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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 5KB of 18KB total |
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Price: |
$32 |
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ID: |
#1638151 |
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EMPLOYMENT AGREEMENT
THIS AGREEMENT, made and entered into this March day of 17, 2006, by and between JohnsonDiversey, Inc., a Delaware corporation (?JDI?), and Edward F. Lonergan (?Employee?).
In consideration of the mutual promises and agreements set forth below, and intending to be legally bound, the parties agree as follows:
ARTICLE I
Employment
1.1 Position and Responsibilities. During the period of this Agreement and subject to the terms and conditions hereof, JDI shall employ Employee, and Employee shall serve, as President and Chief Executive Officer of JDI and Employee shall have such management authority and responsibilities as are customary for a President and Chief Executive Officer and such other responsibilities commensurate with such position as may be assigned to Employee from time to time by the Chairman.
1.2 Place of Employment. Employee?s initial principal place of employment shall be 8310 16th Street, Sturtevant, Wisconsin.
1.3 Duties. During the Period of Employment, Employee shall devote substantially all of Employee?s business time, attention and skill to the business and affairs of the Company and its subsidiaries, except, so long as such activities do not unreasonably interfere with the business of the Company or diminish the Employee?s obligations under the Agreement, that Employee may (i) participate in the affairs of any governmental, educational or other charitable institution, or engage in professional speaking and writing activities, or (ii) serve as a member of the board of directors of other corporations, and in either case, the Employee shall be entitled to retain all fees, royalties and other compensation derived from such activities in addition to the compensation and other benefits payable to him under this Agreement; and provided further, that the Employee may invest Employee?s personal or family funds in any form or manner he may choose that will not require any services on Employee?s part in the operation of or the affairs of the entities in which such investments are made, which services are inconsistent with this Paragraph. The Employee will perform faithfully his duties and responsibilities hereunder.
ARTICLE II
Term and Termination
2.1 Term. Employee?s employment under this Agreement shall commence on February 1 2006, shall be at will, and may be terminated by formal or informal action of the Chairman or the Employee at any time for any reason not prohibited by law.
2.2 Resignation or Termination for Cause. If Employee should resign Employee?s employment without Good Reason (defined below), or if the Chairman should terminate Employee?s employment for Cause (defined below), Employee shall not be entitled to any compensation or remuneration other than all earned and unpaid salary, unused vacation, unreimbursed business expenses, and such amounts and benefits as Employee is eligible to receive under JDI?s then prevailing policies and benefit plans and as prescribed by law. ?Good Reason? means JDI?s material breach of any provision of this Agreement. ?Cause? means termination for any of the following reasons:
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