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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Advanced Viral Research Corp.

Date:

2007

Size:

Preview shows 6KB of 31KB total

Price:

$36

ID:

#2871681

 

 

► Employment ► Employment Agreements
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EMPLOYMENT AGREEMENT
     THIS EMPLOYMENT AGREEMENT (Agreement) is made and entered as of May 15, 2007 between ADVANCED VIRAL RESEARCH CORP., a Delaware corporation (Employer), and STEPHEN M. ELLISTON (Employee).
R E C I T A L S
     A. Employee and Employer desire to enter into this Agreement to memorialize the employment relationship between Employer and Employee.
     B. Subject to the terms and conditions of this Agreement, Employee shall continue to be the President and Chief Executive Officer of Employer.
     NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto mutually agree as follows:
1. RECITALS. The above stated Recitals are true and correct and are incorporated by reference into this Agreement.
2. TERM. The term of this Agreement shall be two (2) years commencing as of May 15, 2007 (the Effective Date) and ending on May 14, 2009 unless terminated earlier as provided herein (the Term).
3. DUTIES.
     3.1. In General. Upon the terms and subject to the conditions of this Agreement, Employer hereby employs Employee and Employee hereby accepts such employment with Employer for the term of this Agreement as the President and Chief Executive Officer of Employer. Employee shall have the powers and duties with respect to Employers business interests (the Businesses) as set forth in the Bylaws of Employer for its President and Chief Executive Officer and such other executive and managerial duties as normally associated with such positions, subject to the direction of the Board of Directors in accordance with the reasonable policies adopted from time to time by the Board of Directors and communicated by written notice to Employee (the Duties). During the term of this Agreement and subject to Section 3.4 below, Employee shall devote substantially all of his business time, attention, skill and efforts to the faithful performance of the Duties.
     3.2. Place of Performance. The Duties shall be performed in Yonkers, New York, except for such travel in the ordinary course of Employers business as may from time to time be reasonably required. Employees principal place of business shall be at the executive offices of Employer in Yonkers, New York.
     3.3. Delegation. Notwithstanding anything to the contrary contained in this Section 3, Employee shall have the right and authority to delegate responsibility to one or more personnel as he deems appropriate, and is hereby authorized to hire on behalf of Employer additional agents, employees and other representatives which in his reasonable opinion are necessary to handle the affairs of Employer, and to terminate the employment of any and all agents, employees and other representatives of

 


 

Employer, other than appointed officers of Employer, the termination of whom shall be subject to the prior approval by Employers Board of Directors.
     3.4. Other Activities. Employee shall use his best efforts for the benefit of Employer by whatever activities he reasonably deems appropriate to maintain and improve Employers standing in the community generally and among other members of the industries in which Employer is from time to time engaged, including such entertaining for business purposes as he reasonably considers appropriate. Employee shall not, without the approval of the Board of Directors of Employer, render services of a business nature to any other person or entity, if such activities would interfere with the performance of Employees Duties as required under this Agreement or otherwise prevent Employee from devoting substantially all of his business time, attention, skill and efforts to the performance of Employees Duties as required under this Agreement. Subject to the foregoing limitations, the following activities shall be deemed to be permissible: (i) owning or managing real or personal property owned by Employee or his family members; (ii) owning any business which does not compete, directly or indirectly, with Employer; and (iii) holding directorships or similar positions in any organization which is not competing with Employer and which is approved by the Board of Directors of Employer.

 

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