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Chief Executive Officer Engagement Agreement

 

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Title:

Chief Executive Officer Engagement Agreement

Entities:

Fred Weismiller; Ceristar Inc.

Date:

2003

Size:

Preview shows 4KB of 24KB total

Price:

$36

ID:

#163763

 

 

► Fee Agreements ► Engagements ► Misc. Engagement Agreements

 

 

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CHIEF EXECUTIVE OFFICER ENGAGEMENT AGREEMENT
--------------------------------------------

THIS AGREEMENT (this "Agreement") is made and effective this first day
of October 2003 (the "Commencement Date"), by and between FRED WEISMILLER
("CEO") and CERISTAR, INC., a Delaware corporation (the "Company" or "Employer")
for the employment of CEO by the Company.

NOW, THEREFORE, the parties agree as follows:

1. Employment. As of the Commencement Date, Employer hereby employs CEO
as the Company's Chief Executive Officer and President under the terms and
conditions set forth herein.

2. Term of Employment. Employer hereby employs the CEO and the CEO
hereby accepts employment under this Agreement effective October 9, 2003 (the
Commencement Date) and continuing for a period of twelve (12) months through
October 8, 2004. Subject to the provisions of termination set forth in Section 8
hereof, renewal of this Agreement shall be automatic for successive one-year
periods unless: (i) the CEO shall have given written notice to the Employer at
least thirty (30) days prior to the expiration of the then current Term that he
does not intend to renew, or (ii) the Company shall have given written notice to
the CEO not less than sixty (60) days prior to the expiration of the then
current Term of its intent to not renew the Agreement, whereupon, in either
case, this Agreement shall expire at the end of the then current Term. Reference
to "Term" herein shall refer to both the initial term and any such successive
renewal period.

3. Duties of CEO.

(a) Chief Executive Officer and President. CEO shall serve as the
Company's Chief Executive Officer and President and shall assume such duties and
responsibilities that are customary for chief executives of corporations in the
Company's business, subject at all times to the direction and control of the
Board of Directors. CEO will perform his services at the Company's offices in
Salt Lake City, Utah, or other offices as determined by the CEO.

(b) Election to the Company's Board of Directors. Effective upon the
Commencement Date, CEO shall be elected to fill a current vacancy on the
Company's Board of Directors (the "Board") and shall serve on the Board until
the CEO is re-elected or his successor is officially elected. During the Term of
this Agreement, the Company shall cause the CEO to be included in the Company's
slate of candidates for election to the Board.

4. (a) Funding. The Company understands that for CEO to perform his
duties under this agreement adequate and timely funding must be provided. As
such the company agrees to:

(i) Initial funding of $250,000 will be placed into the Company
accounts no later then 15 days following the commencement date.

(ii) Subsequent funding equal to the lesser amount of a of $2.5m
or amount approved in the CeriStar business plan will be placed into the
accounts of the company by 120 days from the approval by the Board of Directors
of the CeriStar business plan.

(iii) The company will have authorized the CEO to exercise all
control, except as CEO specifically delegates, over the disposition of those

 

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