{"id":39492,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-purchasepro-com-inc-and-richard-st-peter.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-purchasepro-com-inc-and-richard-st-peter","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-purchasepro-com-inc-and-richard-st-peter.html","title":{"rendered":"Employment Agreement &#8211; PurchasePro.com Inc. and Richard St. Peter"},"content":{"rendered":"<pre>\n \n                              [LOGO APPEARS HERE]\n\n                                 July 16, 1999\n\n\nRichard St. Peter\n3000 Stern Drive\nLas Vegas, NV 89117\n\nDear Richard:\n\n     This letter agreement (the 'Agreement') sets forth the terms and conditions\nof your employment with PurchasePro.com, Inc. (the 'Company').\n\n     In consideration of the mutual covenants and promises made in this\nAgreement, you and the Company agree as follows:\n\n     1.   Employment. Commencing as of July 19, 1999 (the 'Effective Date'), you\n          ----------                                                            \nwill serve as the Company's Senior Vice-President -- Chief Financial Officer and\nTreasurer. You will be given such duties, responsibilities and authority as are\nappropriate to such position. Throughout the term of your employment, you will\ndevote such business time and energies to the business and affairs of the\nCompany as needed to carry out your duties and responsibilities, subject to the\noverall supervision of the company's President.\n\n     2.   Term. The term of this Agreement will commence on the Effective Date\n          ----                                                                \nand shall continue for two (2) years thereafter. During the term of this\nAgreement, your employment with the Company will be 'at-will.' Either you or the\nCompany can terminate your employment at any time and for any reason, with or\nwithout cause and with or without notice, in each case subject to the terms and\nprovisions of paragraph 7 below.\n\n     3.   Salary. For your services to the Company, you will be paid a base\n          ------                                                           \nsalary, payable in accordance with the Company's usual payroll practices during\nyour employment, at an annualized rate of $190,000 per year.\n\n     4.   Bonus. During the term of this Agreement, you will be eligible for a\n          -----                                                               \nbonus in an amount to be determined by the Company in its sole discretion.\n\n     5.   Employee Benefit Programs. During your employment, you will be\n          -------------------------                                     \nentitled to participate in all Company employee benefit plans and compensation\nand perquisite programs made available to the Company's executives or salaried\nemployees generally except for medical, dental, and life insurance. You will be\nentitled to four weeks of vacation per year vested upon hire, provided that you\nwill not accrue unused vacation of more than eight weeks. The corporation shall\nprovide you with an expense allowance of $1,000 per month.\n\n     6.   Stock Options. The Corporation will provide you with the following\n          -------------                                                     \noptions (collectively, 'Stock Options') to acquire shares of the Corporation's\nClass A Common Stock ('Shares'):\n\n \nMr. Richard St. Peter\nJuly 16, 1999\nPage 2\n\nOn the Effective Date, Stock Options to purchase 150,000 Shares at $6.00\n(subject to SEC rules and restrictions imposed upon the officers and major\nshareholders of the Corporation). The Stock Options will be exercisable at any\ntime during the ten  (10) year period commencing on vesting of such Stock\nOptions, as follows:  (i) Stock Options on 50,000 Shares shall vest six months\nafter the effective date, (ii), Stock Options on 25,000 Shares shall vest one\nyear after the effective date, and (iii) Stock Options on 75,000 Shares shall\nvest two (2) years after the Effective Date.   No vesting shall occur under this\nSection on or after the termination of your employment except in the event that\nyour employment is terminated without cause as referenced in Section 7(b) below\nor should you die or be permanently disabled per section 7(d).\n\n     7.   Consequences of Termination of Employment.\n          ----------------------------------------- \n\n     (a)  For Cause. If the Company terminates your employment for Cause you\n          ---------                                                    \nwill be entitled to any unpaid salary, bonus and vacation due you pursuant to\nparagraphs 3, 4 and 6 above through the date of termination, and you will be\nentitled to no other compensation from the Company. 'Cause' will exist in the\nevent you: (i) willfully breach this Agreement, which breach is not cured within\n10 days following written notice from the Company; (ii) engage in conduct\nconstituting willful dishonesty toward, fraud upon, or deliberate or attempted\ninjury to the Company; or (iii) are negligent in the performance of your duties,\nwhich negligence is not cured within 10 days following written notice from the\nCompany.\n\n     (b)  Other than for Cause.  