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Document Preview Executive Employment Agreement |
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Title: |
Executive Employment Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
30KB total |
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Price: |
$46 |
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ID: |
#946941 |
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This Employment Agreement (Agreement) is entered into as of , 2002 by and between , a natural person (Executive), and Aftermarket Technology Corp., a Delaware corporation (the Company).
WHEREAS Executive has been hired by the Company to serve as of the Company, which is engaged (either directly or through its subsidiaries) in the businesses of (i) remanufacturing and distributing drive train and electronic products used in the repair of vehicles and (ii) providing value added warehouse and distribution services, return material reclamation and disposition services (such businesses, as they may be expanded during the term of this Agreement, are referred to herein as the Business), and the Company desires to continue to retain the services of Executive in such capacity and Executive is willing to provide such services on the terms and conditions set forth below.
NOW, THEREFORE, in consideration of the foregoing recital and the mutual covenants and agreements set forth below, the parties hereto agree as follows:
1. Employment and Term.
(a) Full Time and Best Efforts. Subject to the terms set forth herein, the Company agrees to employ Executive in a management capacity and Executive hereby accepts such employment. During the term of his employment, Executive will devote his full time, best efforts and attention to the performance of his duties hereunder and to the business and affairs of the Company and its subsidiaries.
(b) Duties. Executive shall perform such duties for the Company and its subsidiaries as are customarily associated with a management position, consistent with the Bylaws of the Company and as required by the officer or officers to whom Executive reports.
(c) Company Policies. The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with such employment policies and practices, this Agreement shall control.
(d) Term. The initial term of employment of Executive under this Agreement shall begin as of the date hereof and end on the third anniversary the date hereof, subject to the provisions for termination contained in Section 5 and renewal contained in Section 1(e).
(e) Renewal. Unless the Company shall have given Executive notice that this Agreement shall not be renewed at least 30 days prior to the end of the initial term referred to in Section 1(d), the term of this Agreement shall be automatically extended for a period of one year, such procedure to be followed in each such successive period.
2. Compensation and Benefits.
(a) Salary. Executive shall receive for services to be rendered hereunder an annual base salary of $ , payable on the Companys regular payroll dates, subject to increase at the discretion of the Company, and subject to standard withholdings for taxes and social security and the like. The Company shall review Executives salary on a periodic basis and may, in its sole discretion, increase Executives salary.
(b) Incentive Plans. During the term hereof, Executive shall be eligible to participate in any annual incentive bonus plan and long-term incentive plan (including, without limitation, any stock option plan) of the Company generally available to Company employees of a level comparable to Executive. Such participation shall be subject to and on a basis consistent with the terms, conditions and administration of any such plan. Executive understands that (i) the Company shall have discretion to determine Executives level of participation in any such plan and (ii) any such plan may be modified or eliminated in the Companys sole discretion in accordance with applicable law and the terms of such plan.
(c) Participation in Benefit Plans. During the term hereof, Executive shall be entitled to participate in any group insurance, hospitalization, medical, dental, health and accident, disability, retirement income or similar plan or program of the Company to the extent that he is eligible under the general provisions thereof. The Company may, in its discretion and from time to time, establish additional management benefit programs as it deems appropriate. Executive understands that any such plans may be modified or eliminated in the Companys discretion in accordance with applicable law.
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