Preview | Employment Agreement |

Employment Agreement

EMPLOYMENT AGREEMENT
BETWEEN

TERRANCE J. BIEKER

PHARMACEUTICAL RESEARCH ASSOCIATES, INC.

THIS EMPLOYMENT AGREEMENT (this Agreement) is made as of the 14th day of December, 2006 (the Effective Date), by and between Pharmaceutical Research Associates, Inc., a Virginia corporation (Employer), having its principal office in the Commonwealth of Virginia, which is a wholly-owned subsidiary of PRA International, a Delaware corporation (PRA International), and Terrance J. Bieker (Employee).

WHEREAS, Employer and Employee desire to enter into an agreement for the employment by Employer of Employee as Chief Executive Officer commencing on the Effective Date, serving on an interim basis until his successor is appointed by Employer.

WHEREAS, by entering into this Agreement, the terms of the Employees employment with the Employer will be governed by the terms and conditions of this Agreement and any other prior agreement between the Employee and the Employer relating to the Employees employment with the Employer or any of its affiliated entities is superseded by the terms of the Agreement.

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions set forth below, which consideration is acknowledged by both parties to be good and sufficient, the parties hereto agree as follows:

1. Position. Employer hereby agrees to employ Employee as of the Effective Date (as defined herein) and Employee hereby accepts employment as of the Effective Date in the position of Chief Executive Officer with appropriate title, rank, status and responsibilities as determined from time to time by the Board of Directors of PRA International (Board) upon the terms and conditions hereinafter set forth. Employee shall serve as a Class I member of the Board through the expiration of the Class I term in 2008, but shall only receive compensation as a member of the Board after the Employment Term.

2. Employment Period.

(a) The period of employment under this Agreement shall begin on the Effective Date and shall end on the one-year anniversary of the Effective Date, or on the date his successor is appointed by Employer and this Agreement is terminated, or unless this Agreement is otherwise terminated sooner, pursuant to Section 7 of this Agreement. This Agreement shall not automatically renew upon the expiration of its term, and continued employment thereafter by the Employee with Employer shall be terminable by either party with or without cause and with or without notice unless the parties enter into a separate written agreement for employment; provided, however, that Employees obligations under Sections 9, 10, 11 and 12 of this Agreement shall survive the expiration of this Agreement in any and all events (but Employers obligations under Section 7 shall not survive the expiration of this Agreement).

(b) The period during which Employee is employed under the terms of this Agreement is the Employment Period.

3. Duties. The Board shall have the power to determine the specific duties that shall be performed by Employee and the means and manner by which those duties shall be performed, but such duties shall be consistent with the executive position of Employee.

(a) During the Employment Period, Employee agrees to use his best efforts in the business of Employer and to devote his full time, skill, attention and energies to the business of Employer. Employee shall not be engaged in any other business activity which shall be competitive with the business of Employer or which may (i) interfere with Employees ability to discharge his responsibilities to Employer; or (ii) detract from the business of Employer. Employee shall not:

(i) work either on a part-time or independent contracting basis for any other company, business or enterprise (excluding ViTA Business Ventures, Inc, for which Employee provides services as of the Effective Date) without the prior written consent of the Board; or

(ii) serve on the board of directors or comparable governing body of any other material business, civic or community corporation or similar entity without the prior written consent of the Board (excluding those positions Employee holds and boards of directors on which Employee serves as of the date of this Agreement, which positions and boards, if any, are listed on Exhibit A hereto), which consent shall not be unreasonably withheld.

End of Preview

Home Intelligence Services Subscriptions News About Us