Employment Agreement

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Employment Agreement Powered By Docstoc
					This is an agreement between an employer and an employee outlining the terms of the
employment of the employee, including employment period, compensation, scope of
work, benefits, and holidays. The agreement also contains restrictive covenants, such
as a confidentiality clause whereby the employee agrees not to reveal company
confidential and proprietary information and a non-compete clause whereby the
employee agrees not engage in or be employed in a competing company for a set
amount of time. This employment agreement should be retained by the human
resources department and kept in the employee's personnel file.
                         EMPLOYMENT AGREEMENT

      This Employment Agreement (this “Agreement”) is hereby made and entered into this
__________ day of __________, _____ by and between __________________________
(“Company”) and ______________________________ (“Employee”).

                                          RECITALS

        WHEREAS, the parties hereto desire to enter into this Agreement to define and set forth
the terms and conditions of the employment of Employee by Company;

       NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth
below, it is hereby covenanted and agreed by Company and Employee as follows:

                                            TERMS

1.     Employment Period

       Company hereby employs Employee and Employee hereby agrees to serve Company for
the period beginning the __________ day of __________, _____ and ending on the date on
which the Employee’s employment is terminated in accordance with clause 8 below (the
“Employment Period”).

2.     Duties and Position

       Company hereby hires Employee in the capacity of ________________________
[TITLE OR DESCRIPTION OF POSITION]. Employee agrees that during the Employment
Period it shall devote its full business time to the business affairs of Company and shall perform
his duties faithfully and efficiently subject to the direction of the ________________
[SUPERVISOR’S POSITION] of Company. Employee’s duties may be reasonably modified at
Company’s discretion from time to time.

       Employee must:

       (a)     Perform the services pursuant to this Agreement in an honest, confidential,
               efficient, prompt, economical, skillful, and careful manner, and in the best
               interests of Company;

       (b)     Not contravene the policies and procedures of Company, which may be
               communicated to Employee from time to time;

       (c)     Return to Company, upon request of Company or in any case upon the
               termination of this Agreement, all property belonging to Company that has come
               into the possession of Employee during the term of this Agreement.
3.       Hours of Work

       Employee shall devote time, attention, and skill for an aggregate period of eight (8) hours
between 9:00 a.m. and 6:30 p.m. Monday through Friday (public holidays excepted) and at other
times as reasonably necessary to perform the Scope of Work.

4.      Salary

      Subject to the following provisions, during the Employment Period, Employee shall be
compensated for his services as follows:

        (a)   Employee shall receive an annual salary of __________ [AMOUNT IN WORDS]
dollars ($_________ [AMOUNT IN NUMERALS]) per annum, payable the ______ [ORDINAL
NUMBER] day of every month, subject to such increases as may from time to time be
determined by Company.

     (b)   Employee shall be entitled to vacations of not less than __________ [AMOUNT
IN WORDS] (___ [AMOUNT IN NUMERALS]) days per year.

       (c)   Employee shall be entitled to such other perquisites as may be customarily
granted by Company to employees of similar rank and position.

       (d)     Employee may incur reasonable expenses for furthering Company’s business,
including expenses for entertainment, travel, and similar items. Company shall reimburse
Employee for all business expenses after Employee presents an itemized account of
expenditures, pursuant to Company policy.

5.      Confidentiality of Proprietary Information

        Employee agrees, during and __________ [AMOUNT IN WORDS] (___ [AMOUNT IN
NUMERALS]) years after the term of this employment, that Employee shall not reveal
confidential information or trade secrets of Company, as may be learned during the Employment
Period, to any person, firm, corporation, or entity. Should Employee reveal or threaten to reveal
such information, Company shall be entitled to an injunction restraining Employee from
disclosing same, or from rendering any services to any entity to whom said information has been
or is threatened to be disclosed; the right to secure an injunction is not exclusive, and Company
may pursue any other remedies it has against Employee for a breach or threatened breach of this
condition, including the recovery of damages from Employee.

6.      Competing Businesses

       Employee agrees, during and __________ [AMOUNT IN WORDS] (___ [AMOUNT IN
NUMERALS]) years after the term of this employment, that Employee shall not be employed
by, engaged in, or interested in any business in competition with Company, or with any of its
subsidiaries or affiliates, except that Employee’s investment in any such business shall not be




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considered a violation of this clause if either (a) Employee owns less than _____ percent (__%)
of the equity thereof or (b) such business is not in competition with Company.

