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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: |
2001 |
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Preview shows 4KB of 21KB total |
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Price: |
$37 |
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ID: |
#288401 |
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EMPLOYMENT AGREEMENT
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THIS EMPLOYMENT AGREEMENT (the "Agreement"), made as of the 17th day of
June, 1996, is entered into by Ontogeny, Inc., a Delaware corporation, and Doros
Platika (the "Employee").
The Company desires to employ the Employee, and the Employee desires
to be employed by the Company. In consideration of the mutual covenants and
promises contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties agree as follows:
1. Employment. Commencing as of June 17, 1996, the Company agrees to
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employ the Employee, and the Employee accepts employment with the Company, upon
the terms set forth in this Agreement. The period during which the Employee is
employed by the Company hereunder is referred to as the "Employment Period."
2. Position.
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(a) The Employee shall serve as President and Chief Executive Officer
of the Company. The Employee shall have duties and authority consistent with his
position as President and Chief Executive Officer. The Employee shall report to,
and be subject to the supervision of, the Board of Directors of the Company (the
"Board"). The Employee agrees to devote his entire business time to the business
and interests of the Company during the Employment Period.
(b) During the Employment Period, the Company shall use its best
efforts to cause the election of the Employee to the Board. Upon termination of
the Employment Period,
{PAGE}
the Employee shall be deemed to have automatically resigned as a member of the
Board; such resignation shall be effective immediately without the requirement
of any further written notice.
(c) The Employee agrees to abide by the rules, regulations,
instructions, personnel practices and policies of the Company and any changes
therein which may be adopted from time to time by the Company.
3. Compensation and Benefits.
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3.1 Salary. The Company shall pay the Employee, in monthly
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installments, a base salary of $250,000 per annum. Such salary shall be subject
to annual review by the Board.
3.2 Bonus. The Employee's annual bonus shall be determined by the
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Board and shall be based on the achievement of specific objectives established
by the Board. Such bonus may be paid in the form of cash or additional shares of
Common Stock of the Company (or options therefor).
3.3 Benefits; Vacation. The Employee shall be entitled to participate
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in all medical and other benefit programs that the Company establishes and makes
available to its employees, if any, to the extent that Employee's position,
tenure, salary, age, health and other qualifications make him eligible to
participate. The Employee shall be entitled to four weeks paid vacation per
year.
3.4 Reimbursement of Expenses. The Company shall reimburse the
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Employee for all reasonable travel, entertainment and other expenses incurred or
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