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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2001 |
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Preview shows 5KB of 24KB total |
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Price: |
$41 |
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ID: |
#1234899 |
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<SEQUENCE>3
<FILENAME>mcalhaneyemp.txt
<TEXT>
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into at
Orlando, Florida on the ____ day of ________________, 1999, by and between W.
HARDEE MCALHANEY (hereinafter referred to as the "Employee"), and HOLIDAY RV
SUPERSTORES, INC. (hereinafter referred to as the "Corporation").
The parties hereto, intending to be legally bound, do hereby agree as
follows:
1. EMPLOYMENT
1.1 Position and Duties. The Corporation does hereby employ the Employee
and the Employee hereby accepts such employment as President and Chief Executive
Officer upon the terms and provision set forth in this Agreement. The Employee
shall perform all duties assigned to him by the Corporation, shall observe and
comply with the Corporation's rules and regulations regarding the performance of
his duties, and shall carry out and perform all orders, directions, and policies
stated to him by the Corporation periodically, either orally or in writing. The
Employee shall carry out the duties assigned to him in a trustworthy,
businesslike, and loyal manner.
1.2 Place of Employment. Unless the parties agree otherwise in writing,
during the term of this Agreement the Employee shall perform the services
required by this Agreement at the Corporation's offices in Orlando, Florida,
provided, however, that the Corporation may, from time to time, require the
Employee to travel temporarily in carrying out his duties.
2. TERM. The term of this Agreement, and the employment of the Employee
hereunder, shall commence on July 1, 1999 (the "Commencement Date") and shall
expire on June 30, 2003 unless sooner terminated in accordance with the terms
and conditions hereof.
3. COMPENSATION
3.1 Amount of Compensation. The Corporation shall pay to the Employee a
salary of One Hundred Thirty-Five Thousand Dollars ($135,000.00) per annum or
such greater amounts as may be determined by the Board of Directors of the
Corporation (the "Board") on an annual basis at the start of each year.
3.2 Bonus. In addition to the compensation described in paragraph 3.1 of
this Agreement, during each calendar year, or part thereof, during the term of
this Agreement and any renewal terms, if any, the Employee shall receive a bonus
based upon a percentage of the actual net income before taxes ("Actual Net
Income") earned by the Corporation. Any bonus due Employee shall be paid to
Employee within ninety (90) days after the end of the then fiscal year,
calculated as follows:
<PAGE>
<TABLE>
<s> <c> <c> <c>
Percentage (%) of Actual
Actual Net Income Before Income Net Income Before Taxes
Taxes Potential Bonus Cumulative Bonus
$ 2 - $2.5 million 2.0% $50,000 $ 50,000
$ 2.5 - 5.0 million 3.0% $75,000 $125,000
</TABLE>
3.3 Stock Options.
3.3.1 For Actual Net Income in excess of Five Million Dollars
($5,000,000.00), the Employee will receive a stock option for the Common
Stock of the Corporation, based on a formula (pro rata rounded to the
nearest $100) of Fifty Thousand (50,000) options for each Five Hundred
Thousand Dollars ($500,000.00) of net pre-tax income over and above Five
Million dollars ($5,000,000.00). Such an option, if any, will be determined
within ninety (90) days of the end of each fiscal year of the Corporation
and will be effective as of the first day of the current fiscal year, and
will be in accordance with the existing Corporation Stock Option Plan, and
at the average closing price for the Corporation Common Stock for the
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