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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Preview shows 5KB of 24KB total |
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Price: |
$37 |
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ID: |
#1402684 |
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EMPLOYMENT AGREEMENT
PARTIES
This Employment Agreement (this "Agreement") dated as of December 19, 2000
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is entered into by and between Telaxis Communications Corporation, a
Massachusetts corporation having its principal place of business at 20
Industrial Drive East, South Deerfield, Massachusetts 01373 (the "Company") and
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Kenneth R. Wood, an individual with an address at 14 Rocky Hill Road, Hadley,
Massachusetts 01035 (hereinafter called "Employee").
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TERMS OF AGREEMENT
In consideration of this Agreement and the continued employment of the
Employee by the Company, the parties agree as follows:
1. Employment. The Company hereby employs Employee, on a full-time basis,
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to act as Vice President, Engineering of the Company at the principal place of
business of the Company shown above during the Employment Period and to perform
such acts and duties and furnish such services to the Company in connection with
and related to that position as is customary for persons with similar positions
in like companies, as the Company's Board of Directors shall from time to time
reasonably direct. Employee hereby accepts said employment. Employee shall use
his best and most diligent efforts to promote the interests of the Company;
shall discharge his duties to the best of his ability; and shall devote his full
business time and his best business judgment, skill and knowledge to the
performance of his duties and responsibilities hereunder. Employee shall report
to the Chief Executive Officer/President of the Company.
2. Employment Period. The period of Employee's employment under this
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Agreement shall commence on the date of this Agreement and shall continue for a
period of twenty-four (24) months thereafter. At the end of the initial
twenty-four (24) month period and any extension period thereafter, the period of
Employee's employment under this Agreement, in the absence of any other express
agreement between the parties, shall automatically be extended for an additional
period of three (3) months. The employment period described above is subject to
earlier termination pursuant to Section 3.6, 4 or 5. The period of Employee's
employment under this Agreement (including all quarterly extension periods) is
referred to as the "Employment Period."
3. Compensation and Benefits; Disability.
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3.1 Salary. During the Employment Period, the Company shall pay Employee a
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salary at an annualized rate equal to $153,961.60 payable in equal installments
pursuant to the Company's customary payroll policies in force at the time of
payment (but in no event less frequently than monthly), less required payroll
deductions. The Employee's salary may be adjusted upward from time to time in
the sole discretion of the Board of Directors of the Company, except that the
Employee, if a Director, shall not be entitled to vote thereon.
<PAGE>
3.2 Discretionary Bonus. During the Employment Period, the Employee may
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participate in such bonus plan or plans of the Company as the Board of
Directors, acting through its Compensation Committee, may approve for the
Employee. Nothing contained in this Section 3.2 shall be construed to require
the Board of Directors to approve a bonus plan or in any way grant to Employee
the right to receive bonuses not otherwise approved.
3.3 Company Automobile Allowance. During the Employment Period, the Company
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shall provide Employee with an automobile allowance at an annualized rate not
less than $7,800 payable in equal installments pursuant to the Company's
customary payroll policies in force at the time of payment (but in no event less
frequently than monthly), less required payroll deductions.
3.4 Insurance Benefits. During the Employment Period, the Employee shall
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receive such health insurance, disability insurance, life insurance and other
benefits as customarily provided to other officers and management employees of
the Company.
3.5 Vacation. Employee may take four (4) weeks of paid vacation during each
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year at such times as shall be consistent with the Company's vacation policies
and (in the Company's judgment) with the Company's vacation schedule for
officers and other management employees. Employee shall also be entitled to paid
legal and religious holidays, sick days, and personal days in accordance with
the Company's normal policies in effect from time to time.
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