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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: |
2007 |
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Size: |
Preview shows 8KB of 52KB total |
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Price: |
$39 |
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ID: |
#2831509 |
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ALLSCRIPTS, INC.
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT, (this Agreement) is effective as of this 24th day of April, 2007, by and between Allscripts LLC, a limited liability corporation organized and existing under the laws of the State of Delaware, with its principal place of business at 222 Merchandise Mart Plaza, Chicago, Illinois 60654 (Company) and Benjamin E. Bulkley (Executive).
RECITALS
WHEREAS, Company desires to employ Executive as its Chief Operating Officer; and
WHEREAS, Executive desires to be employed by Company in the aforesaid capacity.
NOW THEREFORE, in consideration of the foregoing premises, of the mutual agreements and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
AGREEMENT
| 1. | Employment. |
Company hereby agrees to employ Executive, and Executive hereby accepts employment, as Chief Operating Officer of Company, pursuant to the terms of this Agreement. Executive shall have the duties and responsibilities and perform such administrative and managerial services of that position as are set forth in the bylaws of Company (the Bylaws) or as shall be delegated or assigned to Executive by the Chief Executive Officer of Company (the CEO) from time to time. Executive shall report to the CEO and carry out his responsibilities hereunder on a full-time basis for and on behalf of Company; provided that Executive shall be entitled to devote time to personal investments and civic and charitable activities, personal education and development, so long as such activities do not interfere with or conflict with Executives duties hereunder. Notwithstanding the foregoing, Executive agrees that, during the term of this Agreement, Executive shall not act as an officer of any entity other than Company without the prior written consent of Company.
| 2. | Effective Date and Term. |
The initial term of Executives employment by Company under this Agreement shall commence as of April 24, 2007 (the Effective Date) and shall continue in effect for a term of one (1) year, unless earlier terminated as provided herein. Thereafter, the Company may elect to renew this Agreement upon the expiration of the initial term or any renewal term by providing written notice of renewal to Executive at least ninety (90) days prior to the expiration of the then current term. If such notice is not provided, Executive must notify Company that Company failed to provide a notice of renewal. If Company does not cure such failure within five (5) business days, this Agreement will terminate at the expiration of the then current term. If
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Company elects not to renew this Agreement at the end of the initial term or any renewal term, such nonrenewal shall be treated as a termination of the Employment Period without cause by Company for the limited purpose of determining the payments and benefits available to Executive (i.e., Executive shall be entitled to the severance/benefits set forth in Section 4.5.1). If Executive elects not to renew this Agreement, the same shall not constitute a termination of the Employment Period without cause and Executive shall be entitled to receive the severance/benefits set forth in Section 4.5.5. As used herein, the term Employment Period shall mean the period from the Effective Date until the termination of the Agreement (i) for non-renewal pursuant to this Section 2, or (ii) pursuant to Section 4 herein.
| 3. | Compensation and Benefits. |
In consideration for the services Executive shall render under this Agreement, Company shall provide or cause to be provided to Executive the following compensation and benefits:
3.1 Base Salary. During the Employment Period, Company shall pay to Executive an annual base salary at a rate of four hundred thousand dollars ($400,000) per annum, subject to all appropriate federal and state withholding taxes, which base salary shall be payable in accordance with Companys normal payroll practices and procedures. Executives base salary shall be reviewed annually prior to the beginning of each Fiscal Year (as defined below) during the Employment Period by the CEO or the Board of Directors of Company (the Board), or a committee of the Board, and may be increased in the sole discretion of the CEO, Board, or such committee of the Board, based on Executives performance during the preceding Fiscal Year. For purposes of this Agreement, the term Fiscal Year shall mean the fiscal year of the Company, commencing on January 1 of each year and ending on December 31. Executives base salary, as such base salary may be increased annually hereunder, is hereinafter referred to as the Base Salary. After Executive has been employed for a period of six (6) months by the Company, the CEO shall review the performance of Executive and the Company and determine if any adjustment in said salary is merited, in the sole discretion of the CEO.
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