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Title: |
Employment Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 4KB of 40KB total |
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Price: |
$35 |
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ID: |
#2553946 |
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EMPLOYMENT AGREEMENT
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The parties to this Employment Agreement (the "Agreement") are John
Stolte (the "Executive"), residing at 10093 Coffee Tree Court, Manassas,
Virginia 20110, and ORBCOMM Inc. (the "Company"), a company organized under the
laws of Delaware, with offices located at 21700 Atlantic Boulevard, Dulles,
Virginia 20166.
The Company desires to provide for the Executive's employment by the
Company, and the Executive desires to accept such employment under the terms and
conditions contained herein, and the parties hereto have agreed as follows:
1. Employment. The Company shall employ the Executive, and the Executive
shall serve the Company, as Executive Vice President - Technology and
Operations, with duties and responsibilities compatible with that position. The
Executive agrees to devote his full time, attention, skill, and energy to
fulfilling his duties and responsibilities hereunder. The Executive's services
shall be performed principally at the Company's offices in Dulles, Virginia.
2. Term of Employment. The Executive's employment under this Agreement
shall commence as of June 1, 2006 (the "Start Date") and shall continue until
December 31, 2008, unless sooner terminated pursuant to the provisions of
Section 4 (the "Term"). The parties hereto may extend the Term by a written
agreement, signed by both parties, that specifically references this Agreement.
Upon the natural expiration of the Term (or any extended Term), (a) the
Executive's employment will become "at-will" and will be terminable by either
party hereto for any reason not prohibited by law or for no reason, and with or
without notice, (b) Section 4(e) below shall no longer be applicable and (c) the
post-employment restrictions on the Executive under Section 7(b) below will no
longer be applicable.
3. Compensation. As full compensation for the services provided under
this Agreement, the Executive shall be entitled to receive the following
compensation during the Term:
(a) Base Salary. During the Term, the Executive shall be entitled to
receive an annual base salary (the "Base Salary") of $225,000. Any Base Salary
increase will be subject to the sole discretion of the Company's Board of
Directors (the "Board"). Base Salary payments hereunder shall be made in arrears
in substantially equal installments (not less frequently than monthly) in
accordance with the Company's customary payroll practices for its other
executives, as those practices may exist from time to time.
(b) Bonus. For each calendar year beginning with the 2006 calendar year,
the Executive shall also be eligible to receive a bonus (the "Bonus") equal to
up to 75% of Base Salary, determined based on the achievement of performance
targets (both financial and qualitative) established each year by the Board. In
order to receive such a Bonus, if any, the Executive must be actively employed
by the Company on the last day of the fiscal year for which the Bonus is being
paid and not have had his employment terminated with "cause" pursuant to
{PAGE}
Section 4(c) below prior to the payment of such Bonus. Further, if the Company
establishes a bonus plan or program in which the Company's executives are
generally permitted to participate, then the Executive shall be entitled to
participate in such plan or program. The terms and conditions of the Executive's
participation in, and/or any award under, any such plan or program shall be in
accordance with the controlling plan or program documents.
(c) Employee Benefits. Subject to the Executive satisfying and
continuing to satisfy any plan or program eligibility requirements, the
Executive shall be entitled to receive Company-paid medical and disability
insurance, Company-paid term life insurance (which shall provide for a death
benefit payable to the Executive's beneficiary), Company-paid holiday and
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