EXECUTIVE SERVICE. a. During his employment, Employee shall devote his full energies, interests, abilities and productive time to the business, affairs and interests of Employer and matters related thereto and shall use Employee's best efforts to promote Employer's interests and perform this Agreement in accordance with policies established by and under Employer's Board of Directors. Employee shall not, without the prior written consent of Employer's Board of Directors, render to others services of any kind for present or future compensations, or engage in any other activity that would materially interfere with the performance of his duties under this Agreement, including but not limited to acting as a partner, officer, director or employee or significant investor of any other entity (an investment of 5% or more of the outstanding capital or equity securities of an entity shall be deemed significant for these purposes). The Employee shall not serve as Director on other company boards of directors without the written consent of Intraop's Board of Directors. b. Employee represents to Employer that he has no other outstanding commitments inconsistent with any of the terms of this Agreement or the services to be rendered hereby. c. The position held by Employee assumes a "nominal" 40 hour work week, but both Employee and Employer recognize that the Company is a start-up and, in addition, that the capital medical equipment business is very dynamic and that to continue to be successful in this position requires spending many additional hours each week in the capacity of Chief Financial Officer. Employee must use his own judgment in managing his time to help operate and develop the company in Employer's best interests. This extra activity is considered part of the job responsibilities for which there is no additional compensation. d. It is recognized and agreed by both Employer and Employee that the specific nature of this job involves the exercise of considerable initiative, discretion, independent judgment and management by Employee. Employee acknowledges and agrees that the nature of his responsibilities make his position exempt from any local, federal or state overtime requirements; Employee further agrees not, either during or after employment with Employer, to seek additional compensation beyond the terms of this Agreement for overtime claims, except where legal grounds exist for doing so. e. Travel is sometimes required on weekends or at night and is to be considered part of the job for which there is no additional compensation.
Appears in 1 contract
EXECUTIVE SERVICE. a. During his employment, Employee shall devote his full energies, interests, abilities and productive time to the business, affairs and interests of Employer and matters related thereto and shall use Employee's best efforts to promote Employer's interests and perform this Agreement in accordance with policies established by and under Employer's Board of Directors. Employee shall not, without the prior written consent of Employer's Board of Directors, render to others services of any kind for present or future compensations, or engage in any other activity that would materially interfere with the performance of his duties under this Agreement, including but not limited to acting as a partner, officer, director or employee or significant investor of any other entity (an investment of 5% or more of the outstanding capital or equity securities of an entity shall be deemed significant for these purposes)) except those identified in Appendix 1. Notwithstanding this prohibition, it is understood by both parties that Employee will take part in activities relating to Zapit Technologies, Inc. until January 31, 1994. During this time period, as long as the milestones set forth in the Business Plan are met, the Employee will be allowed to exercise his own judgment as to the appropriate allocation of time between his duties at the Company and his work for Zapit. It is anticipated that approximately 50% of the Employee's time will be allocated to Intraop, Inc. during this period. During this time period (October 1, 1993 through January 31, 1994) the Employee's base salary from Intraop will be 50% of the rate set forth in Section 2 of this Agreement. As of February 1, 1994, the Employee will spend his full efforts and energy on the business activities of Intraop, Inc. The Employee shall not serve as Director on other company boards of directors without the written consent of Intraop's Board of Directors. Those companies identified in Appendix 1 are deemed approved through the signing of this Agreement.
b. Employee represents to Employer that he has no other outstanding commitments inconsistent with any of the terms of this Agreement or the services to be rendered hereby.
c. The effective date of employment is April 1, 1993. The rate of pay between April 1 and September 30, 1993 shall be 50% of the compensation enumerated in Section 2 ($5,000.00 per month). This salary is deferred and accrued and all other benefits commence as of October 1, 1993. This compensation will be paid employee only as the Company finances permit.
d. The position held by Employee assumes a "nominal" 40 forty (40) hour work week, but both Employee and Employer recognize that the Company is a start-up and, in addition, that the capital medical equipment business is very dynamic and that to continue to be successful in this position requires spending many additional hours each week in the capacity of Chief Financial OfficerExecutive Officer and President. Employee must use his own judgment in managing his time in order to help operate and develop the company in Employer's best interests. This extra activity is considered part of the job responsibilities for which there is no additional compensation.
d. e. It is recognized and agreed by both Employer and Employee that the specific nature of this job involves the exercise of considerable initiative, discretion, independent judgment and management by Employee. Employee acknowledges and agrees that the nature of his responsibilities make his position exempt from any local, federal or state overtime requirements; Employee further agrees not, either during or of after employment with Employer, to seek additional compensation beyond the terms of this Agreement for overtime claims, except where legal grounds exist for doing so.
e. f. Travel is sometimes required on weekends or at night and is to be considered part of the job for which there is no additional compensation.
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