Preview of our top selling Vice President (VP) Marketing Employment Agreement
Pioneer Plastics - Vice President of Marketing Employment Agreement
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Exhibit 10.16
EMPLOYMENT AGREEMENT
Panolam Industries International, Inc. (" Panolam" ) and Stephen C. Feuring (" Executive" ), agree that:
WHEREAS, Panolam desires that Executive perform services for the company and to enter into this Employment Agreement; and WHEREAS, Executive desires to perform services for the company and to enter into this Employment Agreement;
THEREFORE, in consideration of the mutual covenants contained herein, Panolam and Executive agree as follows:
1. Agreement to Employ . Panolam agrees to employ Executive and Executive agrees to continue employment with the company. 2. Term of Employment . Panolam and Executive agree that Panolam shall employ Executive from the date of Executive' s execution of this Employment Agreement until either party desires to terminate the employment relationship in its sole discretion. Panolam and Executive agree that Executive is not entitled to continued employment for any specific period of time and that their employment relationship may be terminated by either party at any time, with or without notice.
3. Position and Duties . Executive shall serve as Vice President of Marketing & Sales and/or in such other position or positions as Panolam shall from time to time specify. Executive shall have duties, responsibilities and obligations customarily assigned to individuals serving in the position or positions in which Executive serves or may serve and such duties, responsibilities and obligations as Panolam shall from time to time specify. Executive shall devote Executive' s full time to the services required by Panolam, except for vacation time and reasonable periods of absence due to sickness, personal injury or disability. Executive shall use Executive' s best efforts, judgment, skill and energy to advance the business and interests of Panolam.
4. Compensation . Executive shall be paid compensation including, but not limited to, annual base salary, bonus, fringe benefits, stock, stock options and/or other compensation as Panolam shall from time to time specify. 5. Termination of Employment . If Executive' s employment with Panolam terminates during the course of this Agreement, Executive may be entitled to Termination Benefits as set forth below, in addition to those accrued as of the date of termination. Termination Benefits payable upon Executive' s termination of employment shall be determined as follows:
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A. Termination For Cause : If Executive' s termination of employment results from a Termination for Cause, Executive shall not be entitled to the Termination Benefits set forth in this Agreement.
For purposes of this Employment Agreement, " Termination for Cause" means a termination of Executive' s employment by Panolam for any of the following reasons: (i) Executive is convicted or enters a plea of guilty or nolo contendere to a felony, a crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the business of Panolam or its affiliates; (ii) in the performance of Executive' s duties, or otherwise to the detriment of Panolam or its affiliates, Executive engages in: a) willful misconduct; b) willful or gross neglect; c) fraud; d) misappropriation; e) embezzlement; or f) theft; (iii) Executive willfully fails to adhere to the policies and practices of the company or to devote substantially all of Executive' s business time and effort to the affairs of the company; (iv) Executive breaches this Agreement in any material respect; (v) Executive is adjudicated in a civil suit to have committed, or acknowledges in writing, the commission of any theft, embezzlement, fraud or other intentional act of dishonesty involving any other person; or (vi) Executive willfully violates Panolam' s Protecting Confidentiality Information Policy, Panolam' s Conflicts of Interest Policy, or Panolam' s Business Ethics Policy.
B. Other Terminations : If Executive' s termination of employment results from Executive' s voluntary resignation or from Executive' s retirement, death, or disability, Executive shall not be entitled to the Termination Benefits described above.
C. Termination Without Cause : If Executive' s termination of employment results from a Termination Without Cause or Constructive Termination Without Cause, Executive shall be entitled to: i. six (6) months of severance pay at Executive' s annual salary in effect at the time of the termination, paid in equal installments according to Panolam' s normal payroll schedule; and ii. continued participation for six (6) months after the termination date, in all medical, dental, vision, hospitalization and life insurance coverages and in all other employee welfare benefit plans, programs and arrangements in which he or his family members were participating on the termination date, on terms and conditions that are no less favorable than those that applied on such date, provided that the Executive' s entitlements under this Section 5(C) shall expire to the extent that equivalent...
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