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EXECUTIVE EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the
“Agreement”) is made effective as of the 1st day of March, 20XX, by and between
ABC Company, Inc., a corporation (the “Company”), with its principal place of
business at _____________________________________________________, and John Doe,
a natural person (the “Executive”), with a Social Security number of
________________, with his principal residence at
WHEREAS, the Executive Committee of the Company (the “Executive
Committee”) and the Board of Directors of the Company (the Board”) have
approved the appointment and employment of the Executive to serve as Executive
Vice President of the Company;
WHEREAS, the Executive desires to serve as Executive Vice
President of the
WHEREAS, the parties wish to set forth the terms and conditions of such
engagement and service.
NOW, THEREFORE, in consideration of the employment of the Executive by
Company and the mutual agreements
hereinafter set forth, the receipt,
adequacy and sufficiency of
which are hereby acknowledged, the parties agree as follows:
Terms of Employment; Authority and Responsibilities.
(a) The Company hereby employs the
Executive as Executive Vice President of the Company, and the Executive accepts
such employment with the Company subject to the terms and conditions of this
Agreement. All decision-making authority regarding the hiring,
termination, supervision, promotion, and compensation of the Executive Vice
President shall rest solely with the Executive Committee.
(b) In his capacity as Executive Vice
President of the Company, the Executive shall perform all of the duties and have
all of the obligations as may be provided and determined in the Articles of
Incorporation and Bylaws of the Company, as the same may be amended from time to
time, and as may be determined by the Board and the Executive Committee.
Throughout his employment, the Executive shall devote all of his time, energy
and skill during regular business hours to the performance of the duties of his
employment by the Company (reasonable vacation time and reasonable absences due
to illness excepted), shall faithfully and industriously perform such duties,
and shall diligently follow and implement all management policies and decisions
of the Company.
(c) The Executive Vice President shall
be solely responsible for the hiring, termination, supervision, promotion, and
compensation of the employees of the Company (except the Executive Vice
President), within budgetary constraints determined by the Board and/or the
Executive Committee. The Executive Vice President may delegate such
authority, in whole or in part, to one (1) or more other Company employees.
Compensation, Benefits and Reimbursements.
Annual Base Salary; Cost of Living Adjustment. In consideration
for his service under the terms of this Agreement, the Company shall pay to the
Executive an annual base salary (“Base Salary”), which amount shall be paid in
installments in accordance with the normal payroll payment practices of the
Company and shall be subject to such deductions and withholding as are required
by law and by the policies of the
Company, from time to
time in effect. The Base Salary shall be at the rate of
One Hundred Ninety Thousand
Dollars ($190,000) per annum until December 31, 20xx.