Document:

Unassociated Document

Exhibit 10.6 Employment Agreement with Ali Memon

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) by and between ENVIRONMENTAL REMEDIATION HOLDING CORPORATION, a Colorado corporation (“Company”), and ALI MEMON (“Employee”) is dated as of July 12, 2004. 

The Company and the Employee agree as follows:

1. Employment. Subject to the provisions for termination as hereinafter provided, Employee’s employment with Company shall be pursuant to the terms of this Agreement and shall be for the period commencing on 1 August 2004 (“the date of commencement”) and expiring 36 months after the date of commencement, which period is hereinafter called “the primary term.” 

2. Renewal. Subject to the provisions for termination as hereinafter provided, the Company and the Employee may, at any time before the expiration of the primary term, mutually agree that the Employment shall be renewed at the expiration of the primary term on the same terms and conditions as are contained herein or on such other terms and conditions as the Company and the Employee may then mutually agree.

3. Duties. The Employee shall serve as President and Chief Executive Officer of of the Company and shall perform, faithfully and diligently, such duties, and shall have such responsibilities appropriate to such position, as shall be assigned to him from time to time by the Board of Directors of the Company (“the Board”) to whom he shall report. The Employee shall be appointed a member of the Board of the Company for such term as the Board shall determine. The Employee shall devote his full time and attention to his employment with the Company. The Employee may, with the approval of the Board, serve in a non-executive capacity on the boa
rds of directors of other companies or corporations.

4. Compensation and Benefits. 

(a) Salary. During the Employment Term, the Company will provide Employee an annual base salary of $150,000 per year (the “Salary”), payable monthly, less state and federal withholding, social security, and other standard payroll deductions as shall be required to be withheld by applicable law or regulations, payable to Employee in accordance with the policies of the Company as from time to time in effect, but in no event less than twice each month. 

(b) Incentive Compensation. Subject to the provisions contained in Paragraph 5 hereof, Employee shall receive as a bonus for the continued performance of this Agreement by Employee option to purchase up to 3,000,000 originally issued shares of Rule 144 restricted stock in Company (the “Stock”), which options shall vest as follows, to wit (i)1,000,000 of such shares of Stock within one month of the date of commencement of the Employment and (ii) 1,000,000 of such shares of Stock on each of the first and second anniversaries of the date of commencement of the Employment. Such shares of Stock shall be priced at US$0.30 (thirty cents) per share. The Employee shall be responsible for al federal, state and local taxes applic
able to or arising from his exercise of the share purchase options contained herein. 

Any share purchase option to which the Employee is entitled under this paragraph but which have not been exercised by the Employee at the end of four years from the date of commencement of the employment or at the date of termination of the Employee’s employment under Paragraphs 5(b, 5,(e) or 5(f), whichever event occurs earlier, shall automatically become extinguished and shall become null and void and of no effect.

(c) Vehicle Allowance. The Employee shall be entitled to a monthly vehicle allowance in such sum as the Board may approve.

(d) General Business Expenses. Subject to sub-paragraph (e) of this paragraph 4, th Company shall pay or reimburse the Employee for all authorized reasonable expenses authorized under Company’s reimbursement policies that are necessarily incurred by the Employee during the Employment in the performance of the Employee’s service under this Agreement. Such payment shall be made upon presentation of such documents as the company customarily requires of its employees prior to making such payments or reimbursements.

	 
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(e) Travel expenses. Where travel by commercial carriage is required by the Employee for the purposes of performance of the Employee’s duties under this Agreement, the Employee shall be entitled to travel on that class of ticket that is commonly known as “business class.” The Employee may undertake travel by a higher class of ticket only where there is no business class ticket available.

(f) Annual Vacation. Subject to the provisions of paragraph 5 hereof, the Employee shall be entitled to a vacation of five (5) weeks in every consecutive period of 12 months from the date of commencement provided always that the specific dates on which the vacation is taken shall be determined by the Board. The accrual and payment of the Employee’s salary shall not be affected or withheld by reason of the fact only that the Employee is on vacation in accordance herewith.

(g) Other Benefits. Other than the compensation and benefits specified in the preceding sub-paragraphs of paragraph 4 hereof, the Employee disclaims, disavows and relinquishes any entitlement to any other allowances and benefits from the Company provided that the Employee may contribute to and benefit from mutual compensation schemes that are generally open to participation by all employees of the company.

