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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Entities: |
U S Physical Therapy Inc; International Brotherhood of Electrical Workers; United Autoworkers |
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Date: |
2005 |
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Size: |
Preview shows 5KB of 30KB total |
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Price: |
$38 |
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ID: |
#1670604 |
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EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement ("Agreement") entered into this 20th day of
March, 2004 by and between Union Dental Corp, (the "Company") a Florida
corporation whose principal place of business is 1700 University Drive, Suite
200, Coral Springs, Florida 33071, and Dr. George D. Green , whose address is
located at 8307 NW 51st Manor, Coral Springs, Florida 33067 (the "Executive").
W I T N E S S E T H:
WHEREAS, the Company has offered the Executive the position as Chairman of
the Board, President and Chief Executive Officer of the Company and the
Executive possesses knowledge and experience which are valuable to the company;
and
WHEREAS, the principal business of the Company is a dental practice
referred to as George D. Green D.D.S., P.A. (hereinafter referred to as "Green")
and a second business, Direct Dental Services, Inc. ("DDS") which encompasses
the sales and marketing of an exclusive Dental Network for the Communications
Workers of America union ("CWA") and the International Brotherhood of Electrical
Workers union ("IBEW") in eighteen (18) states with the intent of expanding the
concept throughout the United States and into other unions, such as General
Electric and the United Auto Workers.
NOW, THEREFORE, for and in consideration of the mutual covenants and
promises contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and accepted, the
parties hereto agree as follows:
1. Employment. The Company hereby offers to employ Executive, and Executive
accepts such employment, upon the terms and conditions hereinafter set forth.
2. Employment Term. The "Initial Term" means the basic term of this
Agreement, which begins on the date hereof (the "Effective Date") and ends on
the seventh anniversary of this Agreement. Thereafter, Executive's employment
hereunder shall be automatically renewed for successive periods of one (1) year
(each a "Renewal Term"), unless either party hereto shall give written notice to
the other that Executive's employment hereunder shall not be renewed or
continued, as the case may be, not less than ninety (90) days prior to the end
of the then current term of employment. The Initial Term and any Renewal Term
may be terminated pursuant to Section 7 hereof.
1
<PAGE>
3. Office: Duties of Executive. During the term of the Executive's
employment, the Executive shall serve as Executive Officer and, in so doing,
shall perform normal duties and responsibilities associated with such position,
including, without limitation, working with the Board of Directors to develop
the Company's growth plan and strategic alternatives, developing financing
sources, evaluating the Company's capital structure and recommending any
appropriate changes, serving as liaison with and otherwise managing the Company
and its relationship with members of the Dental Network, and carrying out such
other or different duties as may be assigned him by the Company's Board of
Directors. During the term of this Agreement, Executive shall devote so much of
his business time and attention to the business and affairs of the Company as
he, in his sole discretion, deems appropriate, subject to the general direction,
approval and control of the Board of Directors.
4. Compensation. Except as otherwise provided in this Agreement, the
Company shall compensate Executive in the manner set forth in this Section 4
payable in accordance with the normal payroll practices of the Company for the
duration of the term of this Agreement ("Employment Term").
4.1 Base Salary. For each year during the Employment Term (or, if this
Agreement shall be earlier terminated in accordance the terms of Section 7
hereof, ending on the date of termination of this Agreement), the Company
will pay to Executive and aggregate annual salary equal to the base salary
listed on Exhibit A attached hereto and made a part hereof. The base salary
will be paid in accordance with the normal payroll procedures of the
Company unless otherwise stated in Exhibit A.
4.2 Incentive Bonuses. With the approval of the Board of Directors,
the Company may pay additional increases in the base compensation and may
pay incentive bonuses to Executive.
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