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SOCKET MOBILE, INC. [FORM OF] EXECUTIVE EMPLOYMENT AGREEMENT

Employee Retention Agreement

SOCKET MOBILE, INC. [FORM OF] EXECUTIVE EMPLOYMENT AGREEMENT | Document Parties: SOCKET MOBILE, INC You are currently viewing:
This Employee Retention Agreement involves

SOCKET MOBILE, INC

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Title: SOCKET MOBILE, INC. [FORM OF] EXECUTIVE EMPLOYMENT AGREEMENT
Governing Law: Delaware     Date: 1/27/2009
Industry: Computer Hardware     Sector: Technology

SOCKET MOBILE, INC. [FORM OF] EXECUTIVE EMPLOYMENT AGREEMENT, Parties: socket mobile  inc
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Exhibit 10.9

 

SOCKET MOBILE, INC.
[FORM OF]
EXECUTIVE EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement") is entered into as of [ Date ], 2009 and is effective December 31, 2008 by and between Socket Mobile, Inc., a Delaware corporation (the "Company"), and [ Name of Executive ] (the "Executive").

WHEREAS, the Company desires to continue to employ the Executive and the Executive desires to be employed by the company upon the terms and conditions set forth below.

WHEREAS, the Company and the Executive entered into an employment agreement dated [INSERT DATE] (the "Prior Employment Agreement") which expired on December 31, 2008; and

WHEREAS, the Company and the Executive wish to renew the Prior Employment Agreement and to restate the terms of Executive's Employment Agreement, in order to come into documentary compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and any final regulations and official guidance promulgated thereunder ("Section 409A"), as set forth below.

NOW THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth herein, the Company and Executive agree as follows:

1. Term of the Agreement . The Company hereby employs the Executive and the Executive hereby accepts employment with the Company under this Agreement commencing on the Effective Date and expiring on December 31, 2011 (the "Employment Period") subject, however, to prior termination as provided pursuant to Section 5 of this Agreement.

2. Duties and Obligations

       a. The Executive shall report to, and follow the instructions and wishes of, the Company's Chief Executive Officer. [ Substitute Chairman of the Board for Chief Executive Officer for the CEO; substitute Chief Financial Officer for the Vice President and Controller ].

       b. The Executive agrees that to the best of his ability and experience, he will at all times loyally and conscientiously perform all of the duties and obligations required of and from him pursuant to the express and implicit terms hereof.

3. Devotion of Entire time to the Company's Business

       a. During the term of his employment, the Executive shall, during regular business hours, devote all of his attention, knowledge, skills, interests, and productive time to the business of the Company, and the Company shall be entitled to all of the benefits and profits arising from or incident to all work, services, and advice of the Executive.

       b. During the term of his employment, the Executive shall not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, director, or in any other individual or representative capacity, engage or participate in any business that is competitive in any manner whatsoever with the business of the Company.

 

 

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4. Compensation and Benefits

       a. Compensation and Benefits . During the term of this Agreement, the Company shall pay to the Executive a base annual salary not less than the current base salary in effect, payable in equal semi-monthly installments in accordance with the Company's payroll schedule. During the term of this Agreement, the Executive shall be eligible for salary and merit increases in his base salary as determined in the sole discretion of the Company's Board of Directors.

       b. Variable Compensation . During the term of this Agreement, the Executive is entitled to participate in the Company's Management Variable Incentive Compensation Plan according to its terms as set by the Company's Board of Directors.

       c. Insurance . The Executive shall be entitled to the prerequisites and benefits generally available to the other executive employees and their families through group insurance programs sponsored by the Company.

       d. Paid Time Off . The Executive shall be entitled to accrue paid time off ("PTO") in accordance with the Company's PTO policy applicable to all employees.

       e. Savings Plan . The Executive shall be entitled to the prerequisites and benefits generally available to other executive employees through tax deferred savings, pension and similar programs when and if sponsored by the Company.

5. Termination of Employment

       a. The Executive understands that either he or the Company may terminate the employment relationship between them at any time, for any reason, with or without Cause. For purposes of this Agreement, "Cause" for termination of employment by the Company is defined as a determination in the sole discretion of the Company's Board of Directors of the occurrence of any of the following:

 

 

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              i. Gross misconduct or fraud by the Executive;

              ii. Misappropriation of the Company's proprietary information by the Executive;

              iii. Willful and continuing breach by the Executive of his duties under this Agreement after the Company has given notice to the Executive thereof and Executive has had 30 days in which to cure such breach.

       b. If at any time during the Employment Period, the Executive's employment is terminated other than for Cause (as defined above) or death, or in the event of the Executive's termination of employment due to Executive's disability (as defined in Code Section 22(e)(3)), then, subject to any required delay period as described in Appendix A, the Company shall provide to Executive (or his beneficiary in the event of death) each of the following:

              i. The Executive's regular base salary for a period of three (3) months plus one month for each completed two years of service up to a maximum of six (6) months (the "Period"), payable on normal company paydays during the Period. The Executive will be entitled to receive this payment regardless of whether or not he secures other employment during the Period.

              ii. Except in the event of death, continued health insurance benefits pursuant to COBRA until the earlier of either: (a) such time as the Executive becomes eligible for health insurance benefits provided by another employer; or (b) the expiration of the Period. The Executive agrees that should he become eligible for health insurance benefits provided by another employer during the Period, he will immediately provide written notice of such event to the Company's Board of Directors.

              iii. For the quarter in which the Executive's employment is terminated, he will receive the full variable compensation amount, pursuant to the terms of the Management Variable Incentive Compensation Plan, to which he would otherwise have been entitled had he remaine


 
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