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Employment Agreement

 

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Title:

Employment Agreement

Entities:

American Medical Technologies Inc.

Date:

2004

Size:

Preview shows 8KB of 29KB total

Price:

$44

ID:

#389858

 

 

► Employment ► Employment Agreements
► Healthcare ► Medical Equipment & Supplies

 

 

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EMPLOYMENT AGREEMENT

This Employment Agreement (Agreement) is entered into effective as of the 1st day of June, 2004 (the Effective Date), by and between American Medical Technologies, Inc., a Delaware corporation (AMT) and Roger W. Dartt (Employee).

NOW, THEREFORE, for and in consideration of the mutual covenants and conditions contained herein, and in consideration of the employment of Employee, and further, in consideration of the compensation contained herein, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1.             Term. AMT hereby agrees to employ Employee for a term commencing on the Effective Date and ending on December 31, 2006, unless earlier terminated as provided in this Agreement (Second Term). The term of this Agreement may only be extended by the mutual written agreement of the parties hereto.  However, if neither party has issued a written notice of termination at least sixty days before the end of the Second Term, then this Agreement shall automatically be renewed for one (1) year.

2.             Duties. Employee shall serve as the President and Chief Executive Officer of AMT. He shall assume such duties as the By Laws of AMT (as in effect as of the Effective Date) provide or as the Board of Directors of AMT may from time to time prescribe pursuant to such By Laws. The duties of Employee shall be those as are generally consistent with the duties of a President and Chief Executive Officer of a dental/medical development, manufacturing and sales company of such size as AMT, including such positions with and duties for AMT subsidiaries as may be assigned from time to time. The responsibilities of the President and CEO shall include competent executive management. Employee agrees to devote substantially all his time, attention, and best efforts to the performance of his duties hereunder.

3.             Compensation. AMT shall compensate Employee for the services rendered under this Agreement as follows:

a.                                       Signing Bonus.  In recognition of outstanding efforts expended by Employee during the prior Term of his employment with AMT, and further in consideration of Employees agreeing to comply with all of the terms and conditions of this Agreement, including all covenants, and in consideration of Employees specific agreement and representation to abide by the same, AMT agrees to pay to Employee a Signing Bonus in the amount of $166,000.  AMT agrees that this bonus reflects the remainder of the bonus to be paid following completion of the Biolase Transaction.  Upon payment of this amount, Employee agrees that he will when paid this bonus purchase 250,000 shares of common stock that have previously vested, and he shall be entitled to purchase such shares at the agreed option price of $0.33 per share.  Such Bonus, which shall be paid in accordance with the Companys usual payroll procedures and policies, shall be paid by on or about the date of the first payroll following the Effective Date of this Agreement.

b.                                      Base Salary. An annual base salary (Base Salary) determined by the Board of Directors through its compensation committee in its discretion and consistent with its practices for executives of AMT, is $250,000.00 per year (less applicable withholdings), payable in accordance with the customary payroll practices of AMT for compensation of its executives . If Employees base salary is increased at any time, it shall not thereafter be decreased during the term of this Agreement without the written consent of the Employee.

c.                                     Performance BonusIn recognition of Employees outstanding efforts during the prior Term of his employment with AMT, and as an incentive to promote achievement of various goals established by AMT during this Second Term, and in further consideration of the Employees agreeing to comply with all of the terms and conditions of this Agreement, including all covenants, and in consideration of Employees specific agreement and representation to abide by the same, AMT agrees to pay to Employee a cash bonus which

 


 


 

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