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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2000 |
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Size: |
Preview shows 6KB of 54KB total |
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Price: |
$46 |
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ID: |
#1368644 |
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EXECUTIVE EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AND NONCOMPETITION AGREEMENT (this "Agreement"), dated
as of November 5, 1999, is entered into by and between N(2)H(2), INC., a
Washington corporation (the "Company") and FARZEEN MOHAZZABFAR, a resident of
the State of Washington (the "Executive").
WHEREAS, the Company wishes to assure itself of the services of
Executive for the period provided in this Agreement; and
WHEREAS, Executive is willing to serve in the employ of the Company as
Vice President and General Manager -- Product Development Division of the
Company for said period; and
WHEREAS, the parties desire by this writing to set forth the terms and
conditions of the employment relationship between the Company and Executive.
NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:
1. Employment. The Company hereby employs Executive, and Executive
agrees to accept such employment, upon the terms and conditions herein set
forth.
2. Employment Period. The initial term of employment hereunder shall
commence on the date hereof and continue for a period of two (2) years ending on
November 5, 2001 (the "Initial Term"), subject to earlier termination as
provided herein. If Executive's employment is not earlier terminated, following
the Initial Term, this Agreement and Executive's employment hereunder shall
renew indefinitely until terminated by either party in accordance with Section 5
below (the "Employment Period").
3. Position and Duties. Executive hereby agrees to serve as an employee
of the Company as Vice President and General Manager -- Product Development
Division. Executive shall report to the Company's Chief Operating Officer (the
"COO") and such other officer(s) as designated by the Board of Directors of the
Company (the "Board"). Executive shall devote his best efforts and his full
business time and attention to the performance of services to the Company in
accordance with the terms hereof and as may reasonably be requested by the
Board, the COO or other Board-designated officer of the Company; provided that
any permanent material reduction of Executive's duties and responsibilities or a
permanent (i.e., lasting more than four (4) consecutive weeks) change in
Executive's duties and responsibilities such that Executive's duties and
responsibilities are inconsistent with the type of duties and responsibilities
of Executive in effect immediately prior to such reduction or change shall
constitute Good Reason for voluntary termination by Executive.
<PAGE> 2
4. Compensation and Other Terms of Employment.
(a) Compensation. In consideration of the performance of his
duties hereunder, during the Employment Period, the Company agrees to pay
Executive during the Term of his employment at a base salary of One Hundred
Forty-Five Thousand and No/100 Dollars ($145,000.00) per annum (the "Base
Compensation"). All amounts payable to Executive under this Section 4(a) shall
be paid in accordance with the Company's regular payroll practices (e.g., timing
of payments and standard employee deductions, such as income tax, Social
Security and Medicare withholdings). Base Compensation shall increase by ten
percent (10%) during each twelve (12) month period beginning October 1, 2000 if
the Company's gross revenues reflected in its audited financial statements for
the fiscal year ending September 30, have increased by at least one hundred
percent (100%) over the gross revenues for the immediately preceding fiscal
year.
(b) Bonus. In addition to the Base Compensation described in
Section 4(a) above Executive shall receive an annual bonus in the amount equal
to fifty percent (50%) of Base Compensation in the event that certain mutually
agreed Management Objectives are substantially met, or up to seventy percent
(70%) of Base Compensation in the event that certain mutually agreed Management
Objectives are significantly exceeded. Bonus compensation for any quarter shall
be payable on the 15th day of the month following the end of the quarter and
shall be subject to standard employee deductions.
(c) Signing Bonus. Upon a commencement of the Employment Period,
Executive shall receive a signing bonus in the amount of Forty Thousand and
No/100 Dollars ($40,000.00), which shall be subject to customary withholdings.
(d) Business Expenses. During the Employment Period, upon
presentation of vouchers and similar receipts, Executive shall be entitled to
receive reimbursement in accordance with the policies and procedures of the
Company maintained from time to time for all reasonable business expenses
actually incurred in the performance of his duties hereunder.
(e) Vacation. During the Employment Period, Executive shall be
entitled to four (4) weeks paid annual vacation. Executive's vacation will be
scheduled at those times most convenient to the Company's business. During the
next eighteen (18) months, it is understood that the Executive plans to schedule
a four (4) week consecutive vacation, which shall be reasonably scheduled in
advance.
(f) Benefits. During the Employment Period, the Company shall
provide to Executive such other employment benefits as may from time to time, be
made generally available to executives of the Company, including, without
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