If the Company terminates your employment for\n          --------------------                                                \nreasons other than Cause, you will be entitled to any unpaid salary, bonus and\nvacation due you pursuant to paragraphs 3, 4 and 6 above through the date of\ntermination plus twelve (12) months of your base salary in effect at the date of\nyour termination of employment. In accordance with paragraph 6 all unvested \nstock options shall become immediately fully vested and shall remain \nexercisable for such 12-month period following termination. You will not be\nentitled to any other compensation from the Company.\n\n     A Constructive Termination shall be treated as a termination for reasons\nother than for Cause. 'Constructive Termination' will exist in the event you\nterminate your employment with the Company after the Company: (i) materially\nbreaches this Agreement, which breach is not cured within 10 days following\nwritten notice from you; (ii) changes your title, working conditions or duties\nsuch that your powers are diminished, reduced or otherwise changed to include\npowers, duties, or working conditions which are not generally consistent with\nyour title, continuing after written notice and 10 days to cure; or (iii) \ninvoluntarily relocates your primary place of employment outside of the Las \nVegas Metropolitan area.\n\n     (c)  Voluntary Termination. If you terminate your employment with the\n          ---------------------                                           \nCompany of your own volition other than in a Constructive Termination, such\ntermination will have the same consequences as a termination for Cause under\nsubparagraph (a) above.\n\n     (d)  Death or Disability. If your employment with the Company terminates as\n          -------------------                                                   \na result of your death or total and permanent disability, such termination will\nhave the same consequences as a termination by the Company other than for Cause\nunder subparagraph (b) above.\n\n \nMr. Richard St. Peter\nJuly 16, 1999\nPage 3\n\n     (e)  Release of Claims. As a condition to the receipt of the payments\n          -----------------                                               \ndescribed in this paragraph 7, you shall be required to execute a release of all\nclaims arising out of your employment or the termination thereof including, but\nnot limited to, any claim of discrimination under state or federal law, but\nexcluding claims for indemnification from the Company under any indemnification\nagreement with the Company, its certificate of incorporation and by-laws or\napplicable law or claims for directors and officers' insurance coverage.\n\n     (f)  Conditions to Receipt of Payments and Benefits. In view of your\n          ----------------------------------------------                 \nposition and access to proprietary information, as a condition to the receipt of\npayments described in this paragraph 7, you shall not, without the Company's\nwritten consent, directly or indirectly, alone or as a partner, joint venturer,\nofficer, director, employee, consultant, agent or stockholder (other than a less\nthan 5% stockholder of a publicly traded company), within one year of your date\nof termination from the Company (i) engage in any activity which is in\ncompetition with the business, the products or services of the Company, (ii)\nsolicit any of the Company's employees, consultants or customers, (iii) hire any\nof the Company's employees or consultants in an unlawful manner or actively\nencourage employees or consultants to leave the Company, or (iv) otherwise\nbreach your proprietary information obligations. You agree to execute and comply\nwith the form of proprietary information agreement adopted by the Company.\n\n     8.   Assignability; Binding Nature. Commencing on the Effective Date, this\n          -----------------------------                                        \nAgreement will be binding upon you and the Company and your respective\nsuccessors, heirs, and assigns. This Agreement may not be assigned by you except\nthat your rights to compensation and benefits hereunder, subject to the\nlimitations of this Agreement, may be transferred by will or operation of law.\nNo rights or obligations of the Company under this Agreement may be assigned or\ntransferred except by operation of law in the event of a merger or consolidation\nin which the Company is not the continuing entity, or the sale or liquidation of\nall or substantially all of the assets of the Company, provided that the\nassignee or transferee is the successor to all or substantially all of the\nassets of the Company and assumes the Company's obligations under this Agreement\ncontractually or as a matter of law.\n\n     9.   Governing Law. This Agreement will be deemed a contract made under,\n          -------------                                                      \nand for all purposes shall be construed in accordance with, the laws of Nevada\n(without regard to its choice of law provisions).\n\n     10.  