Exhibit
10.1
EMPLOYMENT
AGREEMENT
THIS
AGREEMENT , dated
effective as of January 1, 2000, is by and between Meridian
Occupational Healthcare Associates, Inc., a Delaware business
corporation (“Employer”), and E. Stuart Clark
(“Employee”).
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EMPLOYMENT
.
Employer hereby employs Employee and
Employee hereby accepts employment with Employer upon the terms and
conditions set forth in this Agreement.
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TERM . The term of this Agreement shall commence as of
the date hereof, and shall continue for a period of two (2) years
(the “Term”) unless sooner terminated pursuant to
Paragraph 6 hereof. This Agreement shall be automatically renewed
for one (1) year periods unless at least one hundred eighty (180)
days before the second and all subsequent anniversary dates of this
Agreement either party gives notice in writing to the other of its
election not to extend the Term.
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DUTIES . Employee shall serve as Vice President of
Sales and Marketing. Employee agrees to devote his/her entire
working time, energy and skills, and to the best of his/her
ability, carry out the duties and responsibilities, commensurate
with the foregoing title, reasonably requested of him/her.
Notwithstanding the foregoing, Employee shall be permitted to
continue non-competitive outside business activities such as
service on charitable boards, corporate boards and volunteer
activities, approved by the Board of Directors, its Compensation
Committee or an authorized officer. The employee's services shall
be based in Nashville, Tennessee, although reasonable business
travel may be required.
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(a)
Annual
Salary . Employee shall receive a salary of One Hundred
Twelve Thousand ($112,000) per year (“Annual Salary”),
payable in regular installments at such time and in such manner as
other executive employees of Employer, but no more frequently than
bi-weekly. The Annual Salary will be reviewed by Employer for
potential upward adjustment at least once annually. Compensation
adjustments will be based on the results of a performance appraisal
due annually. Any determination to increase Employee’s Annual
Salary shall be in the sole discretion of the Board, its
Compensation Committee, or an authorized officer. Downward
adjustment of Annual Salary may entitle Employee to terminate for
Good Reason to the extent provided, and with the consequences
described, in Section 6.
(b)
Bonuses . Employer may pay bonuses to Employee from time
to time during the term of this Agreement. Not less than once each
year, the Board of Directors, its Compensation
Committee or an authorized officer will review whether to pay
Employee a bonus based upon his or her performance during the
applicable year, as well as Employer’s financial performance
and condition. Payment of any such bonuses shall be in the sole and
absolute discretion of the Board of Directors, its Compensation
Committee or an authorized officer; provided that it is intended
that Employee shall participate in any bonus pool maintained by
Employer for executive employees.
(c)
Commissions
.
No commissions will be paid to
Employee with respect to any contracts entered into by Employer,
any affiliate of Employer, or otherwise.
(a)
General . During the term hereof, Employee shall receive
fringe benefits including health, life and disability insurance,
pension or retirement plan participation, to the extent provided to
executive officers of Employer generally.
(b)
Vacation
.
Employee shall be entitled to
receive paid time off for vacation and/or sick days in an annual
amount not less than the greater of four weeks per year or the
amount provided for Employee under Employer's PTO policy as of the
effective date of this Agreement. Employee shall, in his or her
reasonable discretion with the reasonable approval of the Board,
its Compensation Committee, or an authorized officer, and subject
to the general policies and practices of Employer, determine the
time and intervals of such vacation. Notwithstanding the first
sentence of this paragraph, any paid vacation that has been accrued
but not used as of December 31 of any year shall be deducted from
the maximum amount that may accrue during the following year, so
that at no time will any Employee have accrued more than the
maximum amount set forth in the first sentence of this paragraph,
unless such continued accrual is approved by the Board, its
Compensation Committee, or an authorized officer.
(c)
Reimbursement for
Reasonable Business Expenses
.
Employer shall, within its general
policies and practices (including without limitation the
requirement of reasonable documentation), reimburse Employee for
reasonable business expenses incurred by him or her in connection
with the performance of her duties pursuant to this Agreement,
including, but not limited to, travel expenses and other reasonable
business expenses.
(a)
Death
.
If Employee shall die during the
Term, this Agreement shall terminate, except that Employee’s
legal representatives shall be entitled to receive the Annual
Salary and any accrued but unused vacation pay to the last day of
the month in which Employee’s death occurs.
(b)
Disability . If Employee shall suffer permanent or long
term disability during the Term, this Agreement shall terminate,
except that Employee shall be entitled to receive the Annual Salary
and any accrued but unused vacation pay to the earlier of (a) the
last day of the month in which Employee first becomes eligible for
reimbursement under any long term disability insurance policy then
maintained by the Employer for the benefit of Employee (the
"Insurance Policy"), or (b) 180 days following the occurrence of
such permanent or long term disability. Permanent or long term
disability shall be defined in the same manner as under the
Insurance Policy, if any, or, if no Insurance Policy exists, shall
mean such disability as shall prevent Employee from performing his
or her duties hereunder for a period in excess of 90
days.
(c)
Other Early
Termination . Notwithstanding any other provision herein to
the contrary, Employer may terminate Employee’s employment
hereunder with cause or without cause by written notice to Employee
at any time specifying the date of termination. If Employer
terminates Employee without cause or if Employee terminates his or
her employment hereunder with Good Reason as defined below,
Employe
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