5. Termination of Employment.

(a) During the Employee’s status as an employee of the Company will terminate immediately and automatically upon the earliest to occur of: (i) the death or “Disability” (as defined below) of the Employee; (ii) the discharge of the Employee by the Company “For Cause” (as defined below); (iii) the termination of this Agreement by notice by the Employer or Company as stated herein or (iv) the expiration, without renewal, of the Employment.

(b) As used herein, “For Cause” shall mean any one or more of the following: (i) material or repeated violations by the Employee (after notice thereof from the Company) of the terms of this Agreement or the Employee’s material or repeated failure (after notice thereof from the Company) to perform the Employee’s duties in a manner consistent with the Employee’s position; (ii) excessive absenteeism on the part of the Employee not related to illness or disability; (iii) the Employee’s indictment for a felony or conviction of a misdemeanor involving moral turpitude; (iv) the Employee’s commission of fraud, embezzlement, theft or other acts involving dishonesty, or crimes constituting moral turpitude, in any case whether or not involving the Company, that in the opinion of the Chairman, r
enders the Employee’s continued employment harmful to the Company; (v) substance abuse on the part of the Employee; or (vi) knowing and material failure by the Employee to comply with applicable laws and regulations relating to the business of the Company or its Affiliates; or (vii) the Employee acting in bad faith relative to the Company’s business interests. In the event this Agreement is terminated by the Company For Cause, Employee shall be entitled to receive only that Salary earned and Benefits accrued through the date of termination, and without limitation, will not be entitled to receive any Stock not then vested in accordance with Section 4(c) of this Agreement. 

 

(c) As used herein, “Disability” shall mean a physical or mental incapacity of the Employee that, in the good faith determination of the Company has prevented the Employee from performing the duties assigned the Employee by the Company for 30 consecutive days or for a period of more than 60 days in the aggregate in any 12-month period and that, in the determination of the Company after consultation with a medical doctor appointed by the Company, may be expected to prevent the Employee for any period of time thereafter from devoting the Employee’s full time and energies (or such lesser time and energies as may be acceptable to the Company in its sole discretion) to the Employee’s duties as provided hereunder. The Employee’s employment hereunder, except as otherwise agreed to in writing between
the Company and the Employee, shall cease as of the date of such determination. The Employee agrees to submit to medical examinations, at the Company’s sole cost and expense, to determine whether a Disability exists pursuant to reasonable requests that the Company may make from time to time. In the event this Agreement is terminated by the Company under sub-paragraph 5 (a) (i) hereof, Employee or his legal representatives, as applicable, shall be entitled to receive all Salary earned, plus any Stock shall vest immediately, plus any and all Benefits then accrued, up to the date of the employee’s death, or the date of termination in the event of disability, as applicable.

	 
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(d) Additional Grounds for Termination by Company. The Company may terminate Employee’s employment: (i) upon the bankruptcy or insolvency of Company; or (ii) in connection with the dissolution or liquidation of the Company. In event of termination by the company under this Section 5(d), the Company shall be obligated to Employee for the payment, at the times and upon the terms provided for herein, of the Employee’s Salary for the number of full months remaining in the Primary Term or any Extension Terms if any of this Agreement, together
 with all unpaid Benefits awarded or accrued up to the date of termination. 

(e) Termination by Notice by Company. Notwithstanding the foregoing, Company shall have the right to terminate this Agreement and Employee’s employment with the Company without cause, at any time and such termination shall become effective upon written notice by the Board to the Employee or at such later time as may be specified in the notice. If such termination occurs within 6 (six) months from the date of commencement of the primary term, the Employee shall be entitled to the amount that would have accrued as his salary for twelve months from the date of termination and if the termination occurs after the firs 6 months from the date of co
mmencement of the primary term, the Employee shall be entitled to the amount that would have accrued as his salary from the date of termination to the date of expiration of the primary term.

(f) Termination by Employee. The Employee may terminate this Agreement at any time by giving the Company three months’ prior notice in writing whereupon the Employment shall terminate at the expiration of the notice. Any termination of this Agreement by the Employee shall entitle the Company to discontinue payment of all Compensation and Benefits, described in Paragraph 4 of this Agreement, accruing from and after the date of termination, and without imitation, the Employee will not be entitled to receive any Stock not then vested in accordance with Paragraph 4 of this Agreement. 

