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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Packard Bioscience Co

Date:

2001

Size:

Preview shows 4KB of 43KB total

Price:

$41

ID:

#1320092

 

 

► Employment ► Employment Agreements

 

 

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                              EMPLOYMENT AGREEMENT


AGREEMENT by and between Packard BioScience, a Delaware
corporation with its principal office and place of business in
Meriden, Connecticut (the "Company"), and Timothy O. White, Jr. (the
"Executive"), dated as of the 11th day of June, 2001.

WHEREAS, the Board of Directors of the Company (the "Board") has
determined that it is in the best interests of the Company and its shareholders
to employ the Executive as Vice President and General Counsel of the Company or
in such capacity as may be reasonably assigned to him by the Chief Executive
Officer or the President of the Company;

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

1. EMPLOYMENT PERIOD. The Company shall employ the Executive, and
the Executive shall serve the Company, on the terms and conditions set forth in
this Agreement, for the period commencing on the date hereof and ending on the
second anniversary of the date hereof (the "Employment Period"); provided,
however, that commencing on July 1, 2001 (the "Initial Renewal Date"), and on
the first day of each calendar month thereafter (a "Renewal Date"), unless
previously terminated, the Employment Period shall be automatically extended so
as to terminate twenty-five (25) calendar months after such Renewal Date, unless
at least 60 days prior to the Renewal Date the Company shall give notice to the
Executive that the Employment Period shall not be so extended.

2. POSITION AND DUTIES. (a) During the Employment Period, the
Executive's position (including status, offices, titles and reporting
requirements), authority, duties and

<PAGE>

responsibilities shall be those which are reasonably assigned to him by the
Chief Executive Officer or the President of the Company.

(b) During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive shall
devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive under this Agreement, use the
Executive's reasonable best efforts to carry out such responsibilities
faithfully and efficiently. It shall not be considered a violation of the
foregoing for the Executive to serve on corporate, civic or charitable boards or
committees so long as such activities do not significantly interfere with the
performance of the Executive's responsibilities as an employee of the Company in
accordance with this Agreement.

(c) The Executive's services shall be performed primarily at
the Company's headquarters in Meriden, Connecticut.

3. COMPENSATION. (a) BASE SALARY. During the Employment Period, the
Executive shall receive an annual base salary ("Annual Base Salary") at least
equal to twelve times the monthly base salary paid or payable to the Executive
immediately prior to the date hereof. During the Employment Period, the Annual
Base Salary shall be reviewed for increase at least annually and shall be
increased pursuant to each such review by a percentage no less than the
percentage increase in the United States Consumer Price Index -- All Urban
Consumers, as published by the Bureau of Labor Statistics of the U.S. Department
of Labor, for the calendar year immediately preceding such review. Any increase
in the Annual Base Salary shall not limit

<PAGE>

or reduce any other obligation of the Company under this Agreement. The Annual
Base Salary shall not be reduced after any such increase, and the term "Annual
Base Salary" shall thereafter refer to the Annual Base Salary as so increased.

(b) ANNUAL BONUS. In addition to the Annual Base Salary, the
Executive shall be eligible to be awarded, for each fiscal year or portion of a

 

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