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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Albemarle Corp.

Date:

2002

Size:

Preview shows 4KB of 25KB total

Price:

$32

ID:

#888634

 

 


► Commodities ► Plastic & Rubber

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT



THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and entered into
as of November 1, 2001, by and between COLLINS & AIKMAN PRODUCTS CO., a Delaware
corporation (the "Company"), and MILLARD L. KING ("Employee").

W I T N E S S E T H

WHEREAS, the Company wishes to retain Employee's services by providing
Employee the compensation and benefits set forth in this Agreement;

NOW, THEREFORE, in consideration of the mutual agreements contained
herein, the parties agree as follows:

1. Term of Employment. The Company hereby agrees to employ
Employee, and Employee hereby accepts employment, for a period of 3 years,
commencing November 1, 2001 and ending October 31, 2004, subject to the terms
and conditions of this Agreement. At the end of such initial 3 year term, unless
the Company shall have given Employee 60 days prior written notice of its
intention to terminate this Agreement at the end of the initial term hereof, the
term of this Agreement shall automatically be extended by an additional one year
period. Thereafter, unless the Company shall have given Employee 60 days prior
written notice of its intention to terminate this Agreement at the end of the
term then in effect, the term of this Agreement shall automatically be extended
by an additional one year period.

2. Position of Employment. During the term of this Agreement,
Employee shall be employed in the position of Executive Vice President -- Global
Manufacturing Operations -Carpet & Acoustics Systems and shall perform such
services for the Company and its affiliates as may be assigned to him from time
to time by the Chairman or the Board of Directors of the Company. Employee shall
devote his entire business time and attention to the affairs of the Company and
the performance of his duties hereunder and shall serve the Company diligently
and to the best of his abilities.. The initial location of Employee's employment
hereunder shall be the Company's Division Headquarters in Albemarle, North
Carolina.

Nothing in this Agreement shall prohibit Employee from participating in
civic or community organizations or from making passive investments using his
personal assets so long as such participation and investments do not interfere
with the performance of Employee's duties under this Agreement. In addition,
Employee may, with the prior written approval of the Chairman or the Board of
Directors of the Company, serve as a member of the board of directors of any
business that is not a direct or indirect competitor of the Company and its
affiliates.

3. Compensation.

(a) Base Salary. The Company shall pay to Employee base salary at
an annual rate of not less than $240,000 during the term of his employment
hereunder. Such amount shall be





<PAGE>
reviewed annually by the Chairman and Chief Executive Officer of the Company and
may be increased in his sole discretion.

(b) Bonus Plans. During the term of Employee's employment
hereunder, Employee shall be eligible to participate in the Company's annual
Executive Incentive Compensation Plan (the "EIC Plan") in accordance with the
applicable provisions of the EIC Plan. The standard bonus for Employee under the
EIC Plan shall be forty percent (40%) of Employee's base salary.

4. Benefits and Perquisites.

(a) General. Employee shall be entitled to such fringe benefits
and perquisites, and to participate in such pension, profit sharing and benefit
plans as are generally made available to executives of the Company during the
term hereof, including consideration for annual stock option awards, major

 

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