(g) Termination of Membership of the Board. Upon termination of this Agreement whether by the Company or the Employee, the Employee shall resign and cease to be a member of the Board.

6. Confidential Information. The Employee shall hold, both during the Employment Term and for a period of three (3) years thereafter, in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its subsidiaries or corporate affiliates and their respective businesses and operations, including, without limitation, customer lists, pricing, bid strategy, business strategies, computer files and addresses, and corporate planning, which shall have been obtained by the Employee during the Employee’s employment (whether prior to or after the date hereof) and which
shall not have become public knowledge (other than by acts of the Employee or his representatives in violation of this Agreement or by third parties in violation of an obligation of confidentiality to Company). The Employee agrees (i) that, without the prior written consent of the Company or as may be otherwise required by law or legal process, he will not communicate or divulge any such information, knowledge or data to any party other than the Company and (ii) to deliver promptly to the Company upon its written request any confidential information, knowledge or data in his possession, whether produced by the Company or any of its subsidiaries and corporate and joint ventures or any past, current or prospective activity of the Company or any of its subsidiaries and joint ventures. The obligations of the Employee set forth in this Section 6 shall apply during the Employment Term and shall survive termination of this Agreement and/or the termination of the Employee’s services for a period of three (3) ye
ars thereafter, regardless of the reason for such termination. 

7. No Soliciting. While Employee is employed by the Company and for three (3) years following the termination of Employee’s employment with the Company, the Employee shall not request, induce or attempt to influence any customers of the Company that have done business with or potential customers which have been in contact with the Company to curtail or cancel any business they may transact with the Company or request, induce or attempt to influence any employee of the Company to terminate his or her employment with the Company. The obligations of the Employee set forth in t
his Section 7 shall apply during the Employment Term and shall survive termination of this Agreement and/or the termination of the Employee’s services under this Agreement for a period of three (3) years thereafter, regardless of the reason for such termination. 

8. Limited Covenant Not to Compete. 

(a) While Employee is employed by the Company and for a period of two (2) years following the Employment Term, the Employee will not, directly or indirectly, own, manage, operate, control, be employed by, participate in, or be connected in any manner with the ownership, management, operation or control of any company or other business enterprise (all of which are hereinafter referred to as “entity”) engaged in competition with the Company in the Federal Republic of Nigeria, in the Joint Development Zone established by treaty between the Federal Government of Nigeria and the Democratic Republic of Sao Tome and Principe or within the Exclusive Economic Zone of the Democratic Republic of Sao Tome and Principe, so long as the Company and its Parent or any of its Affiliates or joint ventures is engaged in such bu
siness; provided, however, that nothing contained herein shall prohibit the Employee from making investments in any entity which has securities listed in any national securities exchange or quoted in a daily listing of over-the-counter-market securities proved that at any one time the Employee and members of the Employee’s immediate family do not own more than two percent (2%) of any voting securities of such entity.

	
 

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(b)  As part of the consideration for the compensation and benefits to be paid to the Employee hereunder; to protect the trade secrets and confidential information of Company and its affiliates that have been and will in the future be disclosed or entrusted to the Employee, the business goodwill of the Company and its affiliates that has been and will in the future be developed in the Employee, or the business opportunities that have been and will in the future be disclosed or entrusted to the Employee by the Company and its affiliates; and, as an additional incentive for the Company to enter in this Agreement, the Company and the Employee agree to the non-competition obligations hereunder. The obligations of th
e Employee set forth in this Section 8 shall apply during the Employment Term and shall survive termination of this Agreement and/or the termination of the Employee’s services under this Agreement for a period of two (2) years. 

 

9. Statements Concerning the Company. The Employee shall refrain, both during the Employment Term and following the termination of Employee’s employment by the Company for any reason, from publishing any oral or written statement about the Company, any of its affiliates, or any of such entities’ officers, employees, agents or representatives that are slanderous, libelous or defamatory; or that disclose private or confidential information about the Company, any of its affiliates, or any of such entities’ business affairs, officers, employees, agents or representatives; or that constitute an intrusion into the seclusion or private li
ves of the Company, any of its affiliates, or any of such entities’ officers, employees, agents or representative or that give rise to unreasonable publicity about the private lives of the Company, any of its affiliates, or any of such entities’ officers, employees, agents or representatives; or that place the Company, any of its affiliates, or any of such entities’ officers, employees, agents or representatives in a false light before the public; or that constitute a misappropriation of the name or likeness of the Company, any of its affiliates, or any of such entities, officers, employees, agents or representatives. A violation or threatened violation of this prohibition may be enjoined by the courts. The rights afforded the Company and its affiliates under this provision are in addition to any and all rights and remedies otherwise afforded by law. The obligations of the Employee set forth in this Section 9 shall apply during the Employment Term and shall survive termination of this Agreemen
t and/or the termination of the Employee’s services, regardless of the reason for such termination. 

