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Title: |
Employment Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 7KB of 41KB total |
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Price: |
$37 |
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ID: |
#969370 |
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EMPLOYMENT AGREEMENT
AGREEMENT, dated as of the 1st day of October, 2001 by and between ASTA
FUNDING, INC., a Delaware corporation, with offices at 210 Sylvan Ave.,
Englewood Cliffs, NJ 07632 (the "Company") and MITCHELL HERMAN, an individual
residing at 20 Renshaw Drive, Montville, NJ 07045 ( the "Employee")
W I T N E S E T H:
WHEREAS, the parties desire to enter this agreement to set forth the
terms of the Employee's employment by the Company.
NOW, THEREFORE, in consideration of the mutual premises and covenants
set forth herein and for other good and value consideration, the receipt,
adequacy and legal sufficiency of which are hereby acknowledged, the Company and
the Employee mutually agree as follows:
1. Employment Duties.
(a) Employment. The Company agrees to employ the
Employee, and the Employee agrees to accept
employment with the Company, on the terms
and conditions set forth.
(b) Scope of Duties. During the term of this
Agreement, Employee shall devote his entire
business time, attention and energy to the
business, and to seeking improvement in the
profitability, of the Company. He shall
serve as Chief Financial Officer and
Secretary of the Company and its
subsidiaries and shall have the authority to
perform and shall perform all of the duties
that are customary for the offices of the
Chief Financial Officer and Secretary,
subject at all times to the control and
direction of the President and Board of
Directors of the Company, and shall perform
such services as typically are provided by
the Chief Financial Officer and Secretary of
a corporation and such other services
consistent therewith as shall be assigned to
him from time to time by the President of
the Board of Directors of the Company.
<PAGE>
(c) Service. The Employee shall perform his
duties in a diligent manner; shall not
engage in activities, which are or could be
detrimental to the existing or future
business of the Company and its
subsidiaries; and shall observe and conform
to all laws, customs, and standards of
business ethics and honest business
practices. The Employee shall be requested,
and does hereby agree, to be a full time
employee of the Company. The Company
acknowledges, however, that the Employee may
serve as the Chief Financial Officer of Asta
Group, Incorporated. During the term of this
Agreement, Employee shall not engage in any
other business activity which, in the
reasonable judgement of the Company's Board
of Directors, conflicts with the duties of
Employee hereunder, whether or not such
activity is pursued for gain, profit or
other pecuniary advantage; provided,
however, that it is understood that this
Section 1 (c) shall not preclude Employee
from making passive investments in other
companies.
(d) Professional Standards. Recognizing and
acknowledging that it is essential for the
protection and enhancement of the name and
business of the Company and its subsidiaries
and the good will pertaining thereto, the
Employee shall perform his duties under this
Agreement professionally and in accordance
with the standards established by the
Company from time to time; and the Employee
shall not act, and shall refrain from
acting, in any manner that could harm or
tarnish the name, business or income of the
Company and its subsidiaries or the good
will pertaining thereto.
2. Compensation.
(a) Base Salary. For all services rendered by
the Employee during the term of this
Agreement, the Company shall pay the
Employee an annual base salary ("Base
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