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Title: |
Employment Agreement |
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Entities: |
MCF Corp. |
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Date: |
2006 |
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Size: |
25KB total |
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Price: |
$43 |
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ID: |
#2677907 |
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Start of
Preview |
MEDPANEL, INC.
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this Agreement) is entered into as of November __, 2006, between MEDPANEL, INC., a Delaware corporation (the Company), and HOWARD BRICK (the Executive).
WHEREAS, the parties desire to enter into this Agreement setting forth the terms and conditions for the employment relationship of the Executive with the Company.
NOW, THEREFORE, it is AGREED as follows:
1. Employment. The Executive is hereby employed as Managing Director and Chief Operating Officer of the Company for a period commencing on the date hereof and ending two years after the date hereof. As Managing Director and Chief Operating Officer of the Company, the Executive shall handle all day to day activities of the Company as customarily performed by persons serving in such capacities. The Executive agrees to serve the Company faithfully and to the best of his ability and to devote his full time, attention, and efforts to the business and affairs of the Company during the term of his employment. The Executive hereby confirms that he is under no contractual commitments inconsistent with his obligations set forth in this Agreement. The Executive shall be entitled without prior written consent to hold positions on the Board of Directors of entities that do not compete with the Company and do not otherwise restrict the trading and business activities of the Company and its parent or sister subsidiaries. The Executive has, as of the date of this Agreement, disclosed to the Board of Directors of the Company the positions the Executive currently holds on other Boards of Directors, and the Company has consented to such positions.
2. Location of Services. During the term of this Agreement, the Executive shall be principally located at the offices of the Company located in Boston metropolitan area of the Commonwealth of Massachusetts.
3. Salary. The Company shall pay the Executive an annual base salary equal to One Hundred Sixty-Five Thousand Dollars ($165,000) as compensation for services in calendar year 2007 and an annual base salary equal to One Hundred Seventy-Four Thousand Dollars ($174,000) as compensation of services in calendar year 2008 (Base Salary). The Base Salary of the Executive shall not be decreased at any time during the term of this Agreement from the amount then in effect, unless the Executive otherwise agrees in writing. Participation in deferred compensation, discretionary bonus, retirement, and other employee benefit plans and in fringe benefits shall not reduce the Base Salary. The Base Salary shall be payable to the Executive not less frequently than monthly.
4. Executives Bonus. The Executive shall be entitled to an annual bonus conditioned upon Company performance as more particularly described below:
(a) For calendar year 2007, the Executives bonus compensation shall be calculated by application of a weighted percentage against Pre-Bonus EBITDA, Revenue and Revenue Growth above the Benchmark.
(i) Pre-Bonus EBITDA is defined as the earnings determined in accordance with GAAP before interest, taxes, depreciation and amortization of the Company during calendar year 2007;
(ii) Revenue is defined consistent with the financial statements;
(iii) Revenue Growth is defined as the increased Revenue above the Benchmark; and
(iv) Benchmark is defined as Company Revenue of $5,369,400.
The Executive bonus compensation for calendar year 2007 will be equal to the sum of (I) the product of the Pre-Bonus EBITDA figure for such year multiplied by 11.31%; plus (II) the product of the Revenue figure for such year multiplied by 0.64%, plus (III) the product of the Revenue Growth above the Benchmark multiplied by 2.05%.
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