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Title: |
Employment Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
21KB total |
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Price: |
$37 |
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ID: |
#1451877 |
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IOWA TELECOMMUNICATIONS SERVICES, INC.
EMPLOYMENT AGREEMENT
AGREEMENT, made this 27th day of September, 1999, by and between IOWA TELECOMMUNICATIONS SERVICES, INC., an Iowa corporation (herein called ITS) with its principal place of business in Newton, Iowa, and ALAN L. WELLS, an Iowa Resident (herein called Wells).
WITNESSETH:
WHEREAS, Wells has management experience and expertise in the utility industry and ITS desires to retain the services of Wells as its President and Chief Operating Office (President/COO) providing additional incentive compensation to Wells; and
WHEREAS, Wells desires to be hired by ITS in the capacity of President/COO upon the terms and conditions negotiated by the Parties; and
WHEREAS, the Parties desire to document herein all the terms of Wells Employment Agreement (Agreement) with ITS.
NOW, THEREFORE, IT IS MUTUALLY AGREED AS FOLLOWS:
1. Employment. ITS hereby employs Wells and Wells hereby accepts employment for a term of three (3) years commencing on September 27, 1999 (Start Date), and ending December 31, 2002 (Term), at which time this Agreement shall be automatically extended for successive terms of one year each unless terminated by either party upon ninety (90) days advance written notice to the other party. If this Agreement is renewed and extended, the compensation and other terms in effect as of the end of the immediately preceding Employment Year shall continue in
effect, unless the parties shall have agreed in writing to other compensation or terms. The term Employment Year shall mean the period commencing on the Start Date and ending December 31, 2000, and thereafter shall mean the twelve (12) month period commencing on each January 1 and ending the following December 31, during the Term of this Agreement or any renewal term.
2. Duties. Wells shall serve as President/COO and shall have ultimate responsibility to the Board of Directors for the strategic position of ITS in the telecommunications industry. Wells agrees to perform with due diligence the following services and such other services as may be assigned to him from time to time by the ITS Board of Directors:
| a. | Devote his professional efforts to the business of ITS under this Agreement; provided, however, that Wells shall be free to devote reasonable time and attention to personal, public, professional and charitable affairs so long as such activities do not interfere with the effective performance of his duties under this Agreement; |
| b. | Provide direction, oversight and general management to the staff of ITS; |
| c. | Assist the Board of Directors in development of the strategic planning of ITS through evaluation of opportunities, analysis of operational methodologies and competitive analysis; |
| d. | Identify, research and quantify new products and services which will assist in expanding ITSs strategic position; |
| e. | Communicate regularly and effectively to the Board of Directors regarding the economic, operational and strategic position of ITS in the telecommunications industry; |
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| f. | Perform such other duties as may be assigned by the Board of Directors which are consistent with the position of President/COO, who shall be responsible for the ultimate success and profitability of its business; and |
| g. | Maintain the high ethical standards generally recognized by the Iowa business community. |
3. Compensation. As compensation for all services rendered under this Agreement, Wells shall be paid the following:
| a. | An annual base salary of not less than $250,000.00 (Base Salary) payable bi-weekly or semi-monthly. |
| b. | Prior to the expiration of each Employment Year during the Term of this Agreement, ITS will review and evaluate Wells annual base salary then in effect within the context of his contributions to the success and prosperity of ITS during such Employment Year, the present and projected financial condition of ITS, and general economic and market conditions. Such review and evaluation will be considered in determining whether to increase Wells annual base salary for the next succeeding Employment Year; |
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