Employment Agreement :
This Letter should be written in The Letter-Pad of the Company.
EMPLOYEEMENT AGREEMENT by and between [Company] and Employee.
For good consideration, Company shall employ and theEmployee agrees to be employed on the following terms.
1. EFFECTIVE DATE : Employment shall commence on 5th April - 1999 time being of the essence.
2. DUTIES : Employee agrees to perform the following duties : [Describe general duties or attach job description]
Employee shall also perform such further duties as areincidental or implied from the foregoing, consistent with thebackground, training and qualifications of Employee or may bereasonably delegated as being in the best interests of theCompany. The Employee shall devote full time to his employmentand expend best efforts on behalf of Company. Employee furtheragrees to abide by all reasonable Company policies anddecisions now or hereinafter existing.
3. TERM :
The Employee's employment shall continue for a period of minimum 10 years, beginning on the effective date of this agreement and ending on 5th April - 2009.
4. COMPENSATION :
The Employee shall be paid the following compensation :
a] Annual Salary: $ 12,000 paid on the payroll schedule existing for other employees.
b] Such bonuses, vacations, sick leave, retirement benefits and expense accounts as stated in the Company manual for other management personnel or as may be decided by the Company if said items are discretionary with the Company.
5. TERMINATION :
This agreement may be earlier terminated upon :
a] Death of Employee or illness or incapacity that prevents Employee from substantially performing for 12 continous months or in excess of 120 aggregate working days in any calender year.
b] Breach of agreement by Employee.
6. MISCELLANEOUS :
a] Employee agrees to execute a non-compete agreeement as annexed hereto.
b] Employee agrees to execute a confidential information and invention assignment agreement as annexed hereto.
c] This agreeement shall not be assignable by either party, provided that upon any sale of the business by Company, the Company may assign this agreement to its successor or employee may terminate same.
d] In the event of any dispute under this agreement, it shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
e] This constitutes the entire agreement between the parties.
Any modification must be in writing.
7. ADDITIONAL TERMS in The Employment Agreement :
to HOME PAGE