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Title: |
Employment Agreement |
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Date: |
2000 |
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Preview shows 4KB of 36KB total |
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Price: |
$45 |
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ID: |
#912067 |
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EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT dated February 15, 2000 (this 'Employment Agreement') is by and between TRISM, INC., a Delaware corporation (the 'Corporation'), and Walter E. Prince (the 'Executive').
R E C I T A L S:
WHEREAS, the Corporation desires to employ the Executive in an executive capacity and to be assured of his services as such on the terms and condition hereinafter set forth; and
WHEREAS, the Executive is willing to accept such employment on such terms and conditions.
NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, and intending to be legally bound hereby, the Corporation and the Executive hereby agree as follows:
1. Term of Employment
The Corporation hereby employs the Executive, and the Executive hereby accepts such employment, for a term (the 'Term') of one year commencing on the date first shown above (the 'Original Term') unless the employment of the Executive is sooner terminated pursuant to Section 4 hereof; provided that the term may be extended, subject to earlier termination pursuant to Section 4 hereof, for successive one-year periods (the 'Additional Term') upon agreement of the Corporation and the Executive prior to the end of the Original Term or the then Additional Term.
2. Position and Responsibilities
During the Term, the Executive shall serve as the Senior Vice President - Maintenance of the Corporation and the Executive shall report exclusively to the Chief Executive Officer of the Corporation. The Executive shall have all of the duties, authorities, powers and responsibilities commensurate with all of the duties, authorities, powers and responsibilities of a senior vice president. The Executive shall devote substantially all of his business time, attention and energies to the performance of his duties hereunder, provided that the foregoing shall not prevent the Executive from participating in charitable, community or industry affairs, from managing his and his family's personal investments and from serving on the boards of directors of not-for-profit companies to the extent such activities do not interfere with the performance of his duties hereunder.
3. Compensation and Benefits
Subject to the terms of this Employment Agreement, the Corporation shall provide the Executive the following:
(a) Base Salary. The Executive shall be entitled to receive a base salary at an annual rate of not less than $165,000 (the 'Base Salary'), payable in substantially equal semi-monthly amounts.
(b) Stock Options and other Equity Awards. On the date of this Employment Agreement, pursuant to the TRISM, Inc. 2000 Stock Option Plan (the 'Option Plan'), the Executive is being granted an option to purchase 10% of the shares of common stock of the Corporation that may be issued under the Option Plan, which option award is subject to the terms and conditions of the stock option agreement being delivered to the Executive on the date of this Employment Agreement. In addition, the Executive shall be entitled to participate in stock option grants or other equity plans or programs of the Corporation, if any, in which senior executives of the Corporation are eligible to participate on a basis generally commensurate with his position as may be determined by the Board of Directors or any authorized Committee of the Board of Directors.
(c) Incentive, Savings and Retirement Plans. During the Term, the Executive shall be eligible to participate in all incentive, savings and retirement plans, practices, policies and programs, including the TRISM, Inc. Management Incentive Plan, generally made available to other senior executives of the Corporation in accordance with their respective terms as in effect from time to time.
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