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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Galaxy Nutritional Foods Inc.

Date:

2004

Size:

Preview shows 4KB of 26KB total

Price:

$46

ID:

#875005

 

 


► Consumer ► Food Processing

 

 

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                              EMPLOYMENT AGREEMENT


THIS AGREEMENT made this 8th day of July, 2004, by and between Galaxy
Nutritional Foods, Inc., a Florida corporation (the "Corporation"), and Michael
E. Broll (the "Employee"),

W I T N E S S E T H :
- - - - - - - - - - -

WHEREAS, the Corporation desires to hire Employee as its Chief
Executive Officer; and,

WHEREAS, Employee is willing to be employed by the Corporation.

NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, the parties agree as follows:

1. Employment. The Corporation hereby employs Employee as its Chief
Executive Officer whose primary duties shall include, but not be limited to,
oversight and management of the operations of the Company and preparation and
coordination of Company budgets. Employee hereby accepts such employment and
agrees to perform the foregoing and such other duties as are customarily
performed by one holding such position in other, same or similar businesses as
that engaged in by the Corporation and to render any such other services and
duties as may be assigned from time to time by the Corporation.

2. Performance of Employee's Duties. The Employee agrees to devote his
full time to the faithful performance of his duties for the Corporation and to
render service to the Corporation to the best of his ability, experience and
talent to the satisfaction of the Corporation. Such duties shall be rendered at
such place or places in Central Florida, as the Corporation shall require in
accordance with the best interests, needs, business and opportunities of the
Corporation.

3. Term of Employment. The term of employment shall be for a period of
one year, commencing on July 8, 2004, and expiring on the first anniversary
thereof. The Term shall automatically renew for successive one year periods
unless either party gives the other written notice at least 90 days prior to the
end of the then Term of this Agreement that such party does not desire to renew
this Agreement.

4. Compensation.

a. The Corporation agrees to pay Employee and Employee agrees to
accept from the Corporation, in full payment for Employee's services hereunder,
base salary at the rate of Two Hundred Thousand DOLLARS ($200,000) per year
payable in equal semi-monthly installments or in accordance with the

<PAGE>

Corporation's normal pay practices as may be altered from time to time by
Corporation subject to customary payroll deductions.

b. The Corporation shall reimburse Employee for approved business
travel expenses in accordance with Company policy.

c. Employee shall be eligible to participate in the Corporation's
performance based compensation program offered to other executive level
employees effective as of the Corporation's fiscal year beginning April 1, 2005.
The Board in its sole discretion may grant a performance bonus to Employee for
the period of Employee's service prior to April 1, 2005.

5. Other Benefits.

a. The Corporation shall provide Employee with such benefits and
business expenses as are provided to other executive level employees of the
Corporation, including, but not limited to insurance for health, disability and
dental insurance.

b. The Corporation shall reimburse Employee's reasonable costs of
lodging in Orlando, Florida for one year commencing on the date of this
Agreement as agreed to between the parties and for expenses related to such
lodging, but such related expenses shall not exceed $500 per week.


 

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