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Title: |
Employment Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 4KB of 67KB total |
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Price: |
$48 |
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ID: |
#893292 |
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EMPLOYMENT AGREEMENT
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THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and
entered into as of the 10th day of January, 2002, by and between A. SCHULMAN,
INC., a Delaware corporation (the "Employer"), and BARRY A. RHODES (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 Employer's 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 continues to employ the Employee as Vice
President - North American Sales for the Employer, and the Employee hereby
accepts such continued employment upon the terms and conditions herein
contained.
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 Company's 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 Employee's consent, the Employee shall not be required to report principally
to an office located more than five hundred
21
<PAGE>
(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 Company's principal
office.
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 the date hereof and ending January 10,
2005. At the end of February 2002 and at the end of each calendar month
thereafter up to and including the end of the calendar month in which Employee's
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
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