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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 10KB of 45KB total |
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Price: |
$37 |
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ID: |
#1338191 |
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THIS EMPLOYMENT AGREEMENT (this Agreement) is made and entered into as of the 1st day of January, 2003, by and between ROBERT B. EASTEP (Executive) and SAXON CAPITAL, Inc., a Delaware corporation (the Company ).
WHEREAS, the Company and Executive desire to enter into this Agreement which provides for the terms and conditions of Executives employment with the Company as of the date of this Agreement (the Effective Date)
NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties hereto agree as follows:
1.1. Term. This Agreement shall be effective from the Effective Date and shall remain in effect until midnight on the first anniversary of the Effective Date (the Initial Term), and will automatically be renewed for successive one-year terms (each an Additional Term and referred to herein together with the Initial Term as the Term), unless either the Company or Executive notifies the other in writing of an intention to terminate the Agreement as of the end of the then current Initial Term or Additional Term, as applicable, at least ninety (90) days prior to the end thereof.
1.2. Position and Duties. The Company hereby engages and employs Executive as Principal Financial Officer of the Company. The Companys Board of Directors (the Board) may provide such additional designations of title to Executive as the Board, in its discretion, may deem appropriate. Executive shall perform the executive duties and functions related to the above positions and such other duties as may be assigned to Executive from time to time not inconsistent therewith, subject to the limitations of authority set forth from time to time in any resolution of the Board or applicable law.
1.3. Best Efforts. Executive agrees to devote his full time and attention to the Company, to use his best efforts to advance the business and welfare of the Company, to render his services under this Agreement fully, faithfully, diligently, competently and to the best of his ability, and not to engage in any other employment activities. Notwithstanding anything herein to the contrary, Executive shall not be precluded from: (i) engaging in charitable activities and community affairs and managing his personal investments and affairs; provided, that such activities do not materially interfere with the proper performance of his duties and responsibilities under this Agreement; or (ii) owning up to 1% of a publicly-held company engaged in the same or similar business as the Company.
2.1. Base Salary. For all services to be rendered by Executive under this Agreement, the Company agrees to pay Executive an annual base salary (Base Salary) of $200,000.00 (subject to adjustment upward as recommended by the Compensation Committee of the Board (the Compensation Committee)), less deductions required by law, payable in accordance with the normal payroll practices of the Company.
2.2. Annual Performance Bonus.
(a) Payment of Performance Bonus. Each year during the Term, Executive shall be eligible to receive a cash bonus (Bonus) of up to 80% of Executives Base Salary, as determined by the Board, or the Compensation Committee, based on Executives performance and the performance of the Company during the prior fiscal year. Such Bonus, if any, shall be paid to Executive on or before March 1 of each year (provided that the Companys audited financial statements for the applicable year shall be available prior to such date) or as soon thereafter as practicable following availability of the Companys audited financial statements for the applicable year, but no later than April 15 of each year. Except as provided in Section 2.2(b), the Company shall not be obligated to pay Executive any Bonus for his performance or the Companys performance during any year, unless Executive is employed through December 31 of such year.
(b) Pro-Rated Bonus Upon Change in Control or Death. Within thirty (30) days following the consummation of a Change in Control (as defined below) or Executives death, the Company shall pay to Executive or to his estate or heirs a pro-rated cash bonus equal to 100% of Executives annual Base Salary, pro-rated from January 1 of the year in which such Change in Control or death occurs through and including the date of such Change in Control or death (the Pro-Rated Bonus).
2.3. Other Benefits. The Company will further provide to Executive, at the Companys expense, as other benefits (Other Benefits) full participation, on a basis commensurate with his position with the Company, in all plans of life, accident, disability and medical insurance that generally are made available to senior executives of the Company.
2.4. Expense Reimbursement. The Company shall promptly reimburse Executive for all reasonable business expenses incurred by Executive in promoting the business of the Company, including expenditures for entertainment, travel, or other expenses; provided, that (i) such expenditures are of a nature qualifying them as legitimate business expenses and (ii) Executive furnishes to the Company adequate records and other documentary evidence reasonably required by the Company to substantiate such expenditures in accordance with the Companys policies and procedures.
3.1. Termination by the Company.
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