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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Facet Holdings Corp

Date:

2006

Size:

Preview shows 4KB of 69KB total

Price:

$46

ID:

#2515551

 

 

► Employment ► Employment Agreements

 

 

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                              EMPLOYMENT AGREEMENT


This Employment Agreement ("AGREEMENT") is made and entered into as of
February 7, 2005 (the "EFFECTIVE DATE"), by and between MARINER ENERGY, INC., a
Delaware corporation (hereafter "COMPANY"), and MICHIEL C. VAN DEN BOLD
(hereafter "EXECUTIVE").

1. EMPLOYMENT. During the Employment Period (as defined in Section 4
hereof), the Company shall employ Executive, and Executive shall serve, as Vice
President and Chief Exploration Officer.

2. DUTIES AND RESPONSIBILITIES OF EXECUTIVE.

(a) During the Employment Period, Executive shall devote his full
time and attention during normal business hours to the business of the
Company, will act in the best interests of the Company and will perform
with due care his duties and responsibilities. Executive's duties will
include those normally incidental to the position of Vice President and
Chief Exploration Officer as well as whatever additional duties may be
assigned to him by the Board of Directors of the Company (the "BOARD") or
the Chief Executive Officer of the Company. Executive agrees to cooperate
fully with the Board and the Chief Executive Officer of the Company and
not to engage in any activity that materially interferes with the
performance of Executive's duties hereunder. During the Employment Period,
Executive will not hold outside employment without the advance written
approval of the Board. Provided that it shall not be a violation of this
Agreement for Executive to (1) serve on corporate, civic, or charitable
boards or committees (except for boards or committees of a business
organization that competes with the Company in any business in which the
Company is regularly engaged), which are listed on EXHIBIT A so long as
such service does not materially interfere with the performance of
Executive's duties and responsibilities under this Agreement, as
determined in the good faith opinion of the Board, (2) manage personal
investments, or (3) take vacation days and reasonable absences due to
injury or illness, as set forth herein and/or permitted by the general
policies of the Company.

(b) Executive represents and covenants to the Company that he is not
subject or a party to any employment agreement, noncompetition covenant,
nondisclosure agreement, or any other agreement, covenant, understanding,
or restriction that would prohibit Executive from executing this Agreement
and fully performing his duties and responsibilities hereunder, or would
in any manner, directly or indirectly, limit or affect the duties and
responsibilities that may now or in the future be assigned to Executive
hereunder.

(c) Executive acknowledges and agrees that Executive owes the
Company a duty of loyalty and that the obligations described in this
Agreement are in addition to, and not in lieu of, the obligations
Executive owes the Company under the common law.

3. COMPENSATION.

(a) During the Employment Period (as defined in Section 4 hereof),
the Company shall pay to Executive an annualized base salary of $200,000
(the "BASE

{PAGE}

SALARY") in consideration for Executive's services under this Agreement,
payable on a not less than semi-monthly basis, in conformity with the
Company's customary payroll practices for executive salaries. For all
purposes of this Agreement, Executive's Base Salary shall include any
portion thereof which is deferred under any nonqualified plan or
arrangement. Each year, the Board shall review Executive's salary based on
market survey data, corporate performance, and performance of Executive.
If, in its sole and complete discretion, the Board determines that an

 

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