Guam Sample Employment Agreement — Executive Vice President Chief Administrative Officer and Corporate Secretary This Guam Sample Employment Agreement ("Agreement") is entered into between Velocity, Inc. ("Company") and the Executive Vice President Chief Administrative Officer and Corporate Secretary ("Executive"). This Agreement outlines the terms and conditions of employment for the Executive in the Company. 1. Position and Responsibilities: The Executive shall hold the position of Executive Vice President Chief Administrative Officer and Corporate Secretary. The Executive's primary role shall be to oversee administrative operations, provide leadership, and ensure compliance with corporate governance requirements. 2. Term of Employment: The initial term of this Agreement shall commence on the effective date and continue for a period of 3 years, unless terminated earlier than per the provisions mentioned herein. Upon completion of the initial term, the Agreement may be renewed upon mutual agreement. 3. Compensation and Benefits: The Executive shall receive an annual base salary of EX, payable in equal monthly installments. In addition to the base salary, the Executive will be eligible for an annual performance bonus, subject to the Company's performance. The Executive shall also be entitled to participate in the Company's benefit programs, including health insurance, retirement plan, and other fringe benefits. 4. Termination: Termination can occur by either party with or without cause or by natural expiration of the Agreement. If terminated without cause, the Executive will be entitled to a severance package as outlined in Appendix A. If terminated with cause, the Executive shall not be entitled to any further compensation, except for any vested benefits as per the Company's benefit plans. 5. Confidentiality and Non-Compete: The Executive shall maintain the confidentiality of all proprietary information, trade secrets, and other confidential data of the Company. The Executive shall also agree to a non-compete clause during the term of employment and for a specified period after termination, as mentioned in Appendix B. 6. Governing Law and Jurisdiction: This Agreement shall be governed by and construed in accordance with the laws of Guam. In the event of any disputes, both parties agree to submit to the exclusive jurisdiction of the courts of Guam. Other Types of Guam Sample Employment Agreements: — Guam Sample Employment Agreement for a Chief Financial Officer (CFO) — Guam Sample Employment Agreement for a General Manager — Guam Sample Employment Agreement for a Human Resources Director PLEASE NOTE: This sample employment agreement is for informational purposes only and should not be considered as legal advice. It is recommended to consult with an attorney to ensure compliance with all relevant laws and regulations.
Guam Sample Employment Agreement between Telocity, Inc. and Executive Vice President Chief Administrative Officer and Corporate Secretary
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The term ?Termination for Cause? shall mean termination because of Executive's personal dishonesty, incompetence, willful misconduct, any breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule, or regulation (other than traffic violations or ...
An executive employment contract is a formal agreement between a company and its executive that outlines job duties, salary, benefits, and other perks like bonuses or stock options. It also includes important terms for termination, confidentiality, and non-compete clauses.
Termination of Executive for Cause shall be made by delivery to Executive of a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the non-employee directors of the Board at a regular or special meeting of such directors called and held for such purpose, after 30 days' prior written ...
Ing to jurisprudence from the CAS, just cause will exist where the breach of obligation has reached an extent that the injured party can no longer, and in good faith, be expected to continue the contractual relationship³.
Termination for cause refers to the firing of an employee for valid, legally classified reasons. In order for termination for cause to be justifiable, the reason for the termination must be serious and legitimate.