Arbitration. The parties agree that any disputes arising out of or\n          -----------                                                    \nrelated to the Agreement shall be resolved by using the following procedures:\n\n     (a)  The party claiming to be aggrieved shall furnish to the other party a\nwritten statement of the grievance and the relief requested or proposed.\n\n     (b)  If the other party does not agree to furnish the relief requested or\nproposed, or otherwise does not satisfy the demand of the party claiming to be\naggrieved, the parties shall submit the dispute to non-binding mediation before\na mediator to be jointly selected by the parties.\n\n \nMr. Richard St. Peter\nJuly 16, 1999\nPage 4\n\n     (c)  If the mediation does not produce a resolution of the dispute, the\nparties agree that the dispute shall be resolved by final and binding\narbitration in Las Vegas, Nevada. The parties shall attempt to agree to the\nidentity of an arbitrator, and, if they are unable to do so, they will obtain a\nlist of arbitrators from the Judicial Arbitration and Mediation Service and\nselect an arbitrator by striking names from that list. The arbitrator shall have\nthe authority to determine whether the conduct complained of violates the rights\nof the complaining party and, if so, to grant any relief authorized by law. The\narbitrator shall not have the authority to modify, change or refuse to enforce\nthe terms of this Agreement.\n\n     (d)  Arbitration shall be the exclusive final remedy for any dispute\nbetween the parties, and the parties agree that no dispute shall be submitted to\narbitration where the party claiming to be aggrieved has not complied with the\npreliminary steps provided for above, provided however, that this Section 10\nshall not be construed to eliminate or reduce any right the Company or the\nExecutive may otherwise have to seek and obtain from a court a temporary\nrestraining order or a preliminary or permanent injunction to enforce the\nrestrictions of subparagraph 5(f) of this Agreement. The parties agree that the\narbitration award shall be enforceable in Clark County Superior Court so long as\nthe arbitrator's findings of fact are supported by substantial evidence on the\nwhole and the arbitrator has not made errors of law.\n\n     11.  Withholding. Anything to the contrary notwithstanding, following the\n          -----------                                                         \nEffective Date all payments made by the Company hereunder to you or your estate\nor beneficiaries will be subject to tax withholding pursuant to any applicable\nlaws or regulations. In lieu of withholding, the Company may, in its sole\ndiscretion, accept other provision for payment of taxes as required by law,\nprovided it is satisfied that all requirements of law affecting its\nresponsibilities to withhold such taxes have been satisfied.\n\n     12.  Entire Agreement. This Agreement contains all the legally binding\n          ----------------                                                 \nunderstandings and agreements between you and the Company pertaining to the\nsubject matter of this Agreement and supersedes all such agreements, whether\noral or in writing, previously entered into between the parties.\n\n \nMr. Richard St. Peter\nJuly 16, 1999\nPage 5\n\n     13.  Miscellaneous. No provision of this Agreement may be amended or waived\n          -------------                                                         \nunless such amendment or waiver is agreed to by you and the Chief Executive\nOfficer or President of the Company in writing. No waiver by you or the Company\nof the breach of any condition or provision of this Agreement will be deemed a\nwaiver of a similar or dissimilar provision or condition at the same or any\nprior or subsequent time. In the event any portion of this Agreement is\ndetermined to be invalid or unenforceable for any reason, the remaining portions\nshall be unaffected thereby and will remain in full force and effect to the\nfullest extent permitted by law.\n\n     Please indicate your acceptance and understanding of the terms of this\nAgreement by signing and dating below.\n\n\n                                         Sincerely,\n                              \n                              \n                              \n                                         PURCHASEPRO.COM, INC.\n                              \n                              \n                              \n                                         By  \/s\/ CHRISTOPHER P. CARTON\n                                             -------------------------\n                              \n                              \n                                         Its President\/COO\/Sct'y\n                                             -------------------\n\n\n\nACKNOWLEDGED AND AGREED:\n\n\n\/s\/ RICHARD ST. PETER\n---------------------\n(Richard St. Peter)\n\n\nDated: July 16, 1999\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8609],"corporate_contracts_industries":[],"corporate_contracts_types":[9539,9544],"class_list":["post-39492","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-purchaseprocom-inc","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39492"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39492"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39492"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}