Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Employment Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Employment Agreement

Entities:

Orbcomm Inc.

Date:

2006

Size:

Preview shows 4KB of 53KB total

Price:

$47

ID:

#2560976

 

 

► Employment ► Employment Agreements

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT


The parties to this Employment Agreement (the "AGREEMENT") are
Jerome Eisenberg (the "Executive"), residing at 346 Hillcrest Road, Englewood,
New Jersey 07631, and ORBCOMM Inc. (the "COMPANY"), a company organized under
the laws of Delaware, with offices located at 2115 Linwood Avenue, Fort Lee, NJ
07024 and 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 Chief Executive Officer and Chairman of
the Board with duties and responsibilities compatible with those positions, as
such compatible duties and responsibilities are adjusted from time to time in
the discretion of the Company's Board of Directors (the "BOARD"). 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 executive offices in Fort Lee, N.J. and
operational offices in Dulles, VA, and he will be required to travel
periodically between the Company's offices in Dulles, Virginia and Fort Lee, New
Jersey.

2. TERM OF EMPLOYMENT. The Executive's employment under this
Agreement shall commence on 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, and (b) Section 4(e) below shall 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 $355,000. Any
Base Salary increase will be subject to the sole discretion of 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. If the Company hires an employee with an annual base
salary that is higher than the Base Salary while the Executive is serving as the
Company's Chief Executive Officer, then effective as of the date of hiring such
employee the Base Salary payable to the Executive shall be increased to an
amount equal to the annual base salary of such employee, plus five percent (5%).
If the Executive is no longer serving as the Company's Chief Executive Officer


{PAGE}

but continues to serve as the Company's Chairman of Board, then the Executive's
annual compensation shall equal the then current Base Salary less $155,000.

(b) Bonus. For each fiscal year during the Term, beginning
with the 2006 fiscal year, the Executive shall also be eligible to receive a
bonus (the "BONUS"), which shall be payable in cash or cash equivalent.

No Bonus will be paid unless the Company meets or exceeds 90%
of the applicable performance targets for that fiscal year (the "TARGETS"). If
the Company achieves 90% of the Targets, the Bonus will be equal to 18% of the
Executive's base salary then in effect. If the Company achieves 100% of the
Targets, the Bonus will be equal to 80% of the Executive's base salary then in

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC