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Title: |
Employment Agreement |
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Date: |
2007 |
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Preview shows 5KB of 30KB total |
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Price: |
$39 |
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ID: |
#2847920 |
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EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT (this Employment Agreement), dated as of March 26, 2007, by and between TheStreet.com, Inc., a Delaware corporation (the Company or TheStreet.com), and Steven Elkes (Elkes).
WHEREAS, the Company desires that Elkes enter into this Employment Agreement, and Elkes desires to enter into this Employment Agreement, on the terms and conditions set forth herein;
NOW THEREFORE, the parties hereto agree as follows:
Section 1. Duties; Term.
(a) The Company agrees to employ Elkes, and Elkes agrees to be so employed, in the positions of Chief Revenue Officer and Executive Vice President, Mergers & Acquisitions, responsible for the coordination of all revenue-generating and mergers and acquisitions activities of the Company, and Elkes agrees to perform such duties, functions and responsibilities as are generally incident to such positions, reporting to and subject to the direction of the Chief Executive Officer, for a period commencing on March 26, 2007 (the Commencement Date) and ending on March 25, 2009 (the Expiration Date), unless sooner terminated in accordance with Section 4 hereof (the Term). Elkes agrees to perform faithfully the duties assigned to him pursuant to this Employment Agreement to the best of his abilities and to devote substantially all of his business time and attention to the Companys business. Elkes shall be subject to all laws, rules, regulations and policies as are from time to time applicable to employees of the Company including TheStreet.coms Policy on Investments and Code of Business Conduct and Ethics, and will be required to comply fully with the provisions of all written supervisory procedures and other relevant securities and disciplinary policies relevant to his position with the Company.
(b) Notwithstanding the foregoing, Elkes also may serve on the board of directors or advisory committee of other enterprises subject to the consent of the Board, which shall not unreasonably be withheld; provided, however, that Elkes shall not serve on more than two such boards at the same time.
Section 2. Compensation.
(a) Annual Salary. As compensation for his services hereunder, during the Term the Company shall pay to Elkes a salary of Three Hundred Thousand Dollars ($300,000) per annum, payable in accordance with the Companys standard payroll policies, and less all applicable federal, state and local withholding taxes (the Annual Salary). The Annual Salary shall be reviewed at least annually during the Term, and may be increased in the sole discretion of the Companys Chief Executive Officer and the Com-
pensation Committee of the Companys Board of Directors (the Board), taking into consideration both the Companys and Elkess performance during the preceding year.
(b) Bonus. Except as set forth in Section 4 hereof, in addition to the Annual Salary, Elkes shall be entitled to receive additional bonus compensation, which may be cash and/or equity compensation, for his employment during calendar years 2007 and 2008 (the Annual Bonus). The Annual Bonus will be structured as follows: (i) seventy percent (70%) will be based upon the mutually agreed upon annual incentive bonus plan for management and other significant employees of the Company, which shall be based upon achievement of the Companys financial and operational goals as approved by the Compensation Committee, and (ii) thirty percent (30%) will be based upon pre-established individual performance goals, as approved by the Committee with meaningful input on all goals from the Chief Executive Officer. The target level for the Annual Bonus will be 65% of the Annual Salary.
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