Preview | Employment Agreement |

Employment Agreement

IOWA TELECOMMUNICATIONS SERVICES, INC.

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and entered into this 3rd day of August, 2005, by and between IOWA TELECOMMUNICATIONS SERVICES, INC., an Iowa corporation (the Company) and ALAN L. WELLS, an Iowa resident (Executive).

WHEREAS, the Company is engaged in providing telecommunications services to residential and business customers; and

WHEREAS, Executive has been employed as President and CEO of the Company pursuant to an Employment Agreement dated September 27, 1999, as amended January 1, 2000, June 29, 2000 and November 5, 2004 (the Existing Agreement); and

WHEREAS, Section 19 of the Existing Agreement provides that the Company and Executive shall carry out good faith negotiations regarding the terms of a new agreement to replace the Existing Agreement.

NOW, THEREFORE, in consideration of the mutual promises herein contained, Executive and the Company agree as follows:

1. Employment. The Company hereby employs Executive and Executive hereby accepts employment for a term commencing on the date hereof (the Effective Date), and ending December 31, 2010, at which time this Agreement shall be automatically extended for successive terms of one year each unless terminated effective at the end of the then current term by either party upon at least one hundred twenty (120) days advance written notice to the other party prior to the end of the then current term (as so extended, the Term); provided, however, that either Executive or the Company may terminate the employment of Executive during the Term in accordance with Section 6 and subject to the right of Executive to receive payments and other benefits that may be due pursuant to Section 8. This Agreement shall supersede and replace the Existing Agreement as of the Effective Date.

2. Duties. Executive shall serve as President and Chief Executive Officer of the Company and shall have ultimate responsibility to the Companys Board of Directors (the Board of Directors) for the strategic position of the Company in the telecommunications industry. Executive agrees to devote his full time and best efforts to the Companys business and affairs and to the performance of the following services and such other services as may be assigned to him from time to time by the Board of Directors:

(a)

provide direction, oversight and general management to the staff of the Company and the Companys subsidiaries;

	(b)		assist the Board of Directors in development of the Companys strategic planning through evaluation of opportunities, analysis of operational methodologies and competitive analysis;

	(c)		identify, research and quantify new products and services which will assist in expanding the Companys strategic position;

	(d)		communicate regularly and effectively to the Board of Directors regarding the Companys economic, operational and strategic position in the telecommunications industry;

	(e)		the Executive shall fully comply with all applicable laws, rules and regulations, the failure to fully comply with which could reasonably be expected to have a material adverse effect upon the Company; and

	(e)		perform such other duties as may be assigned by the Board of Directors which are consistent with the position of President/CEO.

Notwithstanding the above, Executive shall be free to devote reasonable time and attention to personal, public and charitable affairs so long as such activities do not interfere with his full-time employment hereunder and which do not violate any other provision of this Agreement. Executive, at all times during his employment with the Company, shall comply with the Companys reasonable standards, regulations and policies as determined or set forth by the Board of Directors from time to time and as applicable and communicated to all employees and/or executive employees of the Company.

End of Preview

Home Intelligence Services Subscriptions News About Us