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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 5KB of 63KB total |
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Price: |
$42 |
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ID: |
#2151160 |
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EMPLOYMENT AGREEMENT
This Employment Agreement ("AGREEMENT") is made and entered into on this
9th day of April, 2001, effective as of April 1, 2001 by and between AMERIPATH,
INC., a Delaware corporation (the "COMPANY"), and STEPHEN V. FULLER
(hereinafter, the "EXECUTIVE").
R E C I T A L S
A. The Executive is currently employed by the Company as its Senior Vice
President, Human Resources pursuant to a letter agreement dated October 29, 1996
and a letter agreement dated October 14, 1998, each as amended by Personnel
Action Notices dated June 28, 1999 and July 21, 2000 (collectively, the "PRIOR
EMPLOYMENT AGREEMENT").
B. The Company and the Executive now wish to enter into this new
Agreement, which is intended to supercede and replace the Prior Employment
Agreement in its entirety, to reflect the Executive's position and duties, his
compensation, and other terms and conditions of his employment as Senior Vice
President, Human Resources of the Company. Upon execution of this Agreement by
both the Executive and the Company, the Prior Employment Agreement shall
terminate and no longer have any force and effect.
AGREEMENT
NOW, THEREFORE, in consideration of the promises and mutual covenants set
forth herein and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Executive and the Company
agree as follows:
1. RECITALS. The foregoing recitals are true and correct and are
incorporated herein by this reference.
2. EMPLOYMENT.
2.1 EMPLOYMENT AND TERM. During the Term of Employment, the Company
hereby agrees to employ the Executive and the Executive hereby agrees to serve
the Company on the terms and conditions set forth herein.
2.2 DUTIES OF EXECUTIVE. During the Term of Employment, the
Executive shall serve as the Senior Vice President, Human Resources of the
Company, shall faithfully and diligently perform all services as may be assigned
to him by the Company, and shall exercise such power and authority as may from
time to time be delegated to him. The Executive shall devote his full time and
attention to the business and affairs of the Company, render such services to
the best of his ability, and use his reasonable best efforts to promote the
interests of the Company. The Executive shall comply with the Company's
employment policies and practices generally applicable to its officers and
employees including, without limitation, insider trading and confidentiality
policies. Notwithstanding the foregoing or any other provision of this
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{Page}
Agreement, it shall not be a breach or violation of this Agreement for the
Executive to (i) serve on corporate, civic or charitable boards or committees,
(ii) deliver lectures, fulfill speaking engagements or teach at educational
institutions, or (iii) manage personal investments, so long as such activities
do not interfere with or detract from the performance of the Executive's
responsibilities to the Company in accordance with this Agreement.
3. TERM OF EMPLOYMENT. The term of employment under this Agreement, and
the employment of the Executive hereunder (the "TERM OF EMPLOYMENT"), shall
commence upon execution of this Agreement by both the Executive and the Company
and shall terminate upon the date on which the employment of the Executive is
terminated pursuant to and in accordance with Section 6 hereof (the "EXPIRATION
DATE").
4. COMPENSATION.
4.1 BASE SALARY. The Executive shall receive a base salary at the
annual rate of $190,000 (the "BASE SALARY") during the Term of Employment, with
such Base Salary payable in installments consistent with the Company's normal
payroll schedule, subject to applicable withholding and other taxes. The Base
Salary shall be reviewed at least annually.
4.2 BONUSES.
a. During the Term of Employment, for each calendar year during
the Term of Employment (the "Bonus Period"), the Board shall establish a bonus
pool from which the Executive shall be eligible to receive an annual bonus
potentially equal to thirty-five percent (35%) of the Executive's Base Salary
(the "BONUS PAYMENT"), to be determined by the Executive's supervisor and based
upon the satisfaction by the Executive and/or the Company of the goals (the
"GOALS"), to be established by the Company. Notwithstanding the foregoing, in
the event that the Goals are either exceeded or not fully achieved for a Bonus
Period, the Executive may be eligible to receive a Bonus Payment in an amount in
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