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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Associated Banc-Corp

Date:

2007

Size:

Preview shows 6KB of 30KB total

Price:

$39

ID:

#2842063

 

 

► Employment ► Employment Agreements
► Financial ► Regional Banks

 

 

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EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this Agreement) is entered into as of May 2, 2007 (the Effective Date) between Grande Communications Networks, Inc., a Delaware corporation with principal offices located in San Marcos, Texas (the Company), and William C. Chad Jones, Jr. (the Executive).

WHEREAS, prior to the Effective Date, the Executive was employed by the Company on an at-will basis.

WHEREAS, the Company and the Executive have agreed to enter into this Agreement to provide for the employment of the Executive on an at-will basis, subject to the terms of this Agreement.

WHEREAS, the Company is engaged in the telecommunications business and has expended a great deal of time, money, and effort to develop and maintain proprietary or confidential information which, if misused or disclosed, could be harmful to the Companys business.

WHEREAS, the Executive recognizes and acknowledges that the Executives position with the Company on or after the Effective Date will provide the Executive with access to proprietary or confidential information of the Company that is above and beyond the proprietary or confidential information previously provided to the Executive.

WHEREAS, the Company is a subsidiary of Grande Communications Holdings, Inc. (Parent), a Delaware corporation that has agreed to enter into this Agreement with Executive in connection with the employment of Executive by the Company and Executives agreement to certain restrictive covenants set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and obligations herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Company and the Executive agree as follows:

1. At-Will Employment. The Executive is hereby employed as Chief Service Officer of the Company. The Company and the Executive acknowledge that the Executives employment is, and shall continue to be after the execution of this Agreement, at-will, as defined under applicable law. The Executives employment with the Company shall not be for any definite term. Either the Executive or the Company may terminate this employment relationship at any time, for any reason or no reason, pursuant to Section 9 below. As Chief Service Officer, the Executive shall have full responsibility and authority for management of the day-to-day customer care, information systems and marketing operations of the Company and shall render related management services to the Company of the type customarily performed by persons serving in such capacity. The Executive shall report directly to the Companys Chief Executive Officer, and shall also perform such duties as the Companys Chief Executive Officer may from time to time reasonably direct.

2. Location of Services. During the term of this agreement, the Executive shall perform services at the Companys various offices, but shall be principally located at the offices of the Company located in the Austin/San Antonio Corridor, Texas area.

3. Salary. During the time period that Executive is employed with the Company (such period is the Contract Period), the Company shall pay the Executive for the services to be rendered hereunder a base salary at the rate of $8,400 per bi-weekly period with such increases as may be determined by the Chief Executive Officer from time to time at his discretion with the minimum increase being consistent with that of the other senior officers of the Company (the Base Salary). This equates to an annualized salary of $218,400.00. The Base Salary shall be payable to the Executive in equal bi-weekly installments, pursuant to the Companys payroll policy, and subject to such deductions and withholdings as are required to be made pursuant to applicable governmental laws, rules and regulations and to any applicable voluntary withholdings elected by the Executive.

4. Bonuses. The Executive shall be eligible to earn an annual bonus during each fiscal year (such year being referred to herein as a Bonus Period) that he remains an executive employee of the Company through the end of the Bonus Period. For each Bonus Period the Executive and the Chief Executive Officer shall adopt written performance goals within the Bonus Period (Annual Goals). If Annual Goals are met for a Bonus Period, the Executive shall earn a bonus equal to fifty percent (50%) of his then current Base Salary (for the avoidance of doubt, a delay by any Person (as defined herein) in the adoption of written performance goals shall not deny the Executive any bonus or, upon the adoption and achievement of


 

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