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EXHIBIT 10.36 Employment Agreement with Xxxxxxx Xxxx Dated August 29, 1999
August 26, 1999
Xxxxxxx Xxxx
0000 X.X. 000 Xxx
Xxxxx, XX 00000
Dear Xxxxxxx:
We at Oriole Homes ("Oriole") are pleased to extend you an offer and confirm
your acceptance of employment as our Vice President of Sales and Marketing for
Oriole at our Delray Beach Corporate Headquarters. This letter outlines the
principal terms of our relationship. Please verify that all issues have been
addressed to your satisfaction so that an announcement may be made (handwritten)
(as soon as appropriate).
START DATE: October 4, 1999
BASE SALARY: An annualized base salary of $175,000 for the period
of October 4, 1999 to October 3, 2000. Effective
October 4, 2000, your annualized base salary will be
reduced to $150,000. Salary is paid every other week
and is subject to the customary withholding.
BONUS: Assuming that you are an employee in good standing,
on October 4, 2000 you will receive a $25,000 bonus.
Thereafter, you will be eligible to receive an annual
bonus based upon the achievement of objective
targeted performance goals (the "Target Goals")
determined each calendar year by the President of
Oriole in consultation with you. The Target Goals may
be comprised of fixed financial criteria and
subjective non-financial criteria.
STOCK OPTIONS: Upon starting, you will be granted 10,000 options
pursuant to the Employee Stock Option Plan ("The
Plan") to purchase Oriole Homes stock. The option
price of the stock options will be the market price
on October 4, 1999. These options will vest provided
that you are an employee in good standing on October
5, 2001. An additional 10,000 stock options may be
earned through the achievement of mutually agreed
upon goals. Should there be a change in control as
defined in Paragraph 8(b) of The Plan, prior to
October 5, 2001, and you are an employee in good
standing at the time, the stock options will
immediately vest. Thereafter, the stock options will
vest only in accordance with their terms.
TERM: Nothing in this Agreement shall be deemed to prohibit
Oriole from terminating your employment at any time
with or without notice for any reason whatsoever,
provided however, if Oriole should terminate your
employment for any reason other than Cause (as
defined below) prior to October 3, 2001, Oriole Homes
will pay
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Xxxxxxx Xxxx
August 26, 1999
you one times your then current annual base salary.
Subject to your signing a release and cooperation
agreement with Oriole. For "Cause", is defined as (A)
willful acts or willful failures to act constituting
gross neglect or material insubordination regarding
your duties, responsibilities and limitations; (B)
your conviction of a felony; (C) a good faith finding
by the Board of Directors of Oriole of any act of
fraud or malicious action by you; (D) any other
material breach of your duties and responsibilities,
but only if, such breach has not been cured or
effectively commenced, in Oriole's discretion, within
15 days of written notice to you or (E) failure on
your part to initially pass drug testing and to
comply with Oriole's drug and alcohol free workplace
policy.
BENEFITS: You will receive a $500 per month car allowance, a
$100 per month cell phone allowance and two weeks
vacation. Oriole will pay your COBRA costs for
insurance until you are eligible to enroll in
Oriole's plan. All other benefits information will be
provided to you upon starting and will be on the same
basis and subject to the same qualifications as other
employees of Oriole.
If you have any questions, please do not hesitate to call. We would appreciate
it if after reading this document you would execute the attached, indicating
your agreement with the terms and conditions stated herein and return it in the
enclosed envelope. There is an original enclosed for your records as well.
Sincerely,
/s/ Xxxx xxxx
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Xxxx Xxxx
President
Agreed:
/s/ Xxxxxxx Xxxx
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Xxxxxxx Xxxx
Date: 08/29/99