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Title: |
Employment Agreement |
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Date: |
2004 |
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Size: |
Preview shows 7KB of 42KB total |
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Price: |
$45 |
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ID: |
#1163335 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this Agreement), by and between MarineMax, Inc., a Delaware corporation (the Company), and Michael H. McLamb (Executive) is entered into and effective as of the 18th day of August, 2004.
RECITALS
A. The Company is engaged primarily in the business of selling, renting, leasing, and servicing boating, nautical, and other related lifestyle entertainment products and services, and related activities (collectively, the Watercraft Business), and Executive has experience in such business.
B. Executive currently serves as Executive Vice President and Chief Financial Officer of the Company. The Company desires to assure itself of the continued availability of Executive.
C. The Company desires to employ Executive, and Executive desires to accept such employment, pursuant to the terms and conditions set forth in this Agreement, which shall replace the existing employment agreement between the Company and Executive.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual promises, terms, covenants, and conditions set forth herein and the performance of each, it is hereby agreed as follows:
1. EMPLOYMENT AND DUTIES.
(a) EMPLOYMENT. The Company hereby employs Executive, and Executive hereby agrees to act, as Executive Vice President and Chief Financial Officer of the Company. As such, Executive shall have responsibilities, duties, and authority reasonably accorded to, expected of, and consistent with Executives position, and Executive shall report directly to the Chief Executive Officer and to the Board of Directors of the Company (the Board). Executive hereby accepts this employment upon the terms and conditions herein contained and, subject to paragraph l(c) hereof, agrees to devote his best efforts and substantially all of his business time and attention to promote and further the business of the Company.
(b) POLICIES. Executive shall faithfully adhere to, execute, and fulfill all lawful policies established by the Company.
(c) OTHER ACTIVITIES. Executive shall not, during the term of his employment hereunder, be engaged in any other business activity pursued for gain, profit, or other pecuniary advantage if such activity interferes in any material respect with Executives duties and responsibilities hereunder. The foregoing limitations shall not be construed as prohibiting Executive from (i) making personal investments in such form or manner as will neither require his services in the operation or affairs of the companies or enterprises in which such investments are made nor subject Executive to any conflict of interest with respect to his duties to the Company, (ii) serving on any civic or charitable boards or committees, (iii) delivering lectures or fulfilling speaking engagements, or
(d) PLACE OF PERFORMANCE. Executive shall not be required by the Company or in the performance of his duties to relocate his primary residence.
2. COMPENSATION. For all services rendered by Executive, the Company shall compensate Executive as follows:
(a) BASE SALARY Effective the date hereof, the base salary payable to Executive shall be Two Hundred Twenty-five Thousand Dollars ($225,000) per year, payable on a regular basis in accordance with the Companys standard payroll procedures, but not less than monthly. On at least an annual basis, the Board or a committee of the Board shall review Executives performance and may make increases to such base salary if, in its sole discretion, any such increase is warranted. In no event shall Executives base salary be reduced to a level below Two Hundred Twenty-five Thousand Dollars ($225,000).
(b) BONUS OR OTHER INCENTIVE COMPENSATION. Executive shall be eligible to receive a bonus or other incentive compensation as may be determined by the Board or a committee of the Board based upon such factors as the Board or such committee, in its sole discretion, may deem relevant, including, without limitation, the performance of Executive and the Company; provided, however, that the Board or a committee of the Board shall establish for each fiscal year of the Company a bonus program in which Executive shall be entitled to participate, which provides Executive with a reasonable opportunity, based on the past compensation practices of the Company and Executives then base salary, to maintain or increase Executives total compensation compared to the previous fiscal year.
(c) EXECUTIVE PERQUISITES, BENEFITS, AND OTHER COMPENSATION. Executive shall be entitled to receive additional benefits and compensation from the Company in such form and to such extent as specified below:
(i) REIMBURSEMENT FOR EXPENSES. Reimbursement for business travel and other out-of-pocket expenses reasonably incurred by Executive in the performance of his services under this Agreement. All reimbursable expenses shall be appropriately documented in reasonable detail by Executive upon submission of any request for reimbursement and shall be in a format and manner consistent with the Companys expense reporting policy.
(ii) VACATION. Paid vacation in accordance with the applicable policy of the Company as in effect from time to time, but in no event shall Executive be entitled to less than four (4) weeks paid vacation per year.
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