EXECUTIVE EMPLOYMENT AGREEMENTEmployee Retention Agreement |
|
|
|
You are currently viewing: This Employee Retention Agreement involves
GRAN TIERRA ENERGY, INC.. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employee Retention Agreement by:
Exhibit 10.60
EXECUTIVE EMPLOYMENT AGREEMENT
BETWEEN:
GRAN TIERRA ENERGY INC., an Alberta corporation (GTEI) and Gran Tierra Energy Inc., a Nevada corporation (Gran Tierra)
(GTEI and Gran Tierra are collectively referred to herein as, the Company)
- and -
MAX HSU WEI, an individual ordinarily resident in the City of Calgary in the Province of Alberta
(the Executive)
(collectively referred to as the Parties)
RECITALS:
|
A. |
The Executive has specialized knowledge and valuable skills and experience which are critical to the management and success of the business. |
|
B. |
The Company wishes to secure the services of the Executive and to ensure that the Executive remains Vice-President, Operations, of the business. |
|
C. |
The Executive is currently an employee of the Company pursuant to an employment agreement between the Executive and the Company dated April 29, 2005 (the Prior Agreement). |
|
D. |
The Parties wish to set forth their entire understanding and agreement with respect to the subject matter herein and replace the Prior Agreement in its entirety with this Executive Employment Agreement (the Agreement). |
THEREFORE, the Parties agree as follows:
ARTICLE 1
DUTIES AND RESPONSIBILITIES
1.1 Position
The Company confirms the appointment of the Executive to the position of Vice-President, Operations. The Executive will undertake those duties and responsibilities set out in Schedule A to this Agreement as well as those duties reasonably assigned to the Executive by the Board of Directors of the Company (the Board). The Executive will report to the President and Chief Executive Officer. The parties agree that the relationship between the Company and the Executive created by this Agreement is that of employer and employee.
1.2 Other Engagements
The Executive shall not engage in any other business, profession or occupation which would conflict with the performance of his duties and responsibilities under this Agreement, either directly or indirectly, including accepting appointments to the boards of other companies without the prior written consent of the Board.
1.3 Reassignment
The Company shall not reassign the Executive to another position within the Company itself, or to a position within a subsidiary, affiliated or related corporate entity (Member Company or Member Companies) or alter the duties, responsibilities, title, or reporting lines of the Executive or change the location of the Executives employment unless the Executive agrees to such reassignment or alteration.
1.4 Travel
The Executive shall be employed at the Companys location in Calgary, Alberta. The Executive shall be available for such business related travel as may be required for the purposes of carrying out the Executives duties and responsibilities. The Executive shall be entitled to fly business class only for international flights and shall use economy for domestic travel. The Executive will be entitled to choose suitable accommodations when traveling on Company business.
ARTICLE 2
TERM OF EMPLOYMENT
The Executives employment with the Company is for no specified duration and constitutes at-will employment. The Executives employment may be terminated at any time by either of the Parties, subject to the provisions of Article 9.
ARTICLE 3
BASE SALARY
The Executive will be paid an annual salary in an amount determined by the Board, subject to applicable statutory deductions (the Base Salary). The Executives Base Salary will be payable in accordance with Company practices and procedures as they may exist from time to time. Base Salary will be reviewed and may be increased on an annual basis by the Board, with input from the Executive.
2.
ARTICLE 4
BONUS
4.1 Bonus Eligibility
The Executive shall be eligible to receive an annual bonus payment in addition to Base Salary and other compensation for each year of the Executives employment (the Bonus) as determined by the Board from time to time.
4.2 Bonus Payment
The Bonus shall be payable within sixty (60) days of the end of the fiscal year, and will be based upon the Executives performance during the preceding year.
ARTICLE 5
BENEFITS
The Executive shall be entitled to participate in and to receive all rights and benefits under any life insurance, disability, medical, dental, health and accident plans maintained by the Company for its employees and for its executive officers specifically. The Company will continue to pay the Executives Base Salary in the event the Executive becomes disabled until such time as the Executive begins to receive long-term disability insurance benefits.
ARTICLE 6
VACATION
The Executive will be entitled to five weeks vacation per year. Payment of all vacation pay will be at Base Salary. The Executive will arrange vacation time to suit the essential business needs of the Company. Unused vacation entitlement will be carried over into the following calendar year to a maximum entitlement of eight weeks in any one year. On leaving the employment of the Company for whatever reason, the Company will compensate the Executive for any accrued but unused vacation entitlement based upon the Executives then current Base Salary.
ARTICLE 7
STOCK OPTIONS
The Company will provide the Executive with the right to participate in stock option plans and/or incentive award plans approved by the Board.
ARTICLE 8
PERQUISITES AND EXPENSES
The Company recognizes that the Executive will incur expenses in the performance of the Executives duties. The Company shall reimburse the Executive for any reasonable out of pocket expenses incurred in the course of employment.
3.
ARTICLE 9
TERMINATION OF EMPLOYMENT
9.1 Termination Without Notice
This Agreement and the Executives employment with the Company may be terminated, without the Company being obligated to provide the Executive with advance notice of termination or pay in lieu of such notice, whether under contract, statute, common law or otherwise, in the following circumstances:
|
|
(a) |
Voluntary Resignation |
In the event the Executive voluntarily resigns, except where the Executive resigns for Good Reason as provided for in this Agreement, the Executive will give a minimum of ninety (90) days advance written notice to the Company. The Executive will not be entitled to receive any further compensation or benefits whatsoever other than those which have accrued up to the Executives last day of active service with the Company. The Company may, at its discretion, waive in whole or in part such notice with payment in lieu to the Executive;
|
|
(b) |
Cause |
"Cause" is defined as any of the following:
(a) conviction of, or plea of nolo contendere to, a felony;
(b) participation in a fraud against the Company;
(c) participation in an act of dishonesty against the Company intended to result in your personal enrichment;
(d) willful material breach of the Company's written policies;
(e) intentional significant damage to the Company's property by you;
(f) material breach of this Agreement; or
(g) conduct by you that, in the good faith and reasonable determination of the Board, demonstrates gross unfitness to serve provided that in such event, the Company shall provide notice to you describing the nature of the gross unfitness and you shall thereafter have ten (10) days to cure such gross unfitness if such gross unfitness is capable of being cured.
The Company may not terminate your employment for Cause unless and until you receive a copy of a resolution duly adopted by the affirmative vote of at least a majority of the Board of Directors of the Company ("Board") finding that in the good faith opinion of the Board, that "Cause" exists and specifying the particulars thereof in reasonable detail.






