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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Date: |
2005 |
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Preview shows 4KB of 25KB total |
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Price: |
$37 |
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ID: |
#1255144 |
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<SEQUENCE>21
<FILENAME>v015850_ex10-11.txt
<TEXT>
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement ("Agreement") is made effective as of
the closing of the acquisition of April 1, 2004 ("Effective Date"), by and
between PeopleView, Inc. ("Parent Company") and James P. Stapleton
("Executive").
The parties agree as follows:
1. Employment. Parent Company hereby employs Executive, and Executive
hereby accepts such employment, upon the terms and conditions set forth herein.
2. Duties.
2.1 Position. Executive is employed as Parent Chief Financial
Officer and Corporate Secretary and shall have the duties and responsibilities
assigned by the Parent Company's Chief Executive Officer (CEO) both upon initial
hire and as may be reasonably assigned from time to time. Executive shall
perform faithfully and diligently all duties assigned to Executive. Parent
Company reserves the right to modify Executive's position and duties at any time
in its sole and absolute discretion. Further, Executive is employed as Chief
Financial Officer of The Mayo Group, Inc. a subsidiary of the Parent Company and
shall have the duties and responsibilities assigned by the subsidiary Company's
Chief Operating Officer.
2.2 Best Efforts/Full-time. Executive will expend Executive's best
efforts on behalf of Parent Company and its subsidiaries, and will abide by all
policies and decisions made by Parent Company, as well as all applicable
federal, state and local laws, regulations or ordinances. Executive will act in
the best interest of Parent Company at all times. Executive shall devote
Executive's full business time and efforts to the performance of Executive's
assigned duties for Parent Company, unless Executive notifies the CEO in advance
of Executive's intent to engage in other paid work and receives the CEOs'
express written consent to do so.
3. Term.
3.1 Initial Term. The employment relationship pursuant to this
Agreement shall be for an initial term commencing on the Effective Date set
forth above and continuing for a period of 2 (two) years following such date
("Initial Term"), unless sooner terminated in accordance with paragraph 7 below.
3.2 Renewal. On completion of the Initial Term specified in
subparagraph 3.1 above, this Agreement will automatically renew for subsequent
12 months terms unless either party provides advance written notice to the other
that Parent Company/Executive does not wish to renew the Agreement for a
subsequent 12 months. In the event either party gives notice of nonrenewal
pursuant to this subparagraph 3.2, this Agreement will expire at the end of the
current term.
<PAGE>
4. Compensation.
4.1 Base Salary. As compensation for Executive's performance of
Executive's duties hereunder, Parent Company shall pay to Executive an initial
Base Salary of $145,000 per year, payable in accordance with the normal payroll
practices of Parent Company, less required deductions for state and federal
withholding tax, social security and all other employment taxes and payroll
deductions. In the event Executive's employment under this Agreement is
terminated by either party, for any reason, Executive will be entitled to
receive Executive's Base Salary prorated to the date of termination.
4.2 Incentive Compensation. Executive will be eligible to earn
incentive compensation in accordance with the provisions set forth in Exhibit A.
5. Customary Fringe Benefits. Executive will be eligible for all customary
and usual fringe benefits generally available to executives of Parent Company
subject to the terms and conditions of Parent Company's benefit plan documents.
Parent Company reserves the right to change or eliminate the fringe benefits on
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