Back to top

EMPLOYMENT AGREEMENT

Employment Agreement

EMPLOYMENT AGREEMENT | Document Parties: PATIENT INFOSYSTEMS INC | PATY Acquisition Corp.  | CCS Consolidated, Inc. You are currently viewing:
This Employment Agreement involves

PATIENT INFOSYSTEMS INC | PATY Acquisition Corp. | CCS Consolidated, Inc.

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: EMPLOYMENT AGREEMENT
Governing Law: Delaware     Date: 9/23/2005
Industry: Computer Services     Sector: Technology

EMPLOYMENT AGREEMENT, Parties: patient infosystems inc , paty acquisition corp.  , ccs consolidated  inc.
50 of the Top 250 law firms use our Products every day

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”) is entered into effective as of as of the “Effective Time” as defined in that certain Agreement and Plan of Merger by and among Patient Infosystems, Inc., PATY Acquisition Corp. and CCS Consolidated, Inc. (the “Merger Agreement”), by and between Patient Infosystems, Inc., a Delaware corporation (the “Company”), and Roger Chaufournier (“Employee”).

 

Conditioned on the successful consummation of the Plan of Merger pursuant to the Merger Agreement and in consideration of the mutual covenants and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.        Employment . The Company hereby employs Employee in the capacity of President, Provider Improvement Subsidiary (the “Subsidiary”), reporting to the CEO of the Company. Employee shall have overall responsibility for the business, operation and growth of the Subsidiary. Employee accepts such employment and agrees to diligently, conscientiously and exclusively perform such services to operate and grow the Subsidiary as are customary to such office and as shall from time to time be assigned to him by the CEO, COO, CFO or General Counsel of the Company. Employee’s employment will be on a full-time business basis requiring the devotion of substantially all of his productive business time for the efficient and successful operation of the business of the Company. It is understood and agreed that while Employee may from time to time be asked to perform services related to the business of the Company and not specifically related to the Subsidiary, the majority of his time is to be spend on the business of the Subsidiary. Should a Board of Directors be formed for the Subsidiary, the Company will recommend to its Board of Directors that the Employee serve on the Subsidiary’s Board while he is employed as President of the Subsidiary.

 

2.        Conditional Agreement; Term . Should Plan of Merger not be consummated and the Effective Time not occur, this Agreement shall not become effective. Should this Agreement become effective, the employment hereunder shall be for a one year period commencing at the Effective Time, unless earlier terminated as provided in Section 4 (the “Initial Term”). This Agreement shall be automatically renewed for successive one-year periods upon the expiration of the Initial Term unless earlier terminated as provided in Section 4. The parties expressly agree that designation of a term and renewal provisions in this Agreement does not in any way limit the right of the parties to terminate this Agreement at any time as hereinafter provided. Reference herein to the term of this Agreement shall refer both to the Initial Term and any successive term as the context requires.

 

3.

Compensation and Benefits

 

3.1        Salary . For the performance of Employee’s duties hereunder, the Company shall pay Employee a salary at the annualized rate of $262,500 (the “Base Compensation”).

 

3.2

Bonuses .

 

(a) Beginning in calendar year 2006, and thereafter while this Agreement is in effect, Employee will be eligible for a calendar year bonus if (a) the Board of Directors determines in its sole reasonable discretion that the EBITDA for the Subsidiary for the year has exceeded $1,000,000, and (b) the Employee remains employed by the Company through December 31 of the calendar year. If both these conditions are met, the calculation of EBITDA and, if applicable, the calculation of the Employee’s bonus shall be based on Generally Accepted Accounting Principals (“GAAP”), consistently applied, and according to the following formula: 12% of the EBITDA of the Subsidiary over $1,000,000 but less than $2,000,000; 18% of the EBITDA of at least $2,000,000 but less than $3,000,000; 24% of the EBIDTA of

 

 

at least $3,000,000 but less than $4,000,000; and 30% of the EBITDA over $4,000,000. For purposes of determining EBITDA, expenses charged to the Subsidiary will include direct expenses plus a fixed corporate overhead charge negotiated between the Company and the Subsidiary to reflect actual costs of corporate services provided to the Subsidiary ( e.g. legal and financial services). The bonus shall be paid within ten (10) days of the Company’s receipt of audited financial statements for the year.

 

(b) The Employee will be eligible during the term of this Agreement for such bonus payments as awarded to the Employee by the Board of Directors of the Company.

 

3.3        Payment and Withholding . All payments required to be made by the Company to the Employee shall be made in accordance with the Company’s normal payroll practices and shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Company may reasonably determine should be withheld pursuant to any applicable law or regulation.

 

3.4        Personnel Policies and Benefits . Unless otherwise specified herein, the Employee’s employment is subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion. The Employee will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time during his employment. For this purpose, Employee will be considered “similarly situated” to the executive level officers of the Company. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of the plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. While this Agreement is in effect the Company agrees to maintain at its expense a group life insurance program in which the Employee is eligible to apply for coverage and name the beneficiary or beneficiaries and a group long term disability insurance program in which the Employee is eligible to apply for coverage.

3.5         Stock Options . From time to time the Company may grant to Employee options under the Company’s then current Stock Option Plan to purchase shares of the Company’s common stock at a stated exercise price per share. Any options granted will vest and be exercisable in accordance with a Stock Option Agreement to be executed pursuant to the Company’s Stock Option Plan. Employee will participate in any stock grant program established by the Company on the same basis as similarly situated employees.

3.6        Reimbursement of Expenses . Employee shall be eligible to be reimbursed for all reasonable business expenses, including but not limited to expenses for home office operation, cellular telephone, BlackBerry, travel, meals and entertainment, incurred by Employee in connection with and reasonably related to the furtherance of the Company’s business in accordance with the Company’s policy. Employee shall submit expense reports and receipts documenting the expenses incurred in accordance with Company policy.

 

4.

Termination

 

4.1        Termination Events . The employment of the Employee and the Term of this Agreement will terminate upon the occurrence of any of the following events (“the Termination Event”):

 

(a)

The Employee’s Death;

 

(b)       The Employee’s “Disability”, defined, subject to applicable state and federal law, as termination by the Company because the Employee is unable to perform the essential functions of Employee’s position (with or without reasonable accommodati


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more