EMPLOYMENT AGREEMENT
Employment Agreement, between __________________________ (the "Company") and
______________________________ (the "Employee").
1. For good consideration, the Company employs 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 __________, 20____, unless sooner
terminated.
3. Salary. The Company shall pay Employee 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 of 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 threaten 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 the event that the 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 ____ days' 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 termination. In addition, [select desired option:]
____ the Employee shall not receive severance allowance, or ____ the Company
shall 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 transaction of the
majority of the Company's outstanding corporate shares; or
(c) The Company's decision to terminate its business and liquidate its assets; or
(d) The merger or consolidation of the Company with another company; or
(e) Bankruptcy 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 occurred.
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 of 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 inuring 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. Judgment 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
sought.
Signed this_____ day of _____________________ 20____.
______________________________
____________________________
Company
Employee
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