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Employment Agreement

 

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Title:

Employment Agreement

Entities:

A. Schulman Inc.; Keybank NA; Vorys, Sater, Seymour and Pease LLP

Date:

2006

Size:

Preview shows 6KB of 60KB total

Price:

$43

ID:

#893265

 

 


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EMPLOYMENT AGREEMENT
     THIS EMPLOYMENT AGREEMENT (the Agreement) is made and entered into as of the 4th day of January, 2006, by and between A. SCHULMAN, INC., a Delaware corporation (the Employer or Company), and Paul F. DeSantis (the Employee).
     WHEREAS, the Employer and the Board of Directors of the Company desire to provide for the continued employment of the Employee as a member of the Employers management, in the best interest of the Company and its stockholders. The Employee is willing to commit himself continue to serve the Employer, on the terms and conditions herein provided;
     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereto agree as follows:
     1. DEFINED TERMS
     The definitions of capitalized terms used in this Agreement (unless stated where first used) are provided in the last Section hereof.
     2. EMPLOYMENT
     The Employer hereby agrees to employ Employee commencing January 23, 2006 as Vice President for the Employer, and the Employee hereby accepts such employment on the terms and conditions herein contained. Employer also agrees that Employee will be appointed as Vice President Chief Financial Officer of the Employer on or about April 17, 2006.
     3. DUTIES AND CONDITIONS OF EMPLOYMENT
          3.1 DUTIES. The Employee shall devote his entire business time, attention and energies to the Employer and shall not engage in any conduct which shall reflect adversely upon the Employer. The Employee shall perform such duties for the Employer as may be assigned to one in his executive status and capacity by the Chief Executive Officer of the Company or the Board of the Company. The Employee shall serve diligently and to the best of his ability.
     During his employment by the Employer, the Employee shall not, without the Companys prior written consent, be engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, except that notwithstanding the foregoing, he may invest his personal funds for his own account; provided that such investment shall be passive and not controlling in any such investment and subject to the provisions of Section 13.2 hereof and provided further that he will not be required to provide any substantial services on behalf of such enterprise. Notwithstanding the foregoing, the Employee may serve on the Boards of Directors of

 


 

other corporations during the Term as long as such service does not interfere with the performance of his duties hereunder.
          3.2 CONDITIONS. The Employee shall be provided with suitable office space, furnishings, secretarial and administrative assistance. Without the Employees consent, the Employee shall not be required to report principally to an office located more than five hundred (500) miles from his principal office at the date of this Agreement, except to the extent the Employee may be required to report to the Companys principal office. In addition to the foregoing, Employee shall be entitled to receive the benefits described in Exhibit A attached hereto, the terms of which are incorporated herein.
     4. TERM OF AGREEMENT; TERMINATION OF EMPLOYMENT; ESCROW DURING DISPUTE
          4.1 TERM OF AGREEMENT. The Employer hereby employs the Employee for a Term commencing as of January 23, 2006 and ending January 31, 2009. At the end of February 2006 and at the end of each calendar month thereafter up to and including the end of the calendar month in which Employees 62nd birthday occurs, this Agreement shall automatically be extended for one (1) month unless either party shall give notice to the other of non-extension prior to the end of such calendar month; provided, however, if a Change in Control shall have occurred during the Term of this Agreement, Sections 7 and 8 and 10 through 20 of this Agreement shall continue in effect until at least the end of the Change-in-Control Protective Period (whether or not the Term of the Agreement shall have expired for other purposes).

 

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