Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Employment Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Employment Agreement

Entities:

Interdent Inc

Date:

2003

Size:

Preview shows 6KB of 31KB total

Price:

$40

ID:

#1528488

 

 

► Employment ► Employment Agreements

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT



This Employment Agreement (this "Agreement"), is effective as of
January 1, 2003, by and between InterDent, Inc., a Delaware corporation (the
"Company"), and Wayne Posey ("Employee").

RECITAL:

WHEREAS, the Company desires to employ Employee for the period provided
in this Agreement, and Employee is willing to serve in the employ of the Company
for such period, each upon the terms and conditions provided in this Agreement.

NOW, THEREFORE, in consideration of the foregoing, the covenants set
forth in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

Section 1. Employment. The Company hereby agrees to employ Employee, and
Employee hereby accepts such employment, in each case upon the terms and
conditions set forth herein, for a period commencing as of January 1, 2003 (the
"Commencement Date"), and ending on December 31, 2003 (the "Expiration Date"),
subject to extension or earlier termination as set forth herein (such period, as
it may be so extended or terminated, being referred to herein as the "Term").
Notwithstanding the foregoing, the Expiration Date shall be extended to December
31, 2004, unless either Executive or the Company provides notice to the other,
as provided herein, by not later than September 30, 2003, that the Expiration
Date shall not be so extended. Any such extended term shall also be subject to
earlier termination as set forth herein.

Section 2. Duties and Services.

(a) Offices. During the Term, Employee shall serve as the Chairman and Chief
Executive Officer of the Company, and in such capacity shall hold the most
senior positions in the Company. In the performance of his duties hereunder,
Employee shall report to and shall be responsible to the Board of Directors of
the Company (the "Board").

(b) Primary Responsibilities. During the Term, Employee's duties and
responsibilities will be those customarily performed by a Chief Executive
Officer of a company of comparable size to the Company. Employee shall also
perform those duties that are assigned to him by the Board, which shall be
commensurate with his position as Chief Executive Officer. During the Term, the
Company shall take all actions reasonably within its control, including
nominating Employee for election as director in connection with all elections of
directors (and the inclusion in any proxy statement prepared by the Company in
connection therewith). Following the Term, Employee may, but shall not be
required to, continue to serve as a director of the Company.

Section 3. Compensation and Related Matters. As full compensation for his
services hereunder, the Company shall pay, grant, issue or give, as the case may
be, to Employee the compensation and benefits described below:

(a) Base Salary. The Company shall pay Employee $450,000 per annum ($37,500 per
month) from the Commencement Date through May 31, 2003, and $500,000 per annum
($41,666.67 per month) from June 1, 2003 through the Expiration Date, which base
salary shall be paid to Employee in accordance with the customary employee
payroll policy of the Company as in effect from time to time.

(b) Incentive Bonus.

(i) 2003 Incentive Bonus. The Company shall pay Employee an incentive bonus (the
"2003 Incentive Bonus") depending on the actual earnings before interest, taxes,
depreciation and amortization, of the Company for 2003 and after the accrual of
all bonuses (with adjustments as necessary to reflect items beyond Employee's
control, including, but not limited to, elimination of consulting fees and legal
fees, but not the accrual of bonuses, the "Adjusted EBITDA"), as compared to the
"Adjusted EBITDA Objective" for calendar year 2003, which Adjusted EBITDA
Objective shall be $30,000,000. The Company will pay Employee a bonus equal to
the specified percentage of the base salary provided to be paid from January 1,
2003 through December 31, 2003 pursuant to Section 3(a) (the "2003 Base
Salary").

Percentage of Adjusted EBITDA Percentage of 2003 Base Salary
Objective Met Due as Incentive Bonus

0 - 50% 25%

50 - 90% 25 - 50%

90 - 100% 50 - 100%

100 - 110% 100 - 150%

110 - 125% 150 - 200%

125 - 150% 200 - 250%

If the Company's actual Adjusted EBITDA falls within one of the ranges set forth
above under the heading "Percentage of Adjusted EBITDA Objective Met," then the
percentage of 2003 Base Salary Due as Incentive Bonus (as set forth under the
heading so labeled) shall be determined on a pro rata basis. By way of example,
if the Company's actual Adjusted EBITDA equals 105% of the Adjusted EBITDA
Objective, the percentage of 2003 Base Salary due as incentive bonus shall be
125%.

(ii) Payment of 2003 Incentive Bonus. The Company shall make quarterly advances
against the 2003 Incentive Bonus to Employee at a rate of 50% of the 2003 Base
Salary earned during each quarter, payable on each of April 1, 2003, July 1,
2003, October 1, 2003, and December 31, 2003. To the extent that the aggregate

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC