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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
Preview shows 5KB of 51KB total |
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Price: |
$42 |
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ID: |
#655843 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is made as of this 20th day of June, 2005, by
and between Bruce Bernstein (the "Employee"), and InterDigital Communications
Corporation, a corporation organized and existing under the laws of Commonwealth
of Pennsylvania (the "Company").
WHEREAS, the Company is engaged in the business of design and
development of advanced wireless technologies and products that drive voice and
data communications and the licensing of wireless digital technology and
patents, as such business may be redefined from time to time and as further
described as such in the Company's then current Annual Report on Form 10-K (the
"Business").
WHEREAS, the Company has offered Employee employment as General Patent
Counsel, and Employee is willing to accept such offer, as set forth in this
Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and
obligations contained herein, and intending to be legally bound, the parties,
subject to the terms and conditions set forth herein, agree as follows:
1. Employment and Term. The Company hereby employs Employee and Employee
hereby accepts at-will employment with the Company, as General Patent Counsel of
the Company (such position, Employee's "Position") for a period commencing on
June 20, 2005, and continuing until employment hereunder is terminated pursuant
to the provisions of Section 9 hereof (the "Term").
2. Duties. During the Term, Employee shall serve the Company faithfully
and to the best of his ability and shall devote his full time, attention, skill
and efforts to the performance of the duties required by or appropriate for his
Position. Employee agrees to assume such duties and responsibilities as may be
customarily incident to such position, and as may be assigned to Employee from
time to time by the Chief Executive Officer of the Company or his or her
designee. Employee shall report initially to the Chief Executive Officer of the
Company.
3. Other Business Activities. During the Term, Employee will not, without
the prior written consent of the Company, directly or indirectly engage in any
other business activities or pursuits whatsoever, except (i) activities that do
not interfere with the timely completion of Employee's job duties or otherwise
conflict with or limit Employee's ability to serve the Company faithfully and to
the best of his ability, and (ii) activities in connection with any charitable
or civic activities, personal investments and serving as an executor, trustee or
in other similar fiduciary capacity; provided, such activities do not interfere
with his performance of his responsibilities and obligations pursuant to this
Agreement. Employee's engagement in such other activities shall, in each case,
be consistent with the Company's Code of Conduct.
4. Compensation.
A. Base Salary. The Company shall pay Employee, and Employee hereby
agrees to accept, as compensation for all services rendered hereunder and for
Employee's covenant not to compete covenants as provided for in Section 8
hereof, a base salary at the annual rate of Two Hundred Sixty Five Thousand
Dollars ($265,000.00) (subject to any upward adjustment from time to time in the
Company's sole discretion in accordance with Company compensation policies, the
"Base Salary"). The Base Salary shall be inclusive of all applicable income,
social security and other taxes and charges which are required by law to be
withheld by the Company or which are requested to be withheld by Employee, and
which shall be withheld and paid in accordance with the Company's normal payroll
practice for its similarly situated executive employees from time to time in
effect. Nothing in this provision shall be construed to alter Employee's status
as an employee at will.
{PAGE}
B. Signing Bonus. Employee shall be paid a signing bonus of Ten
Thousand Dollars ($10,000.00) to be paid with the first regular payroll
following Employee's date of hire.
C. Annual Incentive Bonus. Employee shall be eligible to
participate in the Company's Annual Employee Bonus Plan, as amended from time to
time (the "Bonus Plan"), commencing in 2005 on the terms and conditions no less
favorable than those provided to similarly situated executive employees.
Employee shall have an initial target bonus level of 40% of Base Salary, based
on the achievement of goals to be set by the Compensation Committee and Chief
Executive Officer in their sole discretion. The bonus shall be subject to the
terms of the Bonus Plan, as amended from time to time in the Company's sole
discretion.
D. Long Term Compensation Plan. Employee shall be eligible to
participate in the Company's Long-Term Compensation Plan ("LTCP"), as it may be
amended from time to time in the Company's sole discretion. Employee's initial
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