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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2001 |
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Preview shows 4KB of 44KB total |
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Price: |
$36 |
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ID: |
#1265171 |
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<SEQUENCE>6
<FILENAME>nickemploy.txt
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
EXECUTIVE EMPLOYMENT AGREEMENT
THIS AGREEMENT dated as of November 21st, 1999 ("Agreement Date") is between
SoftQuad Software Inc. (the "Company") and Nick Mongston (the "Executive").
WHEREAS the Company wishes to employ the Executive on the terms and conditions
set out below and the Executive wishes to be so employed by the Company.
NOW THEREFORE for good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:
ARTICLE I : TERM
1.1 Employment. The Company shall employ the Executive and the Executive
shall perform services on behalf of the Company as its employee as
provided herein during the Term (as hereinafter defined).
1.2 Term. Subject to the terms and conditions hereinafter set forth, the
period of active employment (the "Employment Period") shall begin on
November 21st, 1999 (the "Employment Start Date") and shall be for an
indefinite period, subject to the first occurrence of the following:
(a) the termination of the Executive's employment by the Company for
cause as provided in Section 6.1 hereof;
(b) the resignation of employment by the Executive pursuant to Section
6.2 hereof; or,
(c) the termination of this Employment Agreement pursuant to either
Sections 6.3 or 6.4 hereof.
ARTICLE II : RESPONSIBILITIES
2.1 Title and Duties. Executive shall be employed as the General Manger -
U.K. and shall report to Roberto Drassinower (C.E.O.). Executive's duties
shall include ____________________________________________(the "Duties").
2.2 Full Time and Attention. The Executive shall devote full time and
attention to the Executive's Duties hereunder, provided, however, that
the Executive may manage his/her own personal affairs and may serve as a
member of the board of directors of other companies and be compensated
accordingly, provided that such membership is not adverse to the
interests of the Company and in no way interferes with the Duties.
ARTICLE III : COMPENSATION AND BENEFITS
3.1 Base Salary Compensation. The base salary rate ("Base Salary") of the
Executive shall be Sixty thousand Pounds Sterling ((pound))$60,000 per
year for the first twelve months of this Agreement. The Base Salary shall
be payable monthly in arrears. The Company may withhold from any amounts
payable under this Agreement such federal, state or local taxes and other
statutory remittances as shall be required by law to be so withheld.
Executive shall be entitled to a performance review by Executive's
immediate superior on the twelfth (12) month anniversary of the
Employment Start Date and a determination will be made at that time by
Executive's immediate superior, acting reasonably, whether or not to
adjust the Base Salary; provided, however, that if the Executive is an
executive officer of the Company, such determination shall not take
effect until ratified by the Board of Directors of the Company.
3.2 Annual Bonus. In addition to your Base Salary, you may also be entitled
to an annual bonus up to a maximum amount (the "Maximum Bonus Amount")
and based on the attainment of certain performance goals, both of which
shall be established annually by the Compensation Committee of the Board
of Directors, with participation by you and your supervisor, and
identified in Schedule "B," attached and incorporated by reference to
this Agreement (the "Annual Bonus"). Performance goals for each calendar
year shall be established by no later than the end of the first quarter
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