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GENERAL46098
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Last modified
8/24/2016 8:17:06 PM
Creation date
11/23/2007 2:20:38 PM
Metadata
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Template:
DRMS Permit Index
Permit No
M1977376
IBM Index Class Name
General Documents
Doc Date
5/28/1993
Doc Name
MOTION TO APPROVE EMPLOYMENT AGREEMENT WITH RESONSIBLE OFFICER
Media Type
D
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1. Employment; Term. Each Company hereby employs and retains Houghton and <br />Houghton hereby accepts such employment, upon the terms and subject to the conditions set <br />forth herein, commencing upon the date hereof and continuing for a period of three (3) <br />months (the "Initial Term"). Following the Initial Term, and upon the mutual agreement of <br />the artier uy~i~ghtnn'g emr~lnvmPnt Fjy Pesch COmpanv tnav hr continued on an at-will basis. <br />2. Duties. <br />2.1 Duties. During the term of this Agreement, Houghton shall be an <br />employee of each Company and shall serve as the Responsible Officer of each Reorganized <br />Debtor. <br />2.2 Performance of Duties. Throughout the term of this Agreement, <br />Houghton shall (a) use his best efforts to loyally and conscientiously perform all of the duties <br />and obligations required of him by the terms of this Agreement, (b) use his best efforts to <br />advance the business and welfare of the Reorganized Debtors, (c) perform the duties of the <br />Responsible Officer, as outlined in the Governing Agreement, and (d) except for the <br />consulting arrangement that Houghton has with Oregon Steel Mills and/or any of its <br />controlled entities pursuant to which Houghton will consult with Oregon Steel Mills for <br />approximately two afternoons each week, not engage in any other employment activities for <br />any direct or indirect remuneration without the prior written consent of the Companies. <br />2.3 FuU-Time Employment. During the term of this Agreement and except <br />as otherwise provided in Section 2.2, Houghton shall devote his full time, ability, attention <br />and energies to the business of the Reorganized Debtors and, during business hours, shall not <br />engage in any other business activities or pursuits whatsoever, and, outside of normal <br />business hours, shall not engage in any other business activities or pursuits which materially <br />interfere with the performance of his duties or give rise to conflicts of interest. The parties <br />acknowledge that Houghton is not prohibited from making passive personal investments if <br />those investments do not materially interfere with the performance of services required under <br />this Agreement. <br />3. Compensatiors. <br />3.1 Salary. During the term of this Agreement, Reorganized CF&I Steel <br />Corporation shall pay Houghton a salary of Ten Thousand Dollars ($10,000) per month, <br />payable no less frequently than monthly. Houghton shall be entitled to no other salary or <br />compensation from any other Reorganized Debtor. <br />3.2 Benefits. Houghton hall ]not be entitled to participate in any fringe <br />benefit, medical or life insurance, bonus, compensation, retirement, stock option, pension or <br />similar or other plans sponsored by any of the Reorganized Debtors. <br />3.3 Withholding. Reorganized CF&I Steel Corporation and Houghton agree <br />that the compensation payable to Houghton under this Agreement shall be subject to <br />-2- <br />
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