Employment Agreement (bruce A. Stanski)
Parties: KBR,
Sectors: Materials and Construction
Governing Law: Texas
http://www.techagreements.com/agreement-preview.aspx?num=326901&title=KBR,%20-%20Employment%20Agreement%20(bruce%20A.%20Stanski)---snip---
ARTICLE 2: COMPENSATION AND BENEFITS:
2.1. Employee' s base salary during the Term shall be not less than $323,695 per annum which shall be paid in accordance with the Employer' s standard payroll practice for its executives. In addition, Employee shall be entitled to receive a Cost of Living Adjustment (" COLA" ) allowance of $46,305 per annum, paid bi-weekly, during the time that he resides in Virginia at Employer' s request. Employee' s base salary may be increased from time to time in accordance with Employer' s and Halliburton' s compensation policies and procedures. Such increased base salary shall become the minimum base salary under this Agreement and may not be decreased thereafter without the written consent of Employee.
2.2. Employee shall participate in Employer' s annual incentive pay plan, if any, in effect during the Term; provided, however, that all determinations relating to Employee' s participation, including, without limitation, those relating to the performance goals applicable to Employee and Employee' s level of participation and payout opportunity, shall be made in the sole discretion of the person or committee to whom such authority has been granted pursuant to such plan' s terms.
2.3 During the Term, Employee shall be eligible for annual nomination to receive long-term incentive awards under the Halliburton Company 1993 Stock and Incentive Plan (the " 1993 Plan" ) or any successor long-term incentive plan adopted by Halliburton' s Board of Directors, in accordance with applicable guidelines in effect at the time of such nomination.
2.4. During the Term, Employer shall pay or reimburse Employee for all actual, reasonable and customary expenses incurred by Employee in the course of his employment, including, but not limited to, travel, entertainment, subscriptions and dues associated with Employee' s membership in professional, business and civic organizations; provided that such expenses are incurred and accounted for in accordance with Employer' s applicable policies and procedures.
2.5. While employed by Employer, Employee shall be allowed to participate, on the same basis generally as other executive employees of Employer, in all general employee benefit plans and programs, including improvements or modifications of the same, which on the Effective Date or thereafter are made available by Employer or Halliburton to all or substantially all of Employer' s similarly situated executive employees. Such benefits, plans, and programs may include, without limitation, medical, health, and dental care, life insurance, disability protection, and qualified and non-qualified retirement plans. Except as specifically provided herein, nothing in this Agreement is to be construed or interpreted to increase or alter in any way the rights, participation, coverage, or benefits under such benefit plans or programs than provided to similarly situated executive employees pursuant to the terms and conditions of such benefit plans and programs.
2.6. Neither Halliburton nor Employer shall by reason of this Article 2 be obligated to institute, maintain, or refrain from changing, amending or discontinuing, any incentive compensation, employee benefit or stock or stock option program or plan, so long as such actions are similarly applicable to covered employees generally.
2.7. Employer may withhold from any compensation, benefits, or amounts payable under this Agreement all federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling.
2.8. Employee acknowledges and agrees that the terms and conditions of the Relocation Agreement shall control with respect to the parties' respective obligations relating to payment and reimbursement of relocation costs and expenses.
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