
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ID: |
#1247093 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT (this "Agreement") is entered into as of the day set
forth below, by and between Interchange Medical, Inc. a Florida corporation
(COMPANY), and AHMAD MORADI, PH.D. C.D.P. or his corporate assignee(s) jointly,
(hereinafter referred to as "EMPLOYEE").
RECITALS
WHEREAS, COMPANY does plan to provide digital Rx and Personal delivery
services of physician prescribed drugs of which EMPLOYEE is a principal
shareholder and,
WHEREAS, COMPANY desires to employ EMPLOYEE and EMPLOYEE desires to
serve the COMPANY as the COMPANY's CEO, President and,
WHEREAS, EMPLOYEE's services for and on behalf of the COMPANY are of
material importance to the enhancement of the value of the COMPANY's business.
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein set forth, and for other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the COMPANY and EMPLOYEE do hereby
agree as follows:
I. EMPLOYMENT
COMPANY hereby employs EMPLOYEE in its business as CEO,
President and EMPLOYEE hereby accepts such employment, all
upon the terms and conditions hereinafter set forth.
II. TERM
Unless sooner terminated pursuant to the provisions of this
Agreement the term of employment under this Agreement shall be
for a five (5) years commencing May 1, 1999 ("Employment
Period"). The Employment Period shall be automatically renewed
for succeeding terms of one (1) year ("Successive Employment
Period") unless either party gives written notice of his
intention not to renew said Agreement to the other party, at
least one-hundred-eighty (180) days prior to the end of the
initial five-year term, or any extended term.
<PAGE>
III. DUTIES
III.1 During the Employment Period EMPLOYEE shall serve in
the Office of CEO, President and perform appropriate
executive services for the COMPANY in accordance with
the historical nature and scope of duties performed
by EMPLOYEE as CEO, President of Interchange Medical,
Inc.
III.2 EMPLOYEE shall be entitled to make ALL normal
executive level management decisions of the COMPANY
that involve matters within the COMPANY's usual
course of business and are duties customary for the
employee in his or her capacity of CEO, and
President. EMPLOYEE's authority to manage the COMPANY
shall be subject to review and direction from his or
her immediate manager, if any, or by the Board of
Directors of the Company. Compensation paid to
employees of the COMPANY shall be at industry
standards. Bonuses, if any, for said employees shall
be based on the individual employee's performance and
tied to a formula adopted by the COMPANY's Board of
Directors.
III.3 During the term of this Agreement, although EMPLOYEE
is involved in managing other businesses, EMPLOYEE
shall devote primarily majority of his time, energy,
and skill to the service of the COMPANY and the
promotion of COMPANY'S interests, and shall use his
best efforts in the performance of his services
hereunder. EMPLOYEE agrees to abide by all rules and
regulations established from time to time by the
Board; and all commissions, fees or other income
earned and received by EMPLOYEE, if any, in
furtherance of the business of Company, or its ns
affiliates or from any other business or financial
opportunity or endeavor in which EMPLOYEE is an
active participant and not a passive investor, shall
be accepted by EMPLOYEE for the account of Company,
and shall be remitted to Company within three (3)
days of EMPLOYEE's receipt thereof.
III.4 EMPLOYEE may, if elected, without additional
compensation, unless expressly approved by the Board
of Directors of the COMPANY, serve as a director of
the COMPANY.
III.5 The services of EMPLOYEE shall be rendered in such
places and localities as the COMPANY may require from
time to time, and he shall do such traveling on
behalf of the COMPANY as may reasonably be required
consistent with the historical requirements of the
office of CEO, President of the COMPANY.
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