Employment Agreement, between_____________________(the
"Company") and ______________________________ (the
"Employee").
1. For good consideration, the Company employees the Employee
on the following terms and conditions.
2. Term of Employment. Subject to the provisions for termination
set forth below this agreement will begin on __________, 19____,
unless sooner terminated.
3. Salary. The Company shall pay Empolyee a salary of $_______
per year, for the services of the Employee, payable at regular
payroll periods.
4. Duties and Position. the Company hires the Employee in the
capacity of ________________________. the Employee's duties may
be reasonably modified at the Company's discretion from time
to time.
5. Employee to Devote Full Time to Company. the Employee will
devote full time, attention, and energies to the business of
the Company, and, during this employment, will not engage in
any other business activity, regardless of whether such activity
is pursued for profit, gain, or other pecuniary advantage. Employee
is not prohibited from making personal investments in any other
businesses provided those investments do not require active involvement
in the operation of said companies.
6. Confidentiality or Proprietary Information. Employee agrees,
during or after the term of this employment, not to reveal confidential
information, or trade secrets to any person, firm, corporation,
or entity. Should Employee reveal or theaten to reveal this information,
the Company shall be entitled to an injunction restraining the
Employee from disclosing same, or from rendering any services
to any entity to whom said information has been or is threatened
to be disclosed. the right to secure an injunction is not exclusive,
and the Company may pursue any other remedies it has against
the Employee for a breach or threatened breach of this condition,
including the recovery of damages from the Employee.
7. REimbursement of Expenses. The Employee may incur reasonable
expenses for furthering the Company's business, including expenses
for entertainment, travel, and similar items. The Company shall
reimburse Employee for all business expenses after the Employee
presents an itemized account of expenditures, pursuant to Company
policy.
8. Vacation. The Employee shall be entitled to a yearly vacation
of _____ weeks at full pay.
9. Disability. In Employee cannot perform the duties because
of illness or incapacity for a period of more than _____ weeks,
the compensation otherwise due during said illness or incapacity
will be reduced by _____ ( ) percent. The Employee's full compensation
will be reinstated upon return to work. However, if the Employee
is absent from work for any reason for a continuous period of
over _____ months, the Company may terminate the Employee's employment,
and the Company's obligations under this agreement will cease
on that date.
10. Termination of Agreement. Without cause, the Company may
terminate this agreement at any time upon ____ dyas' written
notice to the Employee. If the Company requests, the Employee
will continue to perform his/her duties and may be paid his/her
regular salary up to the date of trmination. In addition, the
Company will pay the Employee on the date of the termination
a severance allowance of $_______ less taxes and social security
required to be withheld, Without cause, the Employee may terminate
employment upon ______ days'
written notice to the Company. Employee may be required to perform
his or her duties and will be paid the regular salary to date
of termination but shall not receive severance allowance. Notwithstanding
anything to the contrary contained in this agreement, the Company
may terminate the Employee's employment upon ______ days' notice
to the Employee should any of the following events occur:
a) The sale of substantially all of the Company's assets to
a single purchaser or group of associated purchasers; or
b) The sale, exchange, or other disposition, in one trans-
action of the majority of the Company's outstanding corporate
shares; or
c) The Company's decision to terminate its business and
liquidate its assets;
d) The merger or consolidation of the Company with another
company.
e) Backruptcy or chapter 11 reorganization.
11. Death Benefit. Should Employee die during the term of employment,
the Company
shall pay to Employee's estate any compensation due through the
end of the month in which
death occured.
12. Restriction on Post Employment Compensation. For a period
of _________ ( ) years after the end of employment, the Employee
shall not control, consult to or be employed by any business
similar to that conducted by the company, either by soliciting
any of its accounts or by operating within Employer's general
trading area.
13. Assistance in Litigation. Employee shall upon reasonable
notice, furnish such
information and proper assistance to the Company as it may reasonably
require in connection with any litigation in which it is, or
may become, a party either during or after employment.
14. Effect or Prior Agreements. This Agreement supersedes any
prior agreement between the Company or any predecessor of the
Company and the Employee, except that this agreement shall not
affect or operate to reduce any benefit or compensation unuring
to the Employee of a kind elsewhere provided and not expressly
provided in this agreement.
15. Settlement by Arbitration. Any claim or controversy that
arises out of or relates to this agreement, or the breach of
it, shall be settled by arbitration in accordance with the rules
of the American Arbitration Association. Judgement upon the award
rendered may be entered in any court with jurisdiction.
16. Limited Effect of Waiver by Company. Should Company waive
breach of any provision of this agreement by the Employee, that
waiver will not operate or be construed as a waiver of further
breach by the Employee.
17. Severability. If, for any reason, any provision of this agreement
is held invalid,
all other provisions of this agreement shall remain in effect.
If this agreement is held invalid or cannot be enforced, then
to the full extent permitted by law any prior agreement between
the Company (or any predecessor thereof) and the Employee shall
be deemed reinstated as if this agreement had not been executed.
18. Assumption of Agreement by Company's Successors and Assignees.
the Company's rights and obligations under this agreement will
inure to the benefit and be binding upon the Company's successors
and assignees.
19. Oral Modifications Not Binding. This instrument is the entire
agreement of the Company and the Employee. Oral changes have
no effect. It may be altered only by a written agreement signed
by the party against whom enforcement of any waiver, change,
modification, extension, or discharge is soought.
Signed this_____ day of _____________________ 19 ____.
______________________________ ____________________________
Company Employee
