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Title: |
Employment Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 5KB of 22KB total |
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Price: |
$34 |
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ID: |
#1384697 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement"), dated as of October 23, 1998
by and between MetroWeb Technologies, Inc., a Delaware corporation with its
principal place of business at _________________ (the "Company"), and
_____________ residing at _______________ (the "Employee").
The Company desires to employ the Employee, and the Employee desires to be
employed by the Company. In consideration of the mutual covenants and promises
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
agree as follows:
1. TERM OF EMPLOYMENT. The Company hereby agrees to employ the Employee,
and the Employee hereby accepts employment with the Company, upon the terms set
forth in this Agreement, for the period commencing on October 23, 1998 (the
"Commencement Date") and ending on October 23, 2001 (such period, as it may be
extended, the "Employment Period"), unless sooner terminated in accordance with
the provisions of Section 4.
2. TITLE; CAPACITY. The Employee shall serve as _______ or in such other
position as the Company or its Board of Directors (the "Board") may determine
from time to time. The Employee shall be subject to the supervision of, and
shall have such authority as is delegated to him by the Board.
The Employee hereby accepts such employment and agrees to undertake the
duties and responsibilities inherent in such position and such other duties and
responsibilities as the Board or its designee shall from time to time reasonably
assign to him and that are commensurate with his title. Beginning no later than
the closing of the Company's initial preferred stock financing, the Employee
agrees to devote his entire business time, attention and energies to the
business and interests of the Company during the Employment Period. The Employee
agrees to abide by the rules, regulations, instructions, personnel practices and
policies of the Company and any changes therein which may be adopted from time
to time by the Company. The Employee acknowledges receipt of copies of all such
rules and policies committed to writing as of the date of this Agreement.
3. COMPENSATION AND BENEFITS.
3.1 SALARY. The Company shall pay the Employee an annual base salary
of $______ for the one-year period commencing on the Commencement Date. Such
salary shall be subject to increase thereafter as determined by the Board.
3.2 FRINGE BENEFITS. The Employee shall be entitled to participate in
all bonus and benefit programs that the Company establishes and makes available
to its employees, if any, to the extent that Employee's position, tenure,
salary, age, health and other qualifications make him eligible to participate.
The Employee shall be entitled to three weeks paid vacation per year, to be
taken at such times as may be approved by the Board or its designee.
<PAGE> 2
3.3 REIMBURSEMENT OF EXPENSES. The Company shall reimburse the
Employee for all reasonable travel, entertainment and other expenses incurred or
paid by the Employee in connection with, or related to, the performance of his
duties, responsibilities or services under this Agreement, upon presentation by
the Employee of documentation, expense statements, vouchers and/or such other
supporting information as the Company may request, PROVIDED, HOWEVER, that the
amount available for such travel, entertainment and other expenses may be fixed
in advance by the Board.
3.4 BONUS. The Employee shall be eligible for the bonus program
indicated in SCHEDULE A to this Agreement.
4. EMPLOYMENT TERMINATION. The employment of the Employee by the Company
pursuant to this Agreement shall terminate upon the occurrence of any of the
following:
4.1 After October 23, 2001, at the election of either party upon not
less than 30 days' prior written notice;
4.2 At the election of the Company, for cause (as defined below),
immediately upon written notice by the Company to the Employee. For the purposes
of this Agreement, "cause" for termination shall mean (a) the Employee's gross
negligence or willful or intentional misconduct in the performance of his or her
duties on behalf of the Company and, in the case of misconduct, the failure to
refrain from such misconduct after written notice thereof; (b) any act of
dishonesty which adversely affects the Company or any act or omission which
constitutes a knowing and intentional violation of law on the part of the
Employee and which adversely affects the Company; (c) such Employee's breach of
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