EXHIBIT 10.01
EMPLOYMENT AGREEMENT OF XXXXXXX X. XXXXXX
XXXXXXX X. XXXXXX
00 XXXX XXXXX XXXXXX
XXXXXXX, XXXXXXXX 00000
(000) 000-0000
November 7, 1980
Xx. X. X. Xxxxx
President
Xxxxxxxx and Struggles, Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Xxxxx:
This letter will serve to confirm that I will become an
employee/officer of Xxxxxxxx and Struggles, Inc., in accordance with the terms
and conditions set forth in the attachment to this letter. The term of
employment shall for compensation/insurance, etc., purposes commence on January
1, 1981--although I will actually be in place at H&S on March 1, 1981. The
foregoing also applies to my assistant, Xxxxxxx Xxxxx.
Please sign the original and carbon copy of this letter, as provided
below, indicating H&S's acceptance and approval of my employment agreement,
which shall become effective upon execution by you. Return the carbon copy
directly to me for my files. (A pre-addressed stamped return envelope is
enclosed.)
Best regards.
Very truly yours,
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
RDN/mmr
Encls.
APPROVED AND ACCEPTED:
NOVEMBER 14, 1980.
XXXXXXXX AND STRUGGLES, INC.
By: /s/ Xxxxxx X. Xxxxx
-----------------------------
ITS PRESIDENT
1. COMPENSATION.
------------
Base $ 90,000.00
Bonus (Minimum Annual Guaranteed) $ 30,000.00
[Subject to increase as mutually agreed, but should
at least keep up with the CPI.] But this is not an
absolute requirement.
2. STOCK.
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5,000 Shares (January 31, 1981 Audited Book Value).
3. TITLE.
-----
SVP -- CF-AO AND COUNSEL
[NOTE: Also, titles of Secretary and Treasurer-Office of
Treasurer is presently vacant and should be filled.
Ultimately, another person may hold the office of Treasurer.
4. TERM.
----
January 1, 1981 until terminated by either upon at least 30
days' notice to the other. If terminated by either, an
amount equal to six months' base compensation plus pro rata
portion of bonus shall be paid to employee on the effective
date of termination, except that, if terminated by employee
to join another search firm, no termination compensation
shall be payable.
Although term begins January 1, 1981, employee will
officially assume the position on March 1, 1981. During the
two-month interim, employee will conclude certain Company
legal projects, review Company financial/accounting systems,
procedures and reports, meet with appropriate Company
personnel, identify problem areas, etc. Subject to
partnership approval, employee will utilize his present
office until March 1, 1981.
5. RESPONSIBILITIES.
----------------
(a) Items I, III, IV, V, VI, VII per attachment
[Notations on attachment were made by DPB.]
(b) Legal. (About 50% of current legal work will be brouqht
in-house.)
(c) Employee will report directly to the President.
6. OUTSIDE ACTIVITIES.
------------------
Employee will work for Company on a full-time basis, but
Employee will be allowed to continue outside directorships and
advisory functions to three/six corporations.
7. MISCELLANEOUS FRINGE BENEFITS.
-----------------------------
(a) Standard Company insurance--hospital, life, etc., and
profit-sharing and deferred compensation.
(b) Club dues (downtown and, after one year, a country
club). [To be included in expense allowance.]
(c) Vacation -- 20 business days.
(d) Business expense reimbursement per standard policy.
(e) Automobile--None. [Subject to review after one year.]
8. ASSISTANT.
---------
Employee's present assistant, who has, for over five years, worked with
the Company, will work for the Company commencing March 1, 1981, at a
salary of $1,600.00 per month plus standard Company benefits and
benefits parallel with those presently provided at the partnership. The
assistant will be responsible for paralegal type work and other
responsibilities for employee.
9. ELECTRONIC COMPUTER DISC TYPEWRITER (QYX).
-----------------------------------------
Employee recently purchased a QYX for $7,000.00, which is presently
utilized for many Company legal/administrative tasks. The QYX was
financed by a noninterest bearing loan, of which $5,000.00 will remain
unpaid in January, 1981, The loan is payable at the rate of $500.00
per calendar quarter until fully paid, but will have to be paid in full
when employee leaves in January, 1981. The Company will provide a
$5,000.00 loan upon the same terms to pay off the present loan and will
also pay the standard QYX maintenance contract cost, moving cost and
supplies.
If the QYX "fits" with the Company's system, it will be sold to the
Company at employee's cost; otherwise Employee wi11 use or dispose of
the QYX at no cost to the Company.