10. Property of the Company. All memoranda, lists, notes, records, manuals and related documents and other documents or papers (and all copies thereof) relating to the Company or its Affiliates, including such items stored in computer memories, microfiche or by any other means, made or compiled by or on behalf of Employee, or made available to the Employee relating to the Company and its Affiliates, shall be the property of the Company and its Affiliates, and shall be delivered to the Company and its Affiliates promptly upon termination of the Employee’s employment with the Company and its Affiliates or at any other time upon request<
FONT style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">; provided, however, that Employee’s address books, diaries, and rolodex files shall be deemed to be property of Employee. 

11. Injunctive Relief. In the event of a breach or threatened breach by the Employee of the provisions of Sections 6, 7, 8, 9 or 10 (the “Restrictive Covenants”) of this Agreement during or after the term of this Agreement, the Company shall be entitled to injunctive relief restraining the Employee from violation of such sections. Employee agrees not to contest same. Employee further agrees that Company shall not be required to post any bond in any amount as a condition to the granting of injunctive relief to Company. Nothing herein shall be construed as prohibiting th
e Company from pursuing any other remedy at law or in equity it may have in the event of breach or threatened breach of this Agreement by the Employee.

12. Binding Effect.

(a) This Agreement shall be binding upon and inure to the benefit of the Company and any of its successors and assigns.

 

	 
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(b) This Agreement is personal to the Employee and shall not be assignable by the Employee without the consent of the Company (there being no obligation to give such consent) other than such rights or benefits as are transferred by will or the laws of descent and distribution.

(c) The Company will require any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the assets or business of the Company (i) to assume unconditionally and expressly this Agreement and (ii) to agree to perform all of its obligations under this Agreement in the same manner and to the same extent as would have been required of the Company had no assignment or succession occurred, such assumption to be set forth in a writing reasonably satisfactory to the Employee. In the event of any such assignment or succession, the term “Company” as used in this Agreement shall refer also to such successor or assign.

13. Notices. Any notice or other communication required under this Agreement shall be in writing, shall be deemed to have been given and received when delivered in person, or, if mailed, shall be deemed to have been given when deposited in the United States mail, first class, registered or certified, return receipt requested, with proper postage prepaid, and shall be deemed to have been received on the third business day thereafter, and shall be addressed as follows:

If to the Company, addressed to:

Environmental Remediation Holding Corporation

5444 Westheimer, Suite 1527

Houston, TX 77056

Attn: c/o Chairman

Fax No.: 713-626-4704

If to the Employee, addressed to:

Mr. Ali Memon

_____________________

_____________________

Fax No.: 

or such address as to which any party hereto may have notified the other in writing.

14. Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Texas, exclusive of any conflict of law rules which may refer to the laws of the another jurisdiction.

15. Entire Agreement. This Agreement and the documents referred to herein, contain or refer to the entire arrangement or understanding between the Employee and the Company relating to the employment of the Employee by the Company, and all prior negotiations, communications, commitments, agreements, and understandings, written or verbal, are merged and incorporated herein. This Agreement supercedes any other employment or non-competition agreements existing between the parties. No provision of the Agreement, may be modified or amended except by an instrument in writing signed by
or for both parties hereto.

	
 

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16. Severability. Employee acknowledges and agrees that the Restrictive Covenants are reasonable and valid in duration and geographical scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, such court shall have the power to reduce the duration or scope of such provision, as the case may be, to the extent necessary to bring such provision in compliance with the maximum duration or geographical limitation permitted under the applicable l
aw, and, in its reduced form, such provision shall then be enforceable. If any court determines that any Restrictive Covenant, or any part thereof, is invalid or unenforceable, and not subject to reformation as provided above, the remainder of the restrictive Covenants shall not thereby be affected and shall be given full effect without regard to the invalid portions. Further, if any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid or unenforceable, the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law.

17. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach thereof.

18. Remedies Not Exclusive. No remedy specified herein shall be deemed to be such party’s exclusive remedy, and accordingly, in addition to all of the rights and remedies provided for in this Agreement, the parties shall have all other rights and remedies provided to them by applicable law, rule or regulation.

19. Beneficiaries. Whenever this Agreement provides for any payment to be made to the Employee or his estate, such payment may be made instead to such beneficiary or beneficiaries as the Employee may have designated in writing and filed with the Company. The Employee shall have the right to revoke any such designation from time to time and to redesignate any beneficiary or beneficiaries by written notice to the Company.

20. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. Facsimile signatures shall have the effect of delivered originals.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

 

	 	 	 
	 	ENVIRONMENTAL REMEDIATION HOLDING CORPORATION
	 
 	 
 	 
 
		By:  	/s/ Sir Emeka Offor
	 	

	 	Sir Emeka Offor
Chairman of the Board

/s/ Ali Memon
	 	

Ali Memon

 

 

	 	 	 	 
	 	 	 	 
	
6Exhibit 10.44

                              EMPLOYMENT AGREEMENT
                              --------------------

     EMPLOYMENT AGREEMENT (the "Agreement") made as of the 27h day of December,
2004 (the "Effective Date"), between EDGAR Online, Inc. with its principal
office at 50 Washington Street, Norwalk, Connecticut ("Company"), and Greg D.
Adams having an address at 50 Washington Street, Norwalk, Connecticut
("Employee").

                              W I T N E S S E T H:

     WHEREAS, the Company is a financial and business information company; and

     WHEREAS, the Company and the Employee previously entered into an Employment
Agreement dated as of February 1, 2002, as amended (the "Original Agreement");
and

     WHEREAS, the Company and the Employee desire to replace and supersede the
Original Agreement by entering into a new Employment Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
hereinafter set forth, the parties agree as follows:

     1. Employment. The Company shall employ the Employee and the Employee shall
serve the Company, upon the terms and conditions hereinafter set forth.

     2. Term. The term of the Employee's employment shall commence on the
Effective Date and unless terminated earlier or extended as provided below,
shall continue for a period of two years from the Effective Date (the
"Employment Term"). Upon the expiration of the initial employment term and on
each anniversary date thereafter, the employment of Employee shall be renewed
and extended for additional successive one year terms unless either party
provides written notice to the other party, of his or its, as the case may be,
desire to terminate the Agreement at least thirty (30) days prior to each
renewal date.

     3. Duties. During the Employment Term, the Employee shall have such duties,
functions, authority and responsibilities normally associated with the positions
and offices of Chief Financial Officer and Chief Operating Officer. During the
Employment Term, the Employee shall devote his full attention and business time
to the business and affairs of the Company and the Employee will use his best
efforts to perform faithfully and efficiently, and to discharge, the Employee's
responsibilities and duties under the Agreement. Notwithstanding the foregoing,
the Employee may devote such time to manage his personal affairs and to serve on
community, corporate, civic, professional or charitable boards or committees, so
long as such activities do not unreasonably interfere with the performance of
the Employee's duties and responsibilities under the Agreement.

     4. Compensation and Employee Benefits. The Employee's base salary during
the initial term of employment shall be no less than $210,000 commencing on the
Effective Date and payable in accordance with the Company's payroll practices as
in effect from time to time. The Employee's base salary will be reviewed
annually by the Compensation Committee of the Board (the "Committee") and/or by
the Company's Board of Directors (the "Board") to determine whether an increase
is warranted or appropriate. The Employee shall also receive 150,000 stock
options on the Effective Date to purchase the Company's stock pursuant to the
terms and conditions of the Company's 1999 Stock Option Plan. The Employee also
will be entitled to be considered for awards each year under the Company's then
existing incentive compensation program, which may take into account individual
and Company-wide performance, or such other performance criteria as the
Committee and/or the Board may from time to time apply.

   5. Benefits. During the Employment Term, the Employee shall have the right to
participate in such health and disability insurance plans which the Company may
provide to its senior executive officers and for which the Employee is eligible
(e.g., long term disability, life insurance and medical insurance for the
Employee and his dependents). The Employee shall also be entitled to the
continuation of the life insurance policy he was previously receiving from the
Company prior to the Effective Date. During the Employment Term, the Employee
will be entitled to four weeks of paid vacation per annum. Such vacation may be
taken in the Employee's discretion with the prior approval of the Company, and
at such time or times as are not inconsistent with the reasonable business needs
of the Company.

