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Employment Agreement

 

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Title:

Employment Agreement

Entities:

Hammons John Q Hotels LP; John Q. Hammons Hotels, Inc.

Date:

2002

Size:

Preview shows 4KB of 20KB total

Price:

$40

ID:

#1316660

 

 

► Employment ► Employment Agreements
► Services ► Hotels & Motels

 

 

Start of Preview


                              EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT is made and entered into this 25th day of
January, 2000, by and between John Q. Hammons Hotels, Inc., a Delaware
corporation (the "Company"), and BILL MEAD (the "Executive").

W I T N E S S E T H

WHEREAS, Company desires to employ Executive and Executive desires to be
employed by Company.

NOW, THEREFORE, in consideration of the mutual covenants and conditions set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:

1. Offer and Acceptance of Employment. Commencing on April 1, 2000, (the
"Effective Date"), the Company agrees to and hereby does, employ Executive as
its Regional Vice-President. Executive hereby accepts employment in that
capacity and agrees to discharge faithfully, diligently, and to the best of his
ability the responsibilities of that position commencing on the Effective Date
for a period of five (5) years (the "Employment Term").

2. Duties and Responsibilities.

a. During the Employment Term, the Executive (i) shall be in charge of
the operations and management of the hotels in his region, (ii) shall
report to the Sr. Vice President/Operations, and (iii) shall assume and
perform such further reasonable responsibilities and duties assigned to him
by the Sr. Vice President/Operations and the Chairman of the board of
Directors.

b. Excluding periods of vacation and sick leave to which the Executive
is entitled, the Executive agrees to devote the whole of his working time
and energy to the



<PAGE>



business and affairs of the Company and to use his best efforts to perform
the responsibilities assigned to him hereunder faithfully and efficiently.

3. Compensation. The following provisions apply during the time the
Executive is employed by the Company:

a. Base salary. During the Employment Term, the Executive shall
receive a base salary of One Hundred-Sixty Thousand Dollars ($160,000,00)
(the "Base Salary") payable in accordance with the Company's normal payroll
practices for salaried employees.

b. Annual Bonus. Executive shall receive an annual bonus ("Annual
Bonus") in a minimum amount of Forty Thousand Dollars ($40,000) for each
fiscal year of the Agreement, including fiscal year 1999. Each Annual Bonus
shall be accrued as of the end of the fiscal year for which the Annual
Bonus is awarded and paid no later than April 1st of the following year,
unless Executive shall otherwise timely elect to defer the receipt of the
Annual Bonus under any deferred compensation plan of the Company then in
effect.

c. Savings and Retirement Plans. In addition to the Base Salary and
Annual Bonus payable as hereinabove provided, the Executive shall be
entitled to participate, during the Employment Term in all savings and
retirement plans or programs applicable to other key executives of the
Company.

d. Welfare Benefit Plans. During the Employment Term, the Executive,
and the Executives dependents as to medical and dental benefits, shall be
eligible to participate in and shall receive all benefits under each

 

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