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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Nuko Information Systems Inc

Date:

2000

Size:

Preview shows 6KB of 38KB total

Price:

$43

ID:

#1351377

 

 

► Employment ► Employment Agreements

 

 

Start of Preview


                                  OBJECTSPACE, INC.


EMPLOYMENT AGREEMENT

This Employment Agreement ("AGREEMENT") is entered into as of December
30, 1998 by and between ObjectSpace, Inc., a Delaware corporation
("EMPLOYER"), and David Norris ("EXECUTIVE").

WITNESSETH:

WHEREAS, Employer is in the business of designing, developing,
implementing and selling custom computer programming services, computer
consulting, application development, system documentation, and other products
and services to a varied clientele at diverse locations;

WHEREAS, Employer has expended and is continuing to expend considerable
time, money and effort locating and establishing long-term relationships with
customers and prospective customers and establishing and maintaining contacts
and business relationships with them, and the loss of the benefits and
potential benefits of these efforts would constitute a substantial and
irreparable injury to Employer;

WHEREAS, Employer has expended and is continuing to expend considerable
time and money recruiting, training, making instruction available to and
compensating its employees, representatives and contractors, and the loss of
their services or potential services would constitute a substantial and
irreparable injury to Employer;

WHEREAS, Employer desires to continue employing Executive;

WHEREAS, Employer will provide updated confidential and proprietary
information and trade secrets to Executive after execution of this Agreement;

WHEREAS, Executive acknowledges that the remuneration, receipt of
updated confidential and proprietary information and trade secrets after
execution of this Agreement, are adequate consideration for entry into this
Agreement, and he understands that he need not continue employment with
Employer and that he has freely chosen to enter into this Agreement;

WHEREAS, Executive acknowledges that Employer's business involves
customers throughout North America;

NOW, THEREFORE, in consideration of the mutual covenants and
acknowledgments contained herein, the parties agree as follows:

1. EMPLOYMENT AND TERM THEREOF. Employer agrees to continue
employing Executive, and Executive agrees to continue employment, as Chief
Executive Officer. Executive will have the duties normally associated with
such a position, including, but not limited to, development of the overall
business strategy for Employer and the management of Employer's day-to-day
operations. Executive shall report to the Board of Directors of Employer.


<PAGE>

EXHIBIT 10.14

The term of this Agreement shall commence on the date hereof and shall
terminate upon the fifth anniversary hereof, unless earlier terminated by the
termination of Executive's employment under Section 2 below; PROVIDED, that
the provisions of Sections 5, 6, 7, 8, 10, 11, 13 and 14 of this Agreement,
shall survive the termination of this Agreement for any reason.

2. TERMINATION OF EMPLOYMENT. Either Employer or Executive may
terminate Executive's employment at any time, with or without Cause (defined
below) or Good Reason (defined below), (i) on eight weeks' prior written
notice by Executive to Employer if such termination is without Good Reason,
(ii) on eight weeks' prior written notice by Employer to Executive if such
termination is without Cause, or (iii) immediately upon written notice in the
case of a termination for Cause or Good Reason. In the event that employment
is terminated by Executive for Good Reason or by Employer without Cause,
Employer will pay Executive severance pay of one year's salary at the salary
rate then in effect payable in 24 equal semi-monthly installments (the
"SEVERANCE PAYMENTS"); PROVIDED, that Executive, other than the Severance
Payments, shall not be entitled to any further benefits from the Employer;
PROVIDED, FURTHER that Executive agrees that if he fails to abide by the
provisions of Section 8, that Executive waives his rights to any and all
remaining Severance Payments, that Employer may suspend all remaining
Severance Payments, and that all other covenants, promises, duties,
obligations, releases or privileges owed to or received by Employer within
this Agreement shall remain in full force and effect and continue to inure to
the benefit of Employer. In the event that the employment is terminated by
Executive without Good Reason or by Employer for Cause, Employer shall have no
further obligation to provide any benefits or make any payments (including
Severance Payments) to Executive except to the extent required by law.

For purposes of this Agreement, "CAUSE" shall mean:

(i) any act or acts of dishonesty on the part of Executive
resulting in or intended to result, directly or
indirectly, in substantial gain or substantial personal
enrichment at the expense of Employer;

(ii) fraud, misappropriation, embezzlement, or willful and
material damage by Executive of or to any material
property of Employer or its business;

(iii) a good faith determination by a majority of the Board of
Directors of Employer that Executive has exhibited a
pattern or practice of willful disregard of his duties as
an employee of Employer;

 

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