     6. Business Expenses. The Company will provide the Employee a Commutation
Allowance of $1,500 per month. In addition, all reasonable travel, entertainment
and other expenses incident to the performance of the Employee's duties or the
rendering of services incurred on behalf of the Company by the Employee during
the Employment Term shall be paid by the Company.

     7. Termination. Notwithstanding the provisions of Section 2 hereof, the
Employee's employment with the Company may be earlier terminated as follows:

     (a) By action taken by the Board, the Employee may be discharged for cause
(as defined below), effective as of such time as the Board shall determine. Upon
discharge of the Employee pursuant to this Section 7(a), the Company shall have
no further obligation or duties to the Employee, except for payment of accrued
salary, bonus and benefits payable to the Employee through the date of
termination of employment, and the Employee shall have no further obligations or
duties to the Company, except as provided in Section 8.

     (b) In the event of (i) the death of the Employee or (ii) by action of the
Board in the event of the inability of the Employee, by reason of physical or
mental disability, to continue substantially to perform his duties hereunder for
ay 180 consecutive day period during the Employment Term, during which 180 day
period salary and any other benefits hereunder shall not be suspended or
diminished. Upon any termination of the Employee's employment under this Section
7(b), the Company shall have no further obligations or duties to the Employee,
except for payment of accrued salary, bonus and benefits payable to the Employee
through the date of termination of employment, and the Employee shall have no
further obligations or duties to the Company, except as provided in Section 8.

     (c) In the event that (i) there is a change of control of the Company (as
defined below), and the Agreement is terminated by either the Employee or the
Company for whatever reason (other than for the reasons specified in Section
7(a) and (b) hereof) within the Employment Term; or (ii) the Company terminates
this Agreement during the Employment Term for any reason other than those
covered by Section 7(a) or (b); or (iii) the Employee terminates the Agreement
for "Good Reason" (as defined below), the Company shall pay to the Employee, in
addition to the payment of accrued salary, bonus and benefits payable to the
Employee through the date of termination of employment, (i) the cost of
outplacement counseling with the maximum cost to the Company not to exceed
$25,000 and (ii) a payment equal to 1.5 times (x) the Employee's then applicable
base salary and (y) the average of the last two cash bonuses paid to the
Employee. Such payments shall be delivered in one lump sum payment of up to 75%
of the total amount due and the remainder in 18 monthly installments over a one
and one-half period or 18 equal monthly installments over a one and one-half
year period (the manner of payment to be determined by the Employee). In
addition, the Company shall also, during the 18 month period following
Employee's termination due to this Section 7(c): (i) maintain health benefits
for the Employee and his dependents for such period or until Employee obtains
full-time employment with an employer that provides comparable health coverage;
(ii) continue other benefit payments, including the commutation allowance, for
such period; (iii) allow the Employee to elect to make contributions to the
Company's 401k Plan, however, such contributions will not receive any Company
Matching Contribution in effect at that time; and (iv) allow Employee's stock
options and other awards under the Company's stock option plans to immediately
vest and remain exercisable for the period of the lesser of (i) the original
term of the stock option or (ii) five years (collectively, the "Severance
Benefits.")

     (d) For purposes of this Agreement, the Company shall have "cause" to
terminate the Employee's employment under this Agreement upon (i) the failure by
the Employee to substantially perform his duties under the Agreement, (ii) the
engaging by the Employee in criminal misconduct (including embezzlement and
criminal fraud) which is materially injurious to the Company, monetarily or
otherwise, (iii) the conviction of the Employee of a felony, or (iv) gross
negligence on the part of the Employee. The Company shall give written notice to
the Employee, which notice shall specify the grounds for the proposed
termination and the Employee shall be given thirty (30) days to cure if the
grounds arise under clauses (i) or (iv) above.

