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Title: |
Employment Agreement |
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Date: |
2004 |
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Preview shows 7KB of 41KB total |
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Price: |
$36 |
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ID: |
#1389230 |
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EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT is made effective this 1st day of January, 2004, (the Agreement) between HealthTronics Surgical Services Inc., a Georgia corporation (the Company), and Martin J. McGahan (the Executive).
PRELIMINARY STATEMENTS
A. The Company desires to secure the services of the Executive and the Executive desires to be employed by the Company, on the terms and subject to the conditions set forth in this Agreement.
B. The Executive is a key employee of the Company and his services and knowledge with respect to the Company and its business strategies and operations are critical to maintaining the Companys position in its industry against its competitors.
C. The Executive was previously employed as Chief Financial Officer of the Company pursuant to an Employment Agreement dated December 17, 2001 (the Old Agreement).
D. The Compensation Committee (Compensation Committee) of the Board of Directors of the Company (the Board) has approved the execution and delivery by the Company of this Agreement and the termination of the Old Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:
1. Employment. The Company hereby agrees to continue to employ the Executive and the Executive hereby agrees to continue to serve the Company, on the terms and conditions set forth in this Agreement. The Company and Executive hereby terminate the Old Agreement with no further liability to either party by either party.
2. Term of Agreement. This Agreement shall be deemed to commence on January 1, 2004, and unless it is terminated earlier in the manner provided in this Agreement, shall continue for a term of three (3) years and upon each anniversary date of this Agreement shall be deemed to automatically renew for a new three year term from such anniversary date (the Term). Not later than sixty (60) days prior to each anniversary date of this Agreement, either party shall have the right to provide written notice of his or its intention to have the Agreement expire at the end of the then pending three-year term period without automatic renewal.
3. Position and Duties. The Executive shall serve as the President and Chief Operating Officer of the Company and shall perform such duties as are requested by the
Chief Executive Officer. The Executive shall report to, and shall have such other powers and duties as may from time to time be delegated to him by the Chief Executive Officer or the Board of Directors or, following a Change in Control (as defined below), the senior executive, board or committee established pursuant to the terms of the Change of Control that is responsible for the unit, division or subsidiary of which the Company has become a part; provided that such duties are generally consistent with his present duties and with the Executives position. The Executive shall devote substantially all of his working time and efforts during normal business hours to the business and affairs of the Company in substantially the same manner (both as to working time and effort) as the Executive has devoted to the Company in the past; provided, that it shall not be a violation of this Agreement for the Executive to (i) serve on corporate, civic or charitable boards or committees, and (ii) deliver lectures or fulfill speaking engagements, so long as such activities are approved by the executive or body to which the Executive reports and do not interfere with the performance of the Executives responsibilities as an employee of the Company in accordance with this Agreement.
4. Place of Performance. In connection with his employment by the Company, the Executive shall be based at the Companys principal executive offices except for required travel on the Companys business.
5. Compensation and Related Matters.
(a) Base Salary. The Executive shall receive a base salary, payable in substantially equal bi-weekly installments, at the annual rate of at least $250,000 during each fiscal year during the Term, or such greater amount as shall be determined by the Compensation Committee or the entire Board, in its sole discretion (the Base Salary). The Base Salary shall be reviewed at least annually for merit increases and may, by action and in the discretion of the Compensation Committee or the Board, be increased at any time or from time to time. Any increase in the Base Salary or other compensation granted by the Compensation Committee or the Board shall in no way limit or reduce any other obligation of the Company under this Agreement and, unless otherwise specified by the Compensation Committee or the Board, once established at an increased specified rate, the Base Salary shall not thereafter be reduced.
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