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