     (e) For purposes of this Agreement, a "change of control of the Company"
shall mean the occurrence of (i) the acquisition by an individual, entity, or
group of the beneficial ownership of 50% or more of (1) the outstanding common
stock, or (2) the combined voting power of the Company's voting securities;
provided, however, that the following acquisitions will not constitute a "change
of control": (x) any acquisition by any employee benefit plan of the Company or
any affiliate or (y) any acquisition by any corporation if, immediately
following such acquisition, more than 50% of the outstanding common stock and
the outstanding voting securities of such corporation is beneficially owned by
all or substantially all of those who, immediately prior to such acquisition,
were the beneficial owners of the common stock and the Company's voting
securities (in substantially similar proportions as their ownership of such
Company securities immediately prior thereto); or (ii) the approval by the
Company's stockholders of a reorganization, merger or consolidation, other than
one with respect to which all or substantially all of those who were the
beneficial owners, immediately prior to such reorganization, merger or
consolidation, of the Common Stock and the Company's voting securities
beneficially own, immediately after such transaction, more than 50% of the
outstanding common stock and voting securities of the corporation resulting from
such transaction (in substantially the same proportions as their ownership,
immediately prior thereto, of the Common Stock and the Company's voting
securities); or (iii) the approval by the Company's stockholders of the sale or
other disposition of all or substantially all of the assets of the Company,
other than to a subsidiary of the Company.

     (f) For purposes of this Agreement, "Good Reason" shall mean either (i) a
material breach of the Agreement by the Company, (ii) removal of the Employee by
the Company from the Board or the failure of the Company to nominate Employee as
a Board member for any reason other than those specified in Section 7(a) and (b)
hereof or due to Employee's request, (iii) a material reduction in Employee's
duties or the assignment of duties to Employee that are materially inconsistent
with the duties and positions set forth in Section 3 hereof; or (iv) the
relocation of the Company's offices more than 45 miles from its current
location. If the Employee terminates this Agreement pursuant to Section 7(c) for
"Good Reason," the Employee shall give written notice to the Company, which
notice shall specify the grounds for the proposed "Good Reason" and the Company
shall be given thirty (30) days to cure if the grounds arise under clauses (i)
or (iii) above.

      (g) In the event that the Company decides not to renew the Agreement
pursuant to Section 2 hereof, the Company will pay the Employee a payment equal
to (x) the Employee's then applicable base salary and (y) the average of the
last two cash bonuses paid to the Employee in 12 equal monthly installments over
a one year period and will maintain the Severance Benefits as described in
Section 7(c) during such one year period.

     8. Confidentiality; Noncompetition.

     (a) The Company and the Employee acknowledge that the services to be
performed by the Employee under the Agreement are unique and extraordinary and,
as a result of such employment, the Employee will be in possession of
confidential information relating to the business practices of the Company. The
term "confidential information" shall mean any and all information (oral or
written) relating to the Company or any of its affiliates, or any of their
respective activities, other than such information which can be shown by the
Employee to be in the public domain (such information not being deemed to be in
the public domain merely because it is embraced by more general information
which is in the public domain) other than as the result of breach of the
provisions of this Section 8(a), including, but not limited to, information
relating to: trade secrets, proprietary information, personnel lists, financial
information, research projects, services used, pricing, customers, customer
lists and prospects, product sourcing, marketing and selling and servicing. The
Employee agrees that he will not, during his employment or subsequent to the
termination of employment, directly or indirectly, use, communicate, disclose or
disseminate to any person, firm or corporation any confidential information
regarding the clients, customers or business practices of the Company acquired
by the Employee during his employment by Company, without the prior written
consent of Company; provided, however, that the Employee understands that
Employee will be prohibited from misappropriating any trade secret at any time
during or after the termination of employment. At no time during the Employment
Term or thereafter shall the Employee directly or indirectly, disparage the
commercial, business or financial reputation of the Company.

     (b) In consideration of Company's hiring Employee, the payment by the
Company to the Employee as described below and for other good and valuable
consideration, the Employee hereby agrees that he shall not, during the
Employment Term and for a period of one (1) year following such employment (the
"Restrictive Period"), directly or indirectly, take any action which constitutes
an interference with or a disruption of any of the Company's business
activities.

