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Title: |
Employment Agreement |
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Date: |
2003 |
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Preview shows 3KB of 16KB total |
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Price: |
$41 |
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ID: |
#441591 |
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EMPLOYMENT AGREEMENT
--------------------
Entered into as of September 12, 2002
between
LIFEWAY FOODS, INC.
and
JULIE SMOLYANSKY
THIS AGREEMENT, made in the City of Morton Grove and State of Illinois, as of
the 12th day of September, 2002 (the "Agreement Effective Date"), between
Lifeway Foods, Inc., an Illinois corporation, and any successors in interest
thereto (hereinafter called the "Company"), and Julie Smolyansky of Chicago,
Illinois (hereinafter called the "Executive").
RECITALS
Executive has assumed the role of Chief Executive Officer ("CEO") of the Company
on June 10, 2002 by decision of the Board of Directors of the Company and
pursuant to the succession instructions of the Company's late Chairman of the
Board ("Chairman") and CEO, Michael Smolyansky.
Company and Executive are desirous of entering into a new employment agreement
with a term commencing on September 12, 2002.
IT IS AGREED by and between the parties hereto as follows:
ARTICLE I
EMPLOYMENT
1.1 TERM AND DUTIES. the Company agrees to and does employ the Executive to
perform the duties of CEO in accordance with the terms of this Agreement. The
period (the "Term") of such employment shall begin on September 12, 2002. The
duties of the Executive shall be those commensurate with the office of CEO of
the Company. In such capacity she shall have general charge of the business and
affairs of the Company. Neither the Executive's title nor any of her functions
shall be changed without her consent. While it is understood that the right to
elect directors and officers of the Company is by law vested in the stockholders
and directors of the Company, it is nevertheless mutually contemplated, subject
to such rights, that the Executive shall, at all times during her employment, be
CEO of the Company and shall be a member of the Board of Directors of the
Company.
1.2 COMPENSATION. In consideration of Executive's services during the Term, the
Company agrees to pay the Executive (a) an annual salary ("Base Salary") and (b)
an annual bonus subject to such incentive bonus targets and plans which the
Company may adopt and amend from time to time. Nothing in this Agreement shall
preclude or in any way affect the grant by the Company or the receipt by the
Executive of increases in such salary or any such bonuses or other forms of
additional compensation, including additional equity or equity-based awards, any
such salary and/or bonus increases and additional compensation, contingent or
otherwise. The Executive's salary shall never be reduced during the Term without
the Executive's consent.
{PAGE}
1.3 PAYMENT SCHEDULE. The Base Salary shall be payable as current salary, in
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