Employment and Duties Clause Example with 5 Variations from Business Contracts

Employment and Duties. 1.1 Employment. Commencing on April 8, 2018 (the "Effective Date"), the Company agrees to employ the Executive and the Executive agrees to be employed by the Company subject to the terms set forth herein.1.2 Duties. As of the Effective Date, the Executive shall serve the Company as its Executive Vice President, Chief Operations Officer, to serve in such capacity or other capacities as designated by the Board of Directors, the Chief Executive Officer ("CEO") or his/her designee from time to time.... During the term of this Agreement, the Executive shall serve the Company faithfully, diligently and to the best of his/her ability and shall devote substantially all of his/her business time, energy and skill to the affairs of the Company as necessary to perform the duties of his/her position, and he/she shall not assume a position in any other business without the express written permission of the CEO; provided that the Executive may upon disclosure to the CEO: (i) serve as a member of not more than one for-profit board of directors so long as the Executive receives prior written permission from the CEO, (ii) serve in any capacity with charitable or not-for-profit enterprises so long as there is no material interference with the Executive's duties to the Company and (iii) make passive investments where the Executive is not obligated or required to, and shall not in fact, devote any managerial efforts. The Company shall have the right to limit the Executive's participation in any of the foregoing endeavors if the CEO believes, in his/her sole and exclusive discretion, that the time being spent on such activities infringes upon, or is incompatible with, the Executive's ability to perform the duties under this Agreement.2. Compensation and Benefits. 2.1 Base Salary. The Executive shall receive a Base Salary at the rate of $415,000 per year. Such Base Salary shall be subject to periodic adjustment from time to time as determined by the Board of Directors in its sole discretion. Base Salary shall be payable in such manner and at such times as the Company shall pay base salary to other similarly situated the executive employees. 2.2 Policies and Fringe Benefits. The Executive agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company. The Executive shall be eligible to participate in all benefit programs that the Company establishes and makes available to all of its executives on such terms as the Board of Directors shall determine, if any, to the extent that the Executive meets the eligibility requirements to participate as set forth in the applicable plan or policy. Nothing herein limits the Company's right to modify, change, limit eligibility, or discontinue any plan or policy at any time, with or without prior notice. 2.3 Reimbursement of Expenses. The Company shall reimburse the Executive for all reasonable and appropriate travel, entertainment and other expenses incurred or paid by the Executive in connection with, or related to, the performance of his/her responsibilities or services under this Agreement, in accordance with policies and procedures, and subject to limitations, adopted by the Company from time to time. 2.4 Withholding. All salary and other compensation payable to the Executive pursuant to this Agreement shall be subject to applicable taxes and withholdings. View More