7.      Disability

       Subject to the provisions of clause 8, if Employee’s employment is terminated during the
Employment Period by reason of its Disability (as defined below), Employee shall continue to
receive an annual salary and benefits in accordance with clauses clause 4 through the end of the
______ [ORDINAL NUMBER] full calendar month of such Disability but not in any event
beyond the end of the Employment Period. For purposes of this Agreement, the term
“Disability” means a physical or mental disability that renders Employee incapable of
performing its duties under this Agreement and that has existed for at least __________
[AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) months, as determined by an
independent physician selected by Company and agreed to by Employee. Any salary payments
to Employee shall be reduced by the amount of any benefits paid for the same period of time
under Company’s disability insurance programs.

8.      Termination of Agreement

        Without cause, Company may terminate this Agreement at any time upon __________
[AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) day’s written notice to Employee.
If Company requests, Employee will continue to perform its duties and may be paid its regular
salary up to the date of termination. Additionally, as otherwise stated herein, Company shall pay
Employee on the date of the termination a severance allowance of __________ [AMOUNT IN
WORDS] dollars ($_________ [AMOUNT IN NUMERALS]), less taxes and any other legally-
required moneys to be withheld.

        Without cause, Employee may terminate employment upon __________ [AMOUNT IN
WORDS] (___ [AMOUNT IN NUMERALS]) day’s written notice to Company. Upon such
event, Employee may be required to perform its duties and will be paid the regular salary to date
of termination but shall not receive severance allowance. Notwithstanding anything to the
contrary contained in this Agreement, Company may terminate the Employee’s employment
upon __________ [AMOUNT IN WORDS] (___ [AMOUNT IN NUMERALS]) day’s notice to
Employee should any of the following events occur:

       (a)     The sale of substantially all of Company’s assets to a single purchaser or group of
associated purchasers;

     (b)     The sale, exchange, or other disposition, in one transaction of the majority of
Company’s outstanding corporate shares;

        (c)     Company’s decision to terminate its business and liquidate its assets;

        (d)     The merger or consolidation of Company with another company; or

        (e)     Bankruptcy (Chapter 11 or 13) of Company.



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9.      Death Benefit

        Should Employee die during the term of employment, Company shall pay to Employee’s
estate any compensation due through the end of the month in which death occurred.

10.     Notices

       Any notice required or permitted to be given under this Agreement shall be sufficient if
made in writing and if sent by certified mail to Company at its principal executive offices or to
Employee at the last address filed by it in writing with Company, as the case may be.

11.     Entire Agreement

       This Agreement is the entire integrated agreement between Company and Employee and
supersedes any prior agreement between Company or any predecessor of Company and
Employee; except that this Agreement shall not affect or operate to reduce any benefit or
compensation inuring to Employee of a kind elsewhere provided and not expressly provided in
this Agreement.

12.     Successors

       Company’s rights and obligations under this Agreement will inure to the benefit and be
binding upon Company’s successors and assignees.

13.     Modifications

      This Agreement may be altered only by a written agreement signed by the party against
whom enforcement of any waiver, change, modification, extension, or discharge is sought.

14.     Severability

       If, for any reason, any provision of this Agreement is held invalid, all other provisions of
this Agreement shall remain in effect. If this Agreement is held invalid or cannot be enforced,
then to the full extent permitted by law, any prior agreement between Company (or any
predecessor thereof) and Employee shall be deemed reinstated as if this Agreement had not been
executed.

15.     Governing Law and Arbitration

        This Agreement shall be shall be construed in accordance with the laws of the State of
_____. Any claim or controversy that arises out of or relates to this Agreement, or the breach
thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration
Association. Judgment upon the award rendered may be entered in any court with jurisdiction.




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16.     Waiver

       Should Company waive breach of any provision of this Agreement by Employee, that
waiver will not operate or be construed as a waiver of further breach by Employee.

17.     Counterparts

      This Agreement may be executed in two or more counterparts, any one of which shall be
deemed the original without reference to the others.

18.     Non-Assignment

        The interests of Employee under this Agreement are not subject to the claims of its
creditors and may not be voluntarily or involuntarily assigned, alienated, or encumbered.

      IN WITNESS WHEREOF, Employee and Company have hereby executed this
Agreement as of the date first above written.

[Employee Name]


Company:

By:
Its: Duly Authorized Representative




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DOCUMENT INFO
Description: This is an agreement between an employer and an employee outlining the terms of the employment of the employee, including employment period, compensation, scope of work, benefits, and holidays. The agreement also contains restrictive covenants, such as a confidentiality clause whereby the employee agrees not to reveal company confidential and proprietary information and a non-compete clause whereby the employee agrees not engage in or be employed in a competing company for a set amount of time. This employment agreement should be retained by the human resources department and kept in the employee's personnel file.
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