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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2005 |
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Size: |
Preview shows 4KB of 33KB total |
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Price: |
$43 |
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ID: |
#933565 |
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<SEQUENCE>2
<FILENAME>e1033421.txt
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
EMPLOYMENT AGREEMENT
AGREEMENT, dated as of February 28, 2005, between OMNICORDER
TECHNOLOGIES, INC., a Delaware corporation (the "Company"), and the Executive
identified on Exhibit A attached hereto (the "Executive").
W I T N E S S E T H:
WHEREAS, the Company desires to retain the services of the Executive
and to that end desires to enter into a contract of employment with him, upon
the terms and conditions herein set forth; and
WHEREAS, the Executive desires to be employed by the Company upon such
terms and conditions;
NOW, THEREFORE, in consideration of the premises and of the mutual
benefits and covenants contained herein, the parties hereto, intending to be
bound, hereby agree as follows:
1. APPOINTMENT AND TERM
Subject to the terms hereof, the Company hereby employs the Executive,
and the Executive hereby accepts employment with the Company, all in accordance
with the terms and conditions set forth herein, for a period commencing on the
date hereof (the "Commencement Date") and ending on the date (the "Expiration
Date") set forth in Exhibit A, unless the parties mutually agree in writing upon
a later date.
2. DUTIES
(a) During the term of this Agreement, the Executive shall be employed
in the position set forth in Exhibit A and shall, unless prevented by
incapacity, devote all of his business time, attention and ability during normal
corporate office business hours to the discharge of his duties hereunder and to
the faithful and diligent performance of such duties and the exercise of such
powers as may be assigned to or vested in him by the Board of Directors of
<PAGE>
the Company (the "Board"), such duties to be consistent with his position. The
Executive shall obey the lawful directions of the Board, and shall use his
diligent efforts to promote the interests of the Company and to maintain and
promote the reputation thereof. Beginning on the date of the commencement of his
employment, the Executive will be appointed as an interim member of the Board
and will be nominated to be elected to the Board at the next general meeting of
shareholders.
(b) The Executive shall not during his term of employment (except as a
representative of the Company or with the consent in writing of the Board) be
directly or indirectly engaged, concerned or interested in any other business
activity (including, but not limited to, as an employee, consultant or
director), except through ownership of an interest of not more than 2% in any
entity that does not compete with the Company with the exception of Stinger
Industries LLC, (a/k/a Stinger Medical), provided it does not impair the ability
of the Executive to discharge fully and faithfully his duties hereunder.
(c) Notwithstanding the foregoing provisions, the Executive shall be
entitled to serve in various leadership capacities in civic, charitable and
professional organizations. The Executive recognizes that his primary and
paramount responsibility is to the Company.
(d) The Executive shall be based in Suffolk County, New York, or any
other location subsequently designated by the Board as the Company's
headquarters, except for required travel on the Company's business.
3. REMUNERATION
(a) As compensation for his services pursuant hereto, the Executive
shall be paid a base salary during the first year of his employment hereunder at
the annual rate set forth in Exhibit A. This amount shall be payable in equal
periodic installments in accordance with the usual payroll practices of the
Company.
2
<PAGE>
(b) Except as provided above, in Exhibit A and in Sections 4 and 6
hereof, the Executive shall not be entitled to receive any additional
compensation, remuneration or other payments from the Company.
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