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Employment and Noncompetition Agreement

 

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Title:

Employment and Noncompetition Agreement

Entities:

Oxford Automotive Inc

Date:

2001

Size:

Preview shows 4KB of 27KB total

Price:

$39

ID:

#1664145

 

 

► Legal ► Non-Competition ► Employment & Non-Competition Agreements

 

 

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                     EMPLOYMENT AND NONCOMPETITION AGREEMENT



This Agreement is effective as of June 11, 2001, and is between John W.
Potter, (the "Employee"), and Oxford Automotive, Inc., a Michigan corporation
(the "Company").

In consideration of the premises herein contained, the parties agree as
follows:

1. Employment. The Company employs you, the Employee, as an executive
officer of the Company, your specific title to be determined between you and the
Chairman of the Board of Directors of the Company, and you accept such
employment, upon the terms and conditions set forth in this Agreement.

2. Duties During Employment Period. You shall perform and discharge
well and faithfully such duties for the Company and any of its subsidiaries as
may be assigned to you from time to time by the Board of Directors (the "Board")
or Chairman of the Board (the "Chairman") of the Company and, in the absence of
such assignment, such services customary to such office as are necessary to the
operations of the Company. Such duties shall include:

- Building the Company as a leader in the automotive metal forming
industry globally;

- Developing and meeting growth oriented business and financial
plans and objectives;

- Building existing North American and European businesses;

- Integrating new North American, South American, Asian and European
acquisitions into the Company's business;

- Effectively building a global management team;

- Managing and meeting financial expectations of the board of
directors, bank groups, and investors; and

- Representing the Company in industry group activities, press
relations and investor activities.

You shall report to the Chairman, or such other person as the Board may
from time to time designate, at such times and in such detail as the Chairman
shall require and you shall devote all of your business time, attention and
energies to the business of the Company and its subsidiaries. The Company
acknowledges your continuing service as a director of Vitec, Inc.

3. Term. Your employment under Sections 1 and 2 of this Agreement
shall commence on the date hereof and shall terminate as provided in Section 9
below (the "Employment Period"). Your employment with the Company shall be
terminable at will and you and the Company shall have the right to terminate
your employment with or without cause in accordance with Section 9 below.



<PAGE> 2



4. Employment Period Compensation.

(a) Base Salary. For all services to be rendered by you hereunder
(including services as director, officer, employee, member of any committee of
the Company or any subsidiary or division or otherwise), the Company shall pay
to you during the Employment Period an annual salary of $500,000 ("Annual Base
Salary"), payable in bi-weekly installments in accordance with the payroll
practices of the Company, as such may exist from time to time. The Board may, at
its option, make such additional salary increases as they deem appropriate in
light of your performance and the Company's performance. All payments shall be
subject to all applicable taxes required to be withheld by the Company pursuant
to federal, state or local law.

(b) Other Benefits. The Company shall provide you with the fringe
benefits, perquisites, and other benefits of employment provided to executive
officers of the Company from time to time during the Employment Period, subject

 

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