Executive Employment Agreement

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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 Company; and

            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 the Company and the mutual agreements hereinafter set forth, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties agree as follows: 

            1.         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. 

            2.         Compensation, Benefits and Reimbursements.

                        (a)        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.