Employment Period Compensation In consideration of the other provisions of this Agreement, and the Executive’s agreement to execute a Release Agreement, substantially in the form attached hereto as Exhibit B, in the event of his termination under relevant circumstances pursuant to which he would be paid severance benefits, ESC shall provide the Executive with the following payments and benefits, both those set forth in this section and elsewhere in this Agreement:
Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.
Base Salary and Benefits (a) During the Employment Period, the Company shall pay Executive an annual base salary of $535,600 (the “Base Salary”). As used herein, references to “Base Salary” shall include all subsequent increases in annual base salary during the Employment Period. The Base Salary shall be payable in regular installments in accordance with the Company’s general payroll practices (as in effect from time to time).
(b) In addition to the Base Salary, during the Employment Period, Executive will be eligible to earn an annual bonus under a bonus plan to be established by the Company, payable in accordance with the Company’s customary practices, as determined by the Board, in its sole discretion based upon the Company’s achievement of budgetary and other objectives set by the Board; provided that, in determining the amount of the annual bonus, if any, to be paid to Executive, the Board shall, in determining whether the Company has achieved the budgetary and other goals set by the Board, disregard any payments by the Company and its subsidiaries to Onex (as defined below) and affiliates.
(c) During the Employment Period, Executive shall be entitled to participate in all of the Company’s employee benefit programs for which senior executives of the Company and its subsidiaries are generally eligible. Without duplication of any employee benefits provided to all senior executives of the Company and its subsidiaries, the Company shall reimburse Executive for the annual premium cost of $1 million of term life insurance coverage purchased by Executive on his life, up to a maximum of Eleven Thousand Dollars ($11,000) per year.
(d) During the Employment Period, the Company shall (without duplication of any employee benefits provided to Executive pursuant to other provisions of this Agreement) reimburse Executive for all reasonable business expenses incurred by him in the course of performing his duties and responsibilities under this Agreement which are consistent with the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of such expenses.
(e) All amounts payable or otherwise provided to Executive pursuant to this Agreement shall be subject to all applicable withholding and deduction obligations.
Salary, Bonus and Benefits For services rendered by the Employee on behalf of the Company during the Employment Term, the following salary, bonus and benefits shall be provided to the Employee by the Company:
(a) The Company shall pay to the Employee, in equal installments, according to the Company’s then current practice for paying its executive officers in effect from time to time during the Employment Term, the Annual Base Salary.
(b) The Employee shall participate in the Sealy Corporation Annual Bonus Plan (the “Bonus Plan”) in accordance with the provisions of that Plan as in effect as of the date of this Agreement based on the Target Annual Bonus Percentage.
(c) The Employee shall be eligible for participation in such other benefit plans, including, but not limited to, the Company’s Profit Sharing Plan and Trust, Executive Severance Benefit Plan, Benefit Equalization Plan, Short-Term and Long Term Disability Plans, Group Term Life Insurance Plan, Medical Plan or PPO, Dental Plan, the 401(k) feature of the Profit Sharing Plan and the 1998 Stock Option Plan, as the Board may adopt from time to time and in which the Company’s executive officers are eligible to participate. Such participation shall be subject to the terms and conditions set forth in the applicable plan documents. As is more fully set forth in Section 6 hereof, the Employee shall not be entitled to duplicative payments under this Agreement and the Executive Severance Benefit Plan.
(d) Without limiting the generality of Subsection 3(c) above, for so long as such coverage shall be available to the executive officers of the Company, the Employee shall be eligible to participate in the Company’s Group Term Life Insurance Plan with a death benefit to be provided at the level of one and one half (1 ½) times annual base salary at Company expense, plus extended coverage with a death benefit to be provided of at least the level in effect on the date of this Agreement for the Employee under such Plan at the Employee’s discretion and expense.
(e) The Employee shall be entitled to take, during each calendar year period during the Employment Term, vacation time equal to four (4) weeks per year.
