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Document Preview Chief Financial Officer Engagement Agreement |
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Title: |
Chief Financial Officer Engagement Agreement |
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Entities: |
Robert E. Lester; Ceristar Inc. |
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Date: |
2003 |
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Size: |
Preview shows 3KB of 22KB total |
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Price: |
$38 |
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ID: |
#163765 |
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CHIEF FINANCIAL OFFICER ENGAGEMENT AGREEMENT
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THIS AGREEMENT (this "Agreement") is made and effective this eighteenth
day of November 2003 (the "Commencement Date"), by and between Robert E. Lester
("CFO") and CERISTAR, INC., a Delaware corporation (the "Company" or "Employer")
for the employment of CFO by the Company.
NOW, THEREFORE, the parties agree as follows:
1. Employment. As of the Commencement Date, Employer hereby employs CFO
as the Company's Chief Financial Officer under the terms and conditions set
forth herein.
2. Term of Employment. Employer hereby employs the CFO and the CFO
hereby accepts employment under this Agreement effective November 18, 2003 (the
Commencement Date) and continuing for a period of twelve (12) months through
November 17, 2004. Subject to the provisions of termination set forth in Section
7 hereof, renewal of this Agreement shall be automatic for successive one-year
periods unless: (i) the CFO 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 CFO 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 CFO.
(a) Chief Financial Officer. CFO shall serve as the Company's Chief
Financial Officer and shall assume such duties and responsibilities that are
customary for chief financial officers of corporations in the Company's
business, subject at all times to the direction and control of the CEO and
President. CFO will perform his services at the Company's offices.
4. Compensation and Expenses.
(a) Base Salary. For the services of the CFO to be rendered under this
Agreement, the Company will pay the CFO a monthly base salary of $6,500 (as
increased from time to time, the "Base Salary"). The Company will pay the CFO
his Base Salary per regular company payroll schedules.
(b) Base Salary Adjustment. The Board may increase the CFO's base
salary from time to time on such terms and conditions as the CEO and Board
deems.
Bonus Compensation. The company will provide a:
(i) Bonus amount that may be paid to the CFO during the term of
this agreement.
(II) Depending upon performance, CFO will be eligible for a bonus
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