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Title: |
Employment Agreement |
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Entities: |
HealtheTech, Inc.; James W. Dennis; Healthetech Inc |
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Date: |
2003 |
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Size: |
Preview shows 4KB of 25KB total |
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Price: |
$36 |
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ID: |
#191612 |
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HEALTHETECH, INC.
JAMES W. DENNIS EMPLOYMENT AGREEMENT
This Agreement is entered into as of March 7, 2003 (the Effective Date) by and between HealtheTech, Inc. (the Company), and James W. Dennis (Executive).
1. Duties and Scope of Employment.
(a) Positions and Duties. As of the Effective Date, Executive will continue to serve as President & COO of the Company. Executive will render such business and professional services in the performance of his duties, consistent with Executives position within the Company, as shall reasonably be assigned to him by the Companys Board of Directors (the Board), Chief Executive Officer (CEO) or President (President), as appropriate. The period of Executives atwill employment under this Agreement is referred to herein as the Employment Term.
(b) Obligations. During the Employment Term, Executive will perform Executives duties faithfully and to the best of Executives ability and will devote his full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board, or CEO, as appropriate; provided, however, that Executive shall be permitted to continue serving as a member of the board of directors for those corporations in which he is serving in such capacity as of the Effective Date, provided such corporations do not, as of the Effective Date or following the Effective Date, compete with any business of the Company.
2. At-Will Employment. The parties agree that Executives employment with the Company will be at-will employment and may be terminated at any time with or without cause or notice. Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his employment with the Company.
3. Compensation.
(a) Base Salary. During the Employment Term, the Company will pay Executive an annual salary of $230,000 as compensation for his services (the Base Salary). The Base Salary will be paid periodically in accordance with the Companys normal payroll practices. Executives salary will be subject to review and adjustments will be made based upon the Companys normal performance review practices.
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