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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2004 |
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Size: |
Preview shows 5KB of 29KB total |
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Price: |
$33 |
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ID: |
#422733 |
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THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into by and between Megan M. Arthur, an individual ("Employee"), and, Magellan Health Services, Inc. on behalf of itself and its subsidiaries and affiliates (collectively referred to herein as "Employer").
WHEREAS, Employer desires to continue to obtain the services of Employee and Employee desires to continue to render services to Employer; and
WHEREAS, Employer and Employee desire to set forth the terms and conditions of Employee's employment with Employer under this Agreement;
NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual covenants and agreements contained in this Agreement, the parties agree as follows:
1. Employment. Employer agrees to employ Employee, and Employee accepts such employment in accordance with the terms of this Agreement, for a term commencing on November 1, 2003 and, unless terminated earlier in accordance with the terms of this Agreement, ending on May 22, 2004. Thereafter, this Agreement shall automatically renew for 30-day periods, unless sooner terminated as provided herein. In no event, however, shall the Agreement continue beyond January 31, 2005. If either party desires not to renew the Agreement, they must provide the other party with written notice of their intent not to renew the Agreement at least fifteen (15) days prior to the next renewal date. Employer or Employee's notice of intent not to renew the Agreement shall be deemed to be a termination without cause and the provisions of Section 6(c) shall apply.
2. Position and Duties of Employee. Employee will serve as either General Counsel or Deputy General Counsel of Employer. Employee agrees to serve in such position, or in a comparable position as Employer determines from time to time, and to perform the duties that Employer may assign from time to time to Employee, at the same or greater base salary level and a similar location, until the expiration of the term or such time as Employee's employment with Employer is terminated pursuant to this Agreement.
3. Time Devoted. Employee will devote his or her full business time and energy to the business affairs and interests of Employer, and will use his or her best efforts and abilities to promote Employer's interests. Employee agrees that he or she will diligently endeavor to perform services contemplated by this Agreement in a manner consistent with his or her position and in accordance with the policies established by the Employer.
4. Compensation.
(a) Base Salary. Employer will pay Employee a base salary in the amount of Two Hundred Seventy Thousand dollars ($270,000.00), per year, which amount will be paid in semi-monthly intervals less appropriate withholdings for federal and state taxes and other deductions authorized by Employee. Such salary will be subject to review and adjustment by Employer not less than annually.
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