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MANAGEMENT EMPLOYMENT AGREEMENT

Employee Retention Agreement

MANAGEMENT EMPLOYMENT AGREEMENT | Document Parties: CYBEX INTERNATIONAL INC You are currently viewing:
This Employee Retention Agreement involves

CYBEX INTERNATIONAL INC

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Title: MANAGEMENT EMPLOYMENT AGREEMENT
Governing Law: New York     Date: 3/12/2009
Industry: Recreational Products     Sector: Consumer Cyclical

MANAGEMENT EMPLOYMENT AGREEMENT, Parties: cybex international inc
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Exhibit 10(x)

MANAGEMENT EMPLOYMENT AGREEMENT

The following is hereby entered into between Galen S. Lemar (thereafter known as “Executive”) and Cybex International, Inc. together with its subsidiary corporations hereinafter known as the “Company” and having its principal offices at 10 Trotter Drive, Medway, MA 02053.

 

1.

DUTIES AND RESPONSIBILITIES

Lemar agrees to hold the position of President of Cybex Capital Corporation/Sr Vice President of Cybex International and shall be directly responsible to John Aglialoro, Chief Executive Officer.

 

2.

BEST EFFORTS

Executive agrees to devote best efforts to his employment with the Company on a full-time basis. He further agrees not to use the facilities, personnel or property of the Company for personal or private business benefit.

 

3.

ETHICAL CONDUCT

Executive will conduct himself in a professional and ethical manner at all times and will comply with all company policies as well as all State and Federal regulations and laws as they may apply to the services, products and business of the Company.

 

4.

COMPENSATION

 

 

a.

Salary shall be payable in equal installments as per the Company’s payroll policy. Salary shall be considered on an annual basis and may be adjusted based on individual and Company performance, See attached Exhibit A for current salary.

 

 

b.

Benefits shall be the standard benefits of the Company as they shall exist from time-to-time.

 

 

c.

Will participate in the 2008 Management Incentive Bonus Program eligible for payout in 2009.

 

5.

NON-DISCLOSURE

Executive acknowledges that employment with the Company requires him to have access to confidential information and material belonging to the Company, including customer lists, contracts, proposals, operating procedures, and trade secrets. Upon termination of employment for any reason, Executive agrees to return to the Company any such confidential information and material in his possession with no copies thereof retained. Executive further agrees, whether


during employment with the Company or any time after the termination thereof (regardless of the reason for such termination), he will not disclose nor use in any manner, any confidential or other material relating to the business, operations, or prospects of the Company except as authorized in writing by the Company. The foregoing restrictions shall not apply to any information which is presently public knowledge or which becomes public knowledge through a source or sources other than Executive.

 

6.

NON-COMPETITION

During employment with the Company and for a period of one year thereafter (regardless of the reason for termination). Executive agrees he will not directly or indirectly, in any way for his own account, as employee, stockholder, partner, or otherwise or for the account of any other person, corporation, or entity:

 

 

a.

Engage, within any geographic area in which the Company is then conducting its business, in any business segment in which he has actively participated as an employee of the Company; or

 

 

b.

Solicit customers who, during the period of employment, were customers of the Company or were actively solicited as customers of the Company; or

 

 

c.

Offer employment to any employee of the Company in any capacity whatsoever, or attempt to induce or cooperate with any other firm in an attempt to induce an employee of the Company to leave the employ of the Company; or

 

 

d.

Attempt or cooperate with any other firm in an attempt to induce any independent contractor of the Company to cease providing services to the Company.

 

7.

INVENTIONS

Executive agrees to promptly disclose to the Company each discovery, improvement, or invention conceived, made, or reduced to practice (whether during working hours or otherwise) during the term of employment. Executive agrees to grant to the Company the entire interest in all of such discoveries, improvements and inventions and to sign all patent/copyright applications or other documents needed to implement the provisions of this paragraph without additional consideration. Executive further agrees that all works of authorship subject to statutory copyright protection developed, jointly or solely, while employed shall be considered a work made for hire and any copyright thereon shall belong to the Company. Any invention, discovery, or improvement conceived, made, or disclosed during the one-year period following the termination of employment with the Company shall be deemed to have been made, conceived, or discovered during employment with the Company.


Executive acknowledges that the only discoveries, improvements, and other inventions made prior to the date hereof which have not been filed in the United States Patent Office are attached as Exhibit B .

 

8.

NO CURRENT CONFLICT

Executive hereby assures the Company that he is not currently restricted by any existing employment, non-compete agreement or similar agreement that would conflict with the terms of this Agreement.

 

9.

TERMINATION AND TERMINATION BENEFITS

Executive’s employment hereunder is “at will”, which means that either the Company or the Executive may terminate such employment at any time, with or


 
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