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Exhibit 6(b)
America's Senior Financial Services, Inc.
VALUE FINANCIAL - SENIOR FUNDING
00000 XX 00xx Xxxxx - Xxxxx Xxxxx, XX 00000
(000) 000-0000
EMPLOYMENT AGREEMENT
This Employment Agreement ("this Agreement") is made effective as of January 2,
1998, by and between America's Senior Financial Services, Inc., ("the
Employer"), of 00000 XX 00xx Xxxxx, Xxxxx Xxxxx, XX 00000, and Xxxxxx X. Xxxxx,
("the Employee"), of 00000 XX 00 Xxxxxx, Xxxxxxxx Xxxxx, XX 00000.
A. Employer is engaged in the business of Mortgage Lending (Reverse and
Forward Mortgages)
B. Employer desires to have the services of Employee.
C. Employee is willing to be employed by Employer.
Therefore, the parties agree as follows:
1. EMPLOYMENT. Employee shall provide to Employer the following services: to act
as Executive Vice President and Director/Secretary in the full time daily
management of all aspects of the continuing operation of America's Senior
Financial Services; with her duties being soley defined by the company
President.
2. BEST EFFORTS OF EMPLOYEE. Employee agrees to perform faithfully,
industriously, and to the best of Employee's ability, experience, and talents,
all of the duties that may be required by the express and implicit terms of this
Agreement, to the reasonable satisfaction of Employer. Such duties shall be
provided at Miami Lakes, FL and at such other place(s) as the needs, business,
or opportunities of the Employer may require from time to time.
3. COMPENSATION OF EMPLOYEE. As compensation for the services provided by
Employee under this Agreement, Employer will pay Employee an annual salary of
$50,000.00 payable in bi-weekly installments on Wednesday of every other week.
Upon termination of this Agreement, payments under this paragraph shall cease;
provided, however, that the Employee shall be entitled to payments for periods
or partial periods that occurred prior to the date of termination and for which
the Employee has not yet been paid.
4. COMMISSION PAYMENTS. In addition to the payments under the preceding
paragraph, Employer will make commission payments to the Employee based on
100.00% of any loan originations where the EVP acts as submitting loan officer.
This commission will be paid bi-weekly, no later than 5 days after the payroll
period that ended on the preceding Saturday.
5. REIMBURSEMENT FOR EXPENSES IN ACCORDANCE WITH EMPLOYER POLICY. The Employer
will reimburse Employee for "out-of-pocket" expenses in accordance with Employer
policies in effect from time to time.
6. VACATION. Employee is entitled to a minimum of four weeks paid vacation per
calendar year, time to accrue for unused vacation, with additional vacation time
to be allowed as needed at the President's sole discretion.
7. SICK LEAVE/PERSONAL BUSINESS. Employee shall be entitled to as much "sick" or
"disability" time as is necessary due to employee's illness or injury.
All requests for sick days and personal days off shall be made by Employee in
accordance with Employer policies in effect from time to time.
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8. HOLIDAYS. Employee shall be entitled to the following holidays with pay
during each calendar year:
- New Year's Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day
- Christmas Day
9. OTHER BENEFITS. Certain health, life, and disability insurance; auto to be
provided at company expense to the employee, at no cost to her; certain
dividends and a special performance bonus (of up to $25,000) to be paid at the
sole discretion of the president; and other benefits including the use of
corporate credit cards, as may arise from time to time at the sole discretion of
the company President. RE: Stock Options - In any calendar year where the
company's loan originations increase by a minimum of 20%, the employee shall be
eligible for stock options in an amount equal to 5% of her total common stock
holdings at the end of the calendar year. Such options may be exersized at a
cost of $1 per share, and may be paid for via interest free promissory note to
the company. Such stock, when issued, shall be subject to all the required
restrictions of rule 144 of the SEC.
10. TERM/TERMINATION. Employee's employment under this Agreement shall be for an
unspecified term.
11. NOTICES. All notices required or permitted under this Agreement shall be in
writing and shall be deemed delivered when delivered in person or deposited in
the United States mail, postage paid, addressed as follows:
Employer:
America's Senior Financial Services, Inc.
Xxxxxx X. Xxxxx
President
00000 XX 00xx Xxxxx
Xxxxx Xxxxx, XX 00000
Employee:
Xxxxxx X. Xxxxx
00000 XX 00 Xxxxxx
Xxxxxxxx Xxxxx, XX 00000
Such addresses may be changed from time to time by either party by providing
written notice in the manner set forth above.
12. ENTIRE AGREEMENT. This Agreement contains the entire agreement of the
parties and there are no other promises or conditions in any other agreement
whether oral or written. This Agreement supersedes any prior written or oral
agreements between the parties.
13. AMENDMENT. This Agreement may be modified or amended, if the amendment is
made in writing and is signed by both parties.
14. SEVERABILITY. If any provisions of this Agreement shall be held to be
invalid or unenforceable for any reason, the remaining provisions shall continue
to be valid and enforceable. If a court finds that any provision of this
Agreement is invalid or unenforceable, but that by limiting such provision it
would become valid or enforceable, then such provision shall be deemed to be
written, construed, and enforced as so limited.
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15. WAIVER OF CONTRACTUAL RIGHT. The failure of either party to enforce any
provision of this Agreement shall not be construed as a waiver or limitation of
that party's right to subsequently enforce and compel strict compliance with
every provision of this Agreement.
16. APPLICABLE LAW. This Agreement shall be governed by the laws of the State of
Florida.
Employer:
America's Senior Financial Services, Inc.
By: /s/ Xxxxxx X. Xxxxx
-----------------------------------------
America's Senior Financial Services, Inc.
Xxxxxx X. Xxxxx, President
Employee:
By: /s/ Xxxxxx X. Xxxxx
-----------------------------------------
Xxxxxx X. Xxxxx
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