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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Gulf Island Fabrication Inc.

Date:

2007

Size:

Preview shows 6KB of 30KB total

Price:

$45

ID:

#2750877

 

 

► Employment ► Employment Agreements
► Construction ► Supplies & Fixtures

 

 

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EMPLOYMENT AGREEMENT
     This EMPLOYMENT AGREEMENT (this Agreement) is made as of November 8, 2006, by and between Avatar Holdings Inc., a Delaware corporation (the Company), and Patricia Kimball Fletcher (the Employee).
W I T N E S S E T H
          WHEREAS, the Company desires to employ the Employee as its Executive Vice President and General Counsel and the Employee desires to accept such employment, all on the terms and conditions specified herein; and
          WHEREAS, the Employee and the Company desire to set forth in writing all of their respective duties, rights and obligations with respect to the Employees employment by the Company.
          NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties hereto agree as follows:
          1. Employment and Term. The Company hereby employs the Employee, and the Employee hereby accepts employment by the Company, in the capacity and upon the terms and conditions set forth herein. The term of employment under this Agreement shall be for the period commencing January 1, 2007 and ending on December 31, 2009, unless earlier terminated as herein provided (the Term of Employment). The last day of the Employees Term of Employment shall be referred to in this Agreement as the Date of Termination.
          2. Duties. During the Term of Employment, the Employee shall serve as the Companys Executive Vice President and General Counsel, and shall perform such duties, functions and responsibilities as are customarily associated with and incident to the positions of Executive Vice President and General Counsel and as the Company may, from time to time, require of her, including, but not limited to, the performance of such functions and duties for the Companys subsidiaries or affiliates (the Company and the foregoing entities being referred to herein collectively as the Avatar Entities and each as an Avatar Entity), subject to the direction of the Companys Board of Directors. The Employee shall serve the Company faithfully, conscientiously and to the best of the Employees ability and shall promote the interests and reputation of the Company. Except as expressly provided herein, unless prevented by sickness or disability, the Employee shall devote all of her time, attention, knowledge, energy and skills, during normal working hours, and at such other times as the Employees duties may reasonably require, to the duties of the Employees employment. The principal place of employment of the Employee shall be the principal executive offices of the Company and/or such other location within fifty (50) miles of Companys current principal place of business as shall be necessary for the Employee to discharge the Employees duties hereunder. The Employee acknowledges that in the course of employment the Employee may be required, from time to time, to travel on behalf of the Company. Notwithstanding the foregoing, the Employee shall be permitted to assist

 


 

Duane Morris LLP on any transition matters relating to the Employees current files and clients so long as such assistance does not adversely affect the Employees performance of her duties and so long as the Employee receives no compensation for such assistance; provided, however, that nothing in this Agreement shall prohibit or in any way limit the Employee from receiving compensation from Duane Morris LLP for services performed by the Employee on or prior to December 31, 2006.
          3. Compensation and Benefits. As full and complete compensation for the Employees execution and delivery of this Agreement and performance of any services hereunder, the Company shall pay, grant or provide the Employee, and the Employee agrees to accept, the following compensation and benefits:
     (a) Base Salary. The Company shall pay the Employee a base salary (Base Salary) at an annual rate of $700,000 payable at such times and in accordance with the standard payroll practices of the Company. On an annual basis or at such other times as the Company may determine, the Employees Base Salary shall be reviewed, and in the sole discretion of the Board of Directors of the Company, the Company may increase (but not decrease) the Employees Base Salary.

 

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