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EmploymentAgreement"
),datedasofthis_________,_________,_________(M/D/Y),isenteredintobyandamongAAACorporation(the"
Company"
or"
Employer"
)andBBB("
Executive"
).Inconsiderationofthemutualcovenantsandagreementshereinaftersetforth,thepartiesagreeasfollows:
1.EMPLOYMENT.
1.1.POSITION.DuringtheEmploymentTerm(ashereinafterdefined)andsubjecttothetermsandconditionssetforthherein,theCompanyagreestoemployExecutiveasitsChiefExecutiveOfficerreportingtotheBoardofDirectorsoftheCompany.
CompanyagreestopayExecutivecommencingontheEffectiveDateastartingannualbasesalaryof_________dollars($_________),payableinaccordancewiththeCompany'
sregularpayrollschedule("
BaseSalary"
),lessapplicablewithholdingsanddeductions.TheBaseSalarywillbesubjecttoincreaseatthesolediscretionoftheBoardofDirectorsoftheCompany.
2.2.PERFORMANCEBONUS.ExecutiveshallbeentitledtobonusesinaccordancewiththeCompanybonusplanforCompanyofficerstobeestablishedandimplementedbytheBoardofDirectorsoftheCompanypayableinaccordancewiththeCompany'
sstandardpolicy,providedthatExecutiveshallbeentitledtoaguaranteedminimumannualbonusof$_________(the"
GuaranteedBonus"
)duringtheEmploymentTerm.TheCompanywilldeductandwithholdfromanybonuspayabletoExecutivehereunderanyandallapplicableFederal,stateandlocalincomeandemploymentwithholdingtaxesandanyotheramountsrequiredtobedeductedorwithheldbytheCompanyunderapplicablestatuteorregulation.
2.3.PARTICIPATIONINBENEFITPLANS.DuringtheEmploymentTerm,Executiveshallbeentitledtoparticipateinanypension,groupinsurance,Section401(k),vision,dental,medicalhospitalization,annualphysical,disabilityorothersimilarbenefitplan,totheextentpermittedbylaw,thatmayfromtimetotimebeadoptedbytheBoardofDirectorsoftheCompany,thatisgenerallyavailabletotheotherexecutiveofficersoftheCompany.TheCompanyreservestherighttoamend,modifyorterminateanyemployeebenefitsatanytimeforanyreason.UntilsuchtimeastheCompany'
smedicalplansareinplace,theCompanyshallreimburseExecutive'
scostincontinuinghisexistingmedicalinsurancecoverageunderCOBRA.
2.4.REIMBURSEMENTOFEXPENSES;
MOVINGEXPENSES.TheCompanyshallreimburseExecutiveforallreasonablebusinessexpensesincurredbyExecutiveonbehalfoftheCompanyduringtheEmploymentTerm,providedthat:
(i)suchreasonableexpensesareordinaryandnecessarybusinessexpensesincurredonbehalfoftheCompany,and(ii)ExecutiveprovidestheCompanywithitemizedaccounts,receiptsandotherdocumentationforsuchexpensesasarereasonablyrequiredbytheCompany.TheCompanyshallalsoreimburseExecutiveforrelocationexpensesincurredwithinsixmonthsofthedatehereofinconnectionwithExecutive'
srelocationtotheNewYorkCityarea(includingtherealestatecommissiononthesaleofExecutive'
scurrenthome).
2.5.VACATION.DuringtheEmploymentTerm,Executivewillbeentitledtofive(5)weeksofpaidvacationperannum.
3.EMPLOYMENTTERM.
3.1.EMPLOYMENTTERM.The"
EmploymentTerm"
meanstheperiodcommencingontheclosingoftheCompany'
sfirstequityfinancingwhichyieldsproceedstotheCompanyinexcessof$5million(the"
EffectiveDate"
)andterminatingontheearlieroffive(5)yearsfromtheEffectiveDateorassetforthinSection4.1.
3.2.NOTICEOFRENEWAL.Atleastsixty(60)dayspriortothenaturalexpirationoftheinitialEmploymentTermofthisEmploymentAgreementandsixty(60)dayspriortoeachone-yearanniversarythereafter,ifapplicable,theCompanyshallgiveExecutivewrittennoticeofwhethertheCompanywillbeseekingaone-yearextensionofExecutive'
sservicesbeyondtheinitialEmploymentTermorsubsequentone-yearperiod,ifapplicable.Unlesssuchnoticeindicatesthattherewillbenoextension,thetermofthisEmploymentAgreementshallbeautomaticallyrenewedforsuccessiveone-yearperiods.However,Executive'
semploymentwithEmployerwillcontinueunlessterminatedbyExecutiveortheCompanyassetforthinSection4.1.
4.TERMINATIONOFEMPLOYMENT.
4.1.METHODOFTERMINATION.Executive'
semploymentpursuanttothisEmploymentAgreementandtheEmploymentTermprovidedforhereinshallterminateuponthefirstofthefollowingtooccur(eitherwiththeCompany,ortheCompanyoritssuccessors):
A.Executive'
sdeath;
or
B.DatethatwrittennoticeisdeemedgivenormadebytheCompanytoE