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Employment Agreement

 

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Title:

Employment Agreement

Entities:

A. Schulman Inc.; Keybank NA

Date:

2000

Size:

Preview shows 4KB of 66KB total

Price:

$41

ID:

#893297

 

 


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                              EMPLOYMENT AGREEMENT





THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and
entered into as of this 11th day of July, 2000, by and between A. SCHULMAN,
INC., a Delaware corporation (the "Employer"), and RENGARAJAN RAMESH (the
"Employee").

WHEREAS, the Board of Directors of the Employer desires to
provide for the continued employment of the Employee as a member of the
Employer's management, in the best interest of the Employer 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-Technology 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 Companies. The Employee shall perform
such duties for the Companies as may be assigned to one in his executive status
and capacity by the Board. The Employee shall serve diligently and to the best
of his ability.

During his employment by the Employer, the Employee shall not,
without the Employer's prior written consent, be engaged in any other business
activity, whether or not such business activity is pursued for gain, profit or
other pecuni-


<PAGE>

ary 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 (500) miles from his principal
office at the date of this Agreement.

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 July 11, 2003.
At the end of August 2000 and at the end of each calendar month thereafter up to
and including the end of the calendar month in which the 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
Agreement shall have expired for other purposes).

4.2 TERMINATION OF EMPLOYMENT PRIOR TO A CHANGE IN CONTROL.
Prior to any Change in Control, the Employer may terminate the employment of the

 

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