     (c) For purposes of clarification, but not of limitation, the Employee
hereby acknowledges and agrees that the provisions of subparagraph 8(b) above
shall serve as a prohibition against him, during the Restrictive Period, from:

     (1) directly or indirectly, contacting, soliciting or directing any person,
     firm, or corporation to contact or solicit, any of the Company's customers,
     prospective customers, or business partners for the purpose of selling or
     attempting to sell, any products and/or services that are the same or
     substantially similar to the products and services provided by the Company
     to its customers during the Restrictive Period. In addition, the Employee
     will not disclose the identity of any such business partners, customers, or
     prospective customers, or any part thereof, to any person, firm,
     corporation, association, or other entity for any reason or purpose
     whatsoever;

     (2) directly or indirectly, engaging or carrying on in any manner
     (including, without limitation, as principal, shareholder, partner, lender,
     agent, employee, consultant, or investor (other than a passive investor
     with less than a five percent (5%) interest) trustee or through the agency
     of any corporation, partnership, limited liability company, or association)
     in any business that is in competition with the engaged in any business in
     competition with the business of the Company; or

     (3) soliciting on his own behalf or on behalf of any other person, the
     services of any person who is an employee of the Company, or soliciting any
     of the Company's employees to terminate employment with the Company.

     (d) Upon the termination of the Employee's employment for any reason
whatsoever, all documents, records, notebooks, equipment, price lists,
specifications, programs, customer and prospective customer lists and other
materials which refer or relate to any aspect of the business of the Company
which are in the possession or under the control of the Employee including all
copies thereof, shall be promptly returned to the Company.

     (e) The parties hereto hereby acknowledge and agree that (i) the Company
would be irreparably injured in the event of a breach by the Employee of any of
his obligations under this Section 8, (ii) monetary damages would not be an
adequate remedy for any such breach, and (iii) the Company shall be entitled to
injunctive relief, in addition to any other remedy which it may have, in the
event of any such breach.

     (f) The rights and remedies enumerated in Section 8(e) shall be independent
of the other, and shall be enforceable, and all of such rights and remedies
shall be in addition to, and not in lieu of, any other rights and remedies
available to the Company under law or in equity.

     (g) If any provision contained in this Section 8 is hereafter construed to
be invalid or unenforceable, the same shall not affect the remainder of the
covenant or covenants, which shall be given full effect, without regard to the
invalid portions.

     (h) This Section 8 shall survive the termination of this Agreement.

     (i) It is the intent of the parties hereto that the covenants contained in
this Section 8 shall be enforced to the fullest extent permissible under the
laws and public policies of each jurisdiction in which enforcement is sought
(the Employee hereby acknowledging that said restrictions are reasonably
necessary for the protection of the Company). Accordingly, it is hereby agreed
that if any of the provisions of this Section 8 shall be adjudicated to be
invalid or unenforceable for any reason whatsoever, said provision shall be
(only with respect to the operation thereof in the particular jurisdiction in
which such adjudication is made) construed by limiting and reducing it so as to
be enforceable to the extent permissible, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of said
provision in any other jurisdiction.

     9. Prior Agreements. This Agreement cancels and supersedes any and all
prior agreements and understandings between the parties hereto respecting the
employment of Employee by the Company, including, without limitation, the
Original Agreement.

     10. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, to the other party
hereto at his or its address as set forth in the beginning of this Agreement.
Either party may change the address to which notices, requests, demands and
other communications hereunder shall be sent by sending written notice of such
change of address to the other party in the manner above provided.

     11. Assignability and Binding Effect. This Agreement shall inure to the
benefit of and shall be binding upon the executors, administrators, successors
and legal representatives of Employee and shall inure to the benefit of and be
binding upon the Company and its successors and assigns. The Employee may not
delegate or assign his duties or rights under this Agreement.

     12. Waiver. Waiver by either party hereto of any breach or default by the
other party in respect of any of the terms and conditions of this Agreement
shall not operate as a waiver of any other breach or default, whether similar to
or different from the breach or default waived.

     13. Complete Understanding: Amendment and Termination. This Agreement
constitutes the complete understanding between the parties with respect to the
employment of Employee hereunder and no statement, representation, warranty or
covenant has been made by either party with respect thereto except as expressly
set froth herein. This Agreement shall not be altered, modified, amended or
terminated except by written instrument signed by each of the parties hereto
provided, however, that the waiver by either party hereto of compliance with any
provision hereof or of any breach or default by the other party hereto need be
signed only by the party waiving such provision, breach or default.

     14. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original but all of which taken together
shall constitute one and the same Agreement.

     15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Connecticut.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written.

EDGAR ONLINE, INC.

/s/ Susan Strausberg
--------------------
By: Susan Strausberg
Its:  Chief Executive Officer and President
Date: December 27, 2004

/s/ Greg D. Adams
-----------------
Greg D. Adams
Date: December 27, 2004

                                       16

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