(f) In addition, the Parties do hereby further confirm that any shares of Class A Common Stock of the Company (“Class A Shares”), and any options to purchase additional Class A Shares previously granted to Employee are in addition to, and not in lieu of, any shares or options which may be granted under any other plan or arrangement of the Company after the date of this Agreement, and (b) the various stock agreements and stock option agreements, and any related Stockholder Agreement (the “Stockholder Agreement”) between the Parties (such agreements being hereinafter referred to collectively as the “Pre-existing Agreements”), all remain in full force and effect except as otherwise provided herein. Notwithstanding the foregoing, to the extent that any provision contained herein is inconsistent with the terms of any of the Pre-existing Agreements, the terms of this Agreement shall be controlling.
HOURS OF EMPLOYMENT 6.1 The employee shall be on duty at the school at least thirty (30) minutes prior to the beginning of the first student period. If assigned a pre-period, the employee must arrive 30 minutes prior to the pre-period.
6.2 Kindergarten teachers shall have the same school hours as other teachers in their school.
6.3 Middle school teachers shall have one (1) unassigned instructional period per day set aside for planning. This period shall be equivalent to one normal class period.
6.4 Elementary Art, Music, and PE teachers shall be provided 45 minutes a week of preparation time.
6.5 Every employee shall be entitled to one duty-free lunch period per day of not less than thirty (30) consecutive minutes. Each employee shall also be allowed two (2) relief periods (recesses) each day even when serving on yard duty. A preparation period is considered a relief period.
6.6 The unit member shall attend one faculty meeting each week if scheduled by the principal, and the employee shall be provided with an agenda prior to such meetings. Unit members may be permitted to place items on the agenda. One (1) day per week, unit members shall be required to attend until 4:45 p.m. if a meeting is called. These meetings may include minimum day in-service, faculty meetings and other meetings as prescribed by the administrator in charge. On the Wednesday preceding issuance of report cards/progress reports, unit members will be released from weekly faculty meetings to work on the issuance of such cards/reports. Unit members shall not be released from weekly faculty meetings on any week during which a non-instructional, teacher work day is scheduled.
6.7 Planning and preparation time shall be used for planning, preparation, and conferencing with parents, pupils and other teachers or administrators.
6.8 Employees shall participate in student extra-curricular activities, on a voluntary basis, such as student dances, music performances, athletic events, etc. If there are no volunteers, the principal will appoint staff members. In no event shall an employee be required to participate in more than two (2) extra-curricular assignments per year. It shall be the responsibility of the principal to allocate assignments in an equitable manner.
6.9 Employees shall participate in duties as assigned by the principal such as "Back to School Night" and "Open House” and “Kindergarten Orientation.” The District shall make every effort to schedule Open House on a minimum day so unit members will have a greater opportunity to prepare information and materials for meeting parents. The employee has the obligation to participate in meetings pertinent to but not limited to, parent-teacher conferences, principal–teacher conferences, 504 meetings, IEP meetings, and curriculum work.
6.10 During the hours of employment, employees shall perform those duties normally associated with certificated employees as assigned by the principal. To the extent possible, each site will set aside one or more days per month for IEP meetings. Certificated staff will be released from class during contract time to attend such meetings. Every effort will be made to schedule IEP meetings and 504 meetings during the school day. However, if parent, teacher, or service provider scheduling requires an after school meeting, a seven (7) calendar day advance notice will be given to all participants in the absence of exigent circumstances.
6.11 Certificated staff will be released from class during contract time to attend such meetings. There shall be a minimum day one (1) day per week to allow time after students are dismissed for working on such topics as planning, professional growth, curriculum planning and scheduling. At the beginning of each school year, each school site will designate one Wednesday in a month where there are at least four (4) Wednesdays for teacher determined use that will consist of collaboration with one or more colleagues. An agenda and minutes will be developed and provided to the school administrator.
6.12 Each school teacher grades TK-8 shall have the equivalent of ten (10) minimum days designated as parent conference days.
6.13 Hours of employment for part-time employees shall be assigned by the Human Resources Director after consultation with the employee and the principal and duties shall be pro- rated.
6.14 As long as the District funds classified positions, known as P.E. Specialists, it shall provide substitutes for P.E. Specialists when absent in order for classroom teachers to be provided preparation time.
6.15 If a TK-8th grade substitute is unavailable:
6.15.1 Another teacher may voluntarily cover the class during their preparation time and be paid their pro-rated per diem rate of pay.
