THIS EMPLOYMENT AGREEMENT ("Agreement") is made and entered into as of March 30, 2005, by and between CIBER, INC., a Delaware corporation ("Corporation"), and MAC J. SLINGERLEND ("Officer").
Corporation most recently entered into an Employment Agreement with Officer on February 18, 2004. Corporation and Officer desire to amend and supersede that agreement and continue the employment of the Officer by Corporation, on the terms and subject to the conditions set forth in this Agreement.
THE PARTIES AGREE AS FOLLOWS:
1. Duties. Officer agrees to be employed by and to serve Corporation in the position set forth on Exhibit A, and Corporation agrees to employ and retain Officer in such capacity. Officer shall devote all of his business time, energy and skill to the affairs of Corporation. Officer shall have powers and duties commensurate with his position set forth on Exhibit A. Officer shall comply with the general management policies of Corporation as announced from time to time. Officer's principal place of business with respect to his services to Corporation shall be within twenty (20) miles of the central business district of Denver, Colorado, although Officer shall be required at various times to travel as part of his duties.
2. Term of Employment. The initial term of employment of Officer by Corporation shall be from the date of this Agreement through December 31, 2005, unless terminated earlier pursuant to this Agreement. This Agreement shall renew automatically for a period of one year on each January 1st hereafter, subject to the termination provisions hereof.
3. Salary, Benefits and Bonus Compensation.
3.1 Base Salary. Corporation agrees to pay to Officer initially a "Base Salary" as set forth on Exhibit A payable in twenty-six (26) equal biweekly installments. The Base Salary for each fiscal year or portion thereof after fiscal year 2004 shall be determined in the sole discretion of the Board of Directors, but shall not be less than $500,000 per annum. In the absence of and until any revised salary determination by the Board, Officer's Base Salary for a particular fiscal year shall be identical to Officer's Base Salary in effect on December 31st of the immediately preceding fiscal year.
3.2 Bonuses. Officer shall be eligible to receive a bonus for the fiscal year ending December 31, 2005. Such bonus will be determined in accordance with the formula described on Exhibit A and paid within seventy five (75) days after the year end to which such bonus relates. The bonus for each fiscal year or portion thereof shall be determined in the sole discretion of the Board of Directors.
3.3 Additional Benefits. During the term of his employment, Officer shall be entitled to the following fringe benefits:
3.3.1 Officer Benefits. Officer shall be eligible to participate in such of Corporation's benefit and compensation plans as may be generally available to executive officers of Corporation, including, without limitation, profit sharing, employee stock purchase plans, medical, dental, health and annual physical examination plans, life and disability insurance plans, financial planning and retirement programs, according to their terms. All such benefit plans may be amended or discontinued in the sole discretion of Corporation.
3.3.2 Business Expenses. Corporation shall reimburse Officer for all reasonable and necessary expenses incurred in carrying out his duties under this Agreement, including travel and entertainment expenses. Officer shall present monthly to Corporation an itemized account of such expenses in such form as may be required by Corporation.