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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 6KB of 30KB total |
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Price: |
$40 |
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ID: |
#282393 |
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EMPLOYMENT AGREEMENT
This Employment Agreement is made and entered into effective as of
November 1, 2003 (the "Effective Date"), by and between NEOPROBE CORPORATION, a
Delaware Corporation with a place of business at 425 Metro Place North, Suite
300, Dublin, Ohio 43017-1367 (the "Company") and RICHARD N. LINDER, JR. of
Collierville, Tennessee (the "Employee").
WHEREAS, the Company and the Employee wish to establish terms, covenants,
and conditions for the Employee's continued employment with the Company through
this agreement ("Employment Agreement").
NOW, THEREFORE, in consideration of the mutual agreements herein set
forth, the parties hereto agree as follows:
1. DUTIES. From and after the Effective Date, and based upon the terms
and conditions set forth herein, the Company agrees to employ the
Employee and the Employee agrees to be employed by the Company, as
Vice President Sales and Marketing of the Company and in such
equivalent, additional or higher executive level position or
positions as shall be assigned to him by the Company's President and
CEO. While serving in such executive level position or positions,
the Employee shall report to, be responsible to, and shall take
direction from the President and CEO of the Company. The Company
shall not require the Employee to perform any task that is
inconsistent with the position of an Executive Officer. During the
Term of this Employment Agreement (as defined in Section 2 below),
the Employee agrees to devote substantially all of his working time
to the position he holds with the Company and to faithfully,
industriously, and to the best of his ability, experience and
talent, perform the duties, which are assigned to him. The Employee
shall observe and abide by the reasonable corporate policies and
decisions of the Company in all business matters.
The Employee represents and warrants to the Company that Exhibit A
attached hereto sets forth a true and complete list of (a) all
offices, directorships and other positions held by the Employee in
corporations and firms other than the Company and its subsidiaries
and (b) any investment or ownership interest in any corporation or
firm other than the Company beneficially owned by the Employee
(excluding investments in life insurance policies, bank deposits,
publicly traded securities that are less than five percent (5%) of
their class and real estate). The Employee will promptly notify the
Board of Directors of the Company of any additional positions
undertaken or investments made by the Employee during the Term of
this Employment Agreement if they are of a type, which if they had
existed on the date hereof, should have been listed on Exhibit A
hereto. As long as the Employee's other positions or investments in
other firms do not create a conflict of interest, violate the
Employee's obligations under Section 7 below or cause the Employee
to neglect his duties hereunder, such activities and positions shall
not be deemed to be a breach of this Employment Agreement.
2. TERM OF THIS EMPLOYMENT AGREEMENT. Subject to Sections 4 and 5
hereof, the Term of this Employment Agreement shall be for a period
of fourteen (14) months, commencing November 1, 2003 and terminating
December 31, 2004.
3. COMPENSATION. During the Term of this Employment Agreement, the
Company shall pay, and the Employee agrees to accept as full
consideration for the services to be rendered by the Employee
hereunder, compensation consisting of the following:
A. SALARY. Beginning on the first day of the Term of this
Employment Agreement, the Company shall pay the Employee a
salary of One Hundred Sixty-Five Thousand Dollars ($165,000)
per year, payable in semi-monthly or monthly installments as
requested by the Employee.
{PAGE}
B. BONUS. The Compensation Committee of the Board of Directors
will, on an annual basis, review the performance of the
Company and of the Employee and will pay such bonus as it
deems appropriate, in its discretion, to the Employee based
upon such review. Such review and bonus shall be consistent
with any bonus plan adopted by the Compensation Committee,
which covers the executive officers and employees of the
Company generally.
C. BENEFITS. During the Term of this Employment Agreement, the
Employee will receive such employee benefits as are generally
available to all employees of the Company.
D. STOCK OPTIONS. The Compensation Committee of the Board of
Directors may, from time-to-time, grant stock options,
restricted stock purchase opportunities and such other forms
of stock-based incentive compensation as it deems appropriate,
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