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Title: |
Employment Agreement |
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Entities: |
Encore Medical Corp.; Wright Medical Group, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 5KB of 19KB total |
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Price: |
$38 |
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ID: |
#2311518 |
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Start of
Preview |
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this Agreement) made and effective as of the 6th day of March, 2006, by and between ENCORE MEDICAL CORPORATION, a Delaware corporation (the Company), and BRIAN ENNIS (the Employee).
In consideration of the mutual promises contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Employee agree as follows:
ARTICLE 1
EMPLOYMENT
1.1 Employment Term. The Company hereby employs the Employee for a primary term commencing on the date set forth above and, subject to earlier termination as provided in Section 1.5 hereof, ending December 31, 2007 (the Employment Term). Employee agrees to accept such employment and to perform the services specified herein, all upon the terms and conditions hereinafter stated.
1.2 Duties. The Employee shall serve in the dual capacity as President-Empi and President Compex Technologies (which entities are in the process of combining and integrating their functions), or in such other capacity as the Company may in its sole discretion direct, and shall report to, and be subject to the general direction and control of, the Chief Operating Officer of the Company. It is understood that upon the integration of Empi and Compex Technologies, there will be only one position that the Employee will be serving in. It is further understood and agreed that any modification in or expansion of Employees duties hereunder shall not, unless specifically agreed in writing by Company, result in any modification in, increase or decrease of Employees compensation referred to in Section 1.4 hereof.
1.3 Extent of Service. The Employee shall devote his full time, attention, and energy to the business of the Company and, except as may be specifically permitted by the Company and approved by the Chief Executive Officer of the Company, shall not be engaged in any other business activity while in the employ of the Company. The Employee will be allowed to serve as a director on the board of directors of at least one company as long as such company or companies do not compete with the business of Encore.
1.4 Compensation
1.4.1 Salary. The Company shall pay to the Employee a base salary at a rate of not less than Two Hundred Seventy-Five Thousand Dollars ($275,000) per year, or at such greater rate as the Board of Directors of the Company shall from time to time determine (the Base Salary). The Base Salary shall be subject to review on no less than an annual basis. Such salary is to be payable in installments in accordance with the payroll policies of the Company in effect from time to time during the Employment Term. It is agreed that as of January 1, 2007 or such sooner date as Employee is responsible for the manufacturing functions for Empi based on
the determination of the Chief Operating Officer of the Company, Employees base salary will increase to Three Hundred Thousand Dollars ($300,000) per year.
1.4.2 Other Benefits. The Employee shall be entitled to such vacation days, sick days, insurance and other fringe benefit programs (including pension, profit-sharing, bonus and stock plans, if any) as are established for all other executive employees of the Company, on the same basis as such other employees are entitled thereto, it being understood that the establishment, termination, or change of any such program shall be at the instance of the Company, in exercise of its sole discretion, from time to time, and any such termination or change in any such program shall not affect this Agreement.
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