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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
Preview shows 4KB of 26KB total |
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Price: |
$38 |
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ID: |
#1377195 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement") is entered into as of March
22, 1999 (the "Effective Date") by and between Qb Medical, Inc., a Delaware
corporation (the `Company" or "Qb Medical"), and Jeffrey H. Burbank, an
individual ("Mr. Burbank"), residing at 18 Sunset Road, Boxford, MA 01921.
WITNESSETH
WHEREAS, the Company desires to employ Mr. Burbank to provide certain
services to the Company subject to the terms set forth herein; and
WHEREAS, Mr. Burbank desires to be employed by the Company in return for
certain compensation and benefits.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. EMPLOYMENT BY THE COMPANY. Subject to the terms and conditions set
forth in this Agreement, the Company agrees to employ Mr. Burbank to render
full-time services to the Company as its Chief Executive Officer. Mr. Burbank
shall perform the duties and have the responsibilities and authorities that are
customarily associated with his then current title, and such other duties of an
executive nature as may be assigned from time to time by the Company's Board of
Directors (the "Board"), consistent with the Bylaws of the Company. In addition,
Mr. Burbank shall serve on the Board for so long as he remains Chief Executive
Officer and shall serve until the first annual meeting of stockholders or until
his successor is elected and qualified. As Chief Executive Officer, and also as
a Director of the Company, Mr. Burbank agrees to devote his best efforts and
substantially all of his business time and attention (except for vacation
periods as set forth herein and reasonable periods of illness or other
incapacities permitted by the Company's general employment policies or, in the
absence of such policies, consistent with the employment policies common to the
industry at large) to the business of the Company and to use the highest degree
of professionalism in performing services for the Company. Notwithstanding the
foregoing, Mr. Burbank may continue to serve on the Board of Directors of VascA,
Inc. ("VascA") and provide consulting services to VascA on terms reasonably
satisfactory to the Board.
2. COMPENSATION.
2.1 Salary. During the term of this Agreement, as compensation for
the proper and satisfactory performance of all duties to be performed and
services to be provided under this Agreement, the Company agrees to pay Mr.
Burbank a base salary ("Base Salary") in the amount of Two Hundred Twenty-Five
Thousand Dollars ($225,000) per year of employment, payable on a semi-monthly
basis and in accordance with the Company's standard payroll practices, less
required deductions for state and federal withholding taxes, Social Security and
all
<PAGE>
other employee taxes and payroll deductions (the "Semi-Monthly Base Payment").
Mr. Burbank's base salary shall be reviewed annually by the Board and may be
increased or decreased in the sole discretion of the Board; provided, however,
that if at any time during the Period of Employment Mr. Burbank's Base Salary is
reduced by more than 25%, then Mr. Burbank shall be entitled to terminate his
employment with the Company and such termination shall be considered a Company
initiated termination without cause in accordance with Section 7.3(a) hereof.
2.2 Equity.
(a) As of the Effective Date and subject to the terms of this
Agreement, the Company shall grant to Mr. Burbank an incentive stock option,
exercisable at any time during the Period of Employment (as defined below) and
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