It is expressly understood and agreed that in the performance of his duties and obligations hereunder, Employee shall at all times, be subject to the direction and control of the Executive Committee and Senior management of Employer. Such auto allowance shall be payable in accordance with Employer's normal payroll policies, subject to withholding for federal income tax, social security, state and local taxes, if any, and any other sums that Employer may be legally required to withhold; c Incentive Stock Plan. Employer has proposed to adopt a defined contribution retirement plan permitting employees to contribute a percentage of their annual salary to a managed retirement plan.
Employer will match employee's annual contribution to such a retirement plan by an equal contribution denominated in common stock of Employer. Employer will provide Employee with coverage under a policy of hospitalization and major medical insurance at no cost to the Employee. Such of Employee's dependants may be covered under such insurance policy, subject to the terms of such policy, at the expense of Employee.
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Employee acknowledges that Employer may seek to secure a policy of Key Man life insurance on the life of Employee, with death benefits payable to the company. Employee agrees to cooperate with the company in securing the same. Employee shall be eligible each year during the five year term of this agreement and each extension hereof for a merit review by the President, Chairman of the Board, or Board of Directors, of Employer to consider increases to Employee's compensation.
Employer and Employee agree that the market value cannot be established for all inventions that may be discovered or developed by Employee which are required to be transferred and assigned to Employer pursuant to the terms of paragraph 7 of this Agreement. Employee acknowledges that this sum, together with the other considerations set forth herein, is sufficient consideration for his execution hereof and the undertakings contained in paragraphs 6, 7 and 8.
Vacation and Sick Leave. Employee shall be entitled to three weeks of paid vacation each year of his employment hereunder.
Such vacation shall be taken at such time, or times, as shall not be disruptive to the business of Employer. Scheduling shall be accomplished with the Executive Committee. In addition, Employee shall be entitled to paid sick leave of five 5 days for each year of service to Employer, up to a maximum os fifteen days annually.
Travel and other expenses from Employee's home to company's office are not included. Employer shall furnish Employee with a cellular telephone and pager, at the expense of Employer.
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Confidential Information. Employee acknowledges that in the course of employment by Employer, Employee will receive certain trade secrets and confidential information belonging to the Employer which Employer desires to protect as confidential. For the purposes of this Agreement, the term 'confidential information' shall mean information of any nature and in any form which at the time is not generally known to those persons engaged in business similar to that conducted by Employer.
Employee agrees that such information is confidential and that the will not reveal such information to anyone other than officers, directors and employees of Employer. Upon termination of employment, for any reason, Employee shall surrender all papers, documents and other property of Employer.
Employee agrees that during his employment he will promptly disclose, in writing, all information, ideas, concepts, improvements, discoveries and inventions, whether patentable or not, and whether or not reduced to practice, which are conceived, developed, made or acquired by Employer, either individually, or jointly with others, and which relate to the business, products or services of Employer, or any of its subsidiaries or affiliates, irrespective of whether such information, idea, concept, improvement, discovery or invention was conceived, developed, discovered or acquired by Employee on the job, or elsewhere collectively, the 'Inventions'.
Employer and Employee have agreed as follows regarding the Inventions: a All Inventions are, and shall be, the property of Employer. In this context, all drawings, memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, maps and all other writings, or materials of any type embodying any such Inventions are and shall be the sole and exclusive property of Employer. In the event such work is neither prepared by the Employee within the scope of his or her employment or is not a work specially ordered and deemed to be a work made for hire, then Employee hereby agrees to assign, and by these presents, does assign, to Employer an undivided one-half interest in and to all of Employee's worldwide right, title and interest in and to the work and all rights or copyright therein, including but not limited to, the execution of all formal assignment documents requested by Employer or its nominee, not inconsistent with this agreement, and the execution of all lawful oaths and applications for registration of copyright in the United States and foreign countries.
Agreement Not To Solicit.
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Employee acknowledges and agrees that the provisions of this paragraph constitute a material, mutually bargained for portion of this consideration to be delivered under this letter agreement and that it is a condition precedent to the creation and existence of Employer's obligations hereunder. Termination for Cause. Employer may terminate employment of Employee under this letter agreement if any of the following occur: a the death of Employee; b the Employee becomes, in the good faith opinion of Employer, physically or mentally disabled, for a period of more than sixty 60 consecutive days, or for a period of more than ninety 90 days in the aggregate during a twelve 12 month period, to extent he is unable to perform his duties hereunder; c the Employee breaches any material provision of this agreement; d the Employee fails, or refuses to perform any job duty resulting in substantial prejudice to Employer's business interests; or e the Employee engages in conduct, if not in connection with the performance of his duties hereunder, which would result in substantial prejudice to the interests of Employer if he were retained as an employee.
In the event of a termination for cause pursuant to the provisions of this letter agreement, Employer shall give a written statement to Employee specifying the event causing such termination, and the termination will be immediately effective. Canada has added 17 rigs for the week ended Oct.
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While the jump puts the total number of rigs running at , the count is less than the units drilling this week a year ago. An exploration drilling program in shallow water in the Salinas del Istmo basin in the southeast Gulf of Mexico has begun, partner Citla Energy reported. Transocean Ltd. The system is on the Transocean Spitsbergen harsh-environment, ultradeepwater, semisubmersible drilling rig.
Occidental Petroleum Corp. The Scottish government has confirmed its de facto ban on hydraulic fracturing and other methods of developing unconventional oil and gas UOG resources.
General Interest. OGJ editors. Nick Snow. Rick Wilkinson.
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