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Title: |
Employment Agreement |
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Date: |
2005 |
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Preview shows 4KB of 24KB total |
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Price: |
$36 |
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ID: |
#1377201 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement") is entered into as of 5/15/00
(the "Effective Date") by and between NxSTAGE Medical, Inc., a Delaware
corporation (the "Company" or "NXS"), and Joe Turk, an individual ("Mr. Turk"),
residing at 544 Webster Street, Needham, MA 02494
W I T N E S S E T H
WHEREAS, the Company desires to employ Mr. Turk to provide certain
services to the Company subject to the terms set forth herein; and
WHEREAS, Mr. Turk 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. Turk to render
full-time services to the Company as its Marketing Vice President. Mr. Turk
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 President of the
Company, consistent with the Bylaws of the Company. As Marketing Vice President,
Mr. Turk 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.
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. Turk
a base salary ("Base Salary") in the amount of Two Hundred Thousand Dollars
($200,000) 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
other employee taxes and payroll deductions (the "Semi-Monthly Base Payment").
Mr. Turk's Base Salary shall be reviewed annually by the President and may be
increased or decreased in the sole discretion of the President; provided,
however, that if at any time during the Period of Employment Mr. Turk's Base
Salary is reduced by more than 15% from the previous fiscal year, except for
across-the-board salary reductions similarly affecting all or substantially all
<PAGE>
management employees and reductions related to the Optionee's job performance,
then Mr. Turk 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. Turk an Non-Qualified stock option,
exercisable at any time during the Period of Employment (as defined below) and
within ten (10) years after the grant of the option (the "Stock Option"), to
purchase an aggregate of one hundred thirty eight thousand five hundred and
thirty three (138,533) shares of the Company's Common Stock at a price of One
Dollar ($1.00) per share (the "Shares"). Such number of shares of Common Stock
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