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Title: |
Employment Agreement |
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Date: |
2007 |
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Preview shows 5KB of 25KB total |
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Price: |
$40 |
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ID: |
#3026781 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (this ?Agreement?) is entered into as of November 9, 2005 by and between Christopher A. Wilson (the ?Executive?) and Mobile Storage Group, Inc., a Delaware corporation (the ?Company?).
WHEREAS, the Company desires the Executive to serve as its General Counsel and Assistant Secretary, and the Executive desires to serve as the General Counsel and Assistant Secretary of the Company for the term and upon the other conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the agreements and covenants contained herein, the Executive and the Company hereby agree as follows:
ARTICLE 1
Employment
Section 1.1. Position; Term; Condition Precedent; Responsibilities. The Company shall employ the Executive as its General Counsel and Assistant Secretary for a term commencing on the date of this Agreement (the ?Commencement Date?) and ending on the date this Agreement is terminated pursuant to Article 3. The term of employment as prescribed in this Section 1.1 is hereinafter called the ?Employment Period?. Subject to the powers, authorities and responsibilities vested in the Board of Directors (the ?Board?) of the Company and in duly constituted committees of the Board under the Delaware General Corporation Law and the Company?s Certificate of Incorporation and Bylaws, the Executive shall have the responsibilities assigned to him by the President and Chief Executive Officer of the Company, including the execution of the business plans, and shall report to the President and Chief Executive Officer. The Executive shall also perform such other executive and administrative duties as the Executive may reasonably be expected to be capable of performing on behalf of the Company and its subsidiaries, as may from time to time be authorized or requested by the President. The Executive agrees to be employed by the Company in all such capacities for the Employment Period, subject to all the covenants and conditions hereinafter set forth.
Section 1.2. Faithful Performance. During the Employment Period, the Executive shall perform faithfully the duties assigned to him hereunder to the best of his abilities and devote substantially all of his business time and attention to the transaction of the business of the Company and its subsidiaries. The Executive covenants, warrants and represents to the Company that he shall: (i) devote his best efforts to the fulfillment of his employment obligations; (ii) exercise the highest degree of loyalty and the highest ethical standards of conduct in the performance of his duties; and (iii) do nothing which the Executive knows or should know will harm, in any way, the business or reputation of the Company or any of its subsidiaries.
ARTICLE 2
Compensation
Section 2.1. Basic Compensation. As compensation for his services hereunder, the Company shall pay to the Executive during the Employment Period an annual salary of $154,500 (the ?Base Salary?), payable in installments in accordance with the Company?s normal payment schedule for senior management of the Company and subject to payroll deductions as may be necessary or customary in respect of the Company?s salaried employees. The Executive?s annual salary in effect from time to time under this Section 2.1 is hereinafter called his ?Basic Compensation?. Such Basic Compensation shall be determined on a pro rata basis for any period described in Article 3 which is not equal to one year.
Section 2.2. Discretionary Incentive Compensation. For 2005 and thereafter Executive shall participate in the Executive Bonus Plan under which Executive shall be eligible for bonuses based upon the achievement of certain targeted financial results and operational and strategic objectives as determined by the Compensation Committee as part of the 2005 annual budget and subsequent budgets. Such targets and objectives shall be established in the Company?s annual budget process, and any discretionary bonus payable hereunder shall be payable within 30 days after finalization of the Company?s audited financial statements for the immediately preceding fiscal year, subject to final Board approval. Any discretionary bonus paid to Executive hereunder shall be referred to herein as a ?Discretionary Bonus.?
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