6.15.2 A part-time or job share teacher may substitute during non-contract time and be paid their pro-rated per diem rate of pay. If a job share teacher substitutes for their partner teacher, then the pay is per diem (pro rated if not a full day).
6.15.3 If a teacher takes another teacher’s students in addition to their own class, the teacher will receive the hourly rate of pay pursuant to Article 3.16 per hour for the number of hours the class is with them. This applies when taking at least 7 of the students in a teacher’s class.
Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:
Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.
HOLIDAY COMPENSATION FOR TIME WORKED 110. Employees required by their respective appointing officers to work on any of the above specified or substitute holidays, excepting Fridays observed as holidays in lieu of holidays falling on Saturday, shall be paid extra compensation of one additional day's pay at time-and-one-half the usual rate in the amount of 12 hours pay for 8 hours worked or a proportionate amount for less than 8 hours worked provided, however, that at the employee's request and with the approval of the appointing officer, an employee may be granted compensatory time off in lieu of paid overtime pursuant to the provisions of Section III.E.2. 111. Executive, administrative and professional employees designated in the Annual Salary Ordinance with the "Z" symbol shall not receive extra compensation for holiday work but may be granted time off equivalent to the time worked at the rate of-one-and-one-half times for work on the holiday.
Employment Eligibility Verification As required by IC § 22-5-1.7, the Contractor swears or affirms under the penalties of perjury that the Contractor does not knowingly employ an unauthorized alien. The Contractor further agrees that:
A. The Contractor shall enroll in and verify the work eligibility status of all his/her/its newly hired employees through the E-Verify program as defined in IC § 22-5-1.7-3. The Contractor is not required to participate should the E-Verify program cease to exist. Additionally, the Contractor is not required to participate if the Contractor is self-employed and does not employ any employees.
B. The Contractor shall not knowingly employ or contract with an unauthorized alien. The Contractor shall not retain an employee or contract with a person that the Contractor subsequently learns is an unauthorized alien.
C. The Contractor shall require his/her/its subcontractors, who perform work under this Contract, to certify to the Contractor that the subcontractor does not knowingly employ or contract with an unauthorized alien and that the subcontractor has enrolled and is participating in the E-Verify program. The Contractor agrees to maintain this certification throughout the duration of the term of a contract with a subcontractor. The State may terminate for default if the Contractor fails to cure a breach of this provision no later than thirty (30) days after being notified by the State.
Severance Compensation upon Termination of Employment 4.1 If the Executive’s employment with the Corporation or the Partnership shall be terminated (a) by the Corporation or Partnership other than for Cause or pursuant to Sections 3.6 or 3.7, or (b) by the Executive for Good Reason, then the Corporation and the Partnership shall:
(i) pay to the Executive as severance pay, within five days after termination, a lump sum payment equal to 250% of the sum of the Executive’s annual salary at the rate applicable on the date of termination and the average of the Executive’s annual bonus for the preceding two full fiscal years;
(ii) arrange to provide Executive, for a 12 month period (or such shorter period as Executive may elect), with disability, accident and health insurance substantially similar to those insurance benefits which Executive is receiving immediately prior to the date of termination to the extent obtainable upon reasonable terms; provided, however, if it is not so obtainable the Corporation shall pay to the Executive in cash the annual amount paid by the Corporation or the Partnership for such benefits during the previous year of the Executive’s employment. Benefits otherwise receivable by Executive pursuant to this Section 4.1(ii) shall be reduced to the extent comparable benefits are actually received by the Executive during such 12 month period following his termination (or such shorter period elected by the Executive), and any such benefits actually received by Executive shall be reported by the Executive to the Corporation; and
(iii) any options granted to Executive to acquire common stock of the Corporation, any restricted shares of common stock of the Corporation issued to the Executive and any other awards granted to the Executive under any employee benefit plan that have not vested shall immediately vest on said termination.
(a) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor, except to the extent provided in Section 4.1 above, shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as a result of employment by another employer or by insurance benefits after the date of termination, or otherwise.
(b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan of the Corporation or Partnership, or other contract, plan or arrangement.
