EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this"
Agreement") dated as of March31, 2008(the "Effective Date"), is
between APP Pharmaceuticals, LLC, a Delaware
limited liability company (the "Company"); and Richard J. Tajak (the
"Executive").
Accordingly, the parties agree as follows:
Aticle1.DEFINITIONS.
Unless otherwise specified herein, the capitalized terms defined in
Exhibit A apply and have the meanings therein set out for all
purposes of this Agreement.
Article2. SUBJECT MATTER :
A. EMPLOYMENT.
Subject to the terms and conditions contained herein, the Company shall
employ the Executive, and the Executive shall accept such employment, beginning
on the Effective Date and ending on Termination Date.
B. OFFICE AND DUTIES.
1.During the
Executive's employment hereunder, the Executive shall render services to the
Company and its parent APP Pharmaceuticals, Inc., (the "Parent") in
the position of Senior Vice-President of Finance.
3. The Executive shall devote entire business
time, energy, attention and skill to the services of the Company (and, if applicable, the Parent) and
to the promotion of its interests.
Article3.COMPENSATION AND BENEFITS.
1.BASE SALARY.
In
exchange for full performance of the Executive's obligations and duties hereunder, the Company shall pay the
Executive a salary at the rate of $350,000.00 per year ("Base
Salary"). The Company shall pay the Base Salary in accordance with the
Company's regularly established payroll practice and withholding deductions.
2.COSTS AND EXPENSES.
During the Executive's employment hereunder, The Company shall reimburse
the Executive for reasonable and actual out-of-pocket business costs and
expenses that the Executive incur or pay, in consistent with the policies established by the Board,
during rendering to the Company the services provided for herein.
3.VACATION.
The
Executive is entitled to vacation and sick leave on terms equivalent to those
of other executive officers of the Company. The Executive shall accrue four (4)
weeks of vacation in the first year of employment with the Company in
accordance with the Company's standard vacation policy.
4. BENEFIT PLANS.
The
Executive is eligible to participate in all benefit plans (including but not
limited to any medical, dental, life insurance, retirement and disability
plans) and to all perquisites, which benefit plans are available from time to
time to the executive officers of the Company generally; provided, however,
that the Executive may not participate
in any stock option, stock purchase or other plan relating to shares of capital stock of the
Company or its affiliates.
5.BONUS.
The
Company shall pay to the Executive a cash bonus at the rate of $50,000.00 on
March 31,2009,if the Company keeps the Executive on employed.
6.INCENTIVE COMPENSATION PLANS.
The
Executive is eligible for cash incentive compensation plans for the Employer's
officers and directors as the Board may establish from time to time, which
incentive compensation plans are based
on the achievement and satisfaction of goals and objectives that the Board
establishes.
Article4.TERM
Unless the parties hereto renew the agreement in writing of the Employer
and the Executive, this agreement
hereunder commences from March31, 2008, and terminates pursuant to
Section 8.
Article5.REPRESENTATIONS AND
WARRANTIES.
The Executive
hereby represents and warrants to the Company that:
1.the execution, delivery and performance of
this Agreement does not conflict with, breach, violate or cause
a default under any agreement,
contract or instrument to which the Executive
is a party, or any judgment, order or decree to which the Executive is subject;
2.the Executive isn't a party to or bound by
any employment agreement, consulting agreement, non-compete agreement,
confidentiality agreement, non-disclosure agreement or similar agreement with
any other person or entity.
3.the Executive has read through the entirety
of this Agreement, and prior to signing it, an independent legal counsel has
advised the Executive; and
4.the Executive is not subject to any agreement
with a Competitor or potential Competitor
of the Company, or to any other contract, oral or written, that could
restrict or prevent the Executive from entering hereinto or performing duties
in full accord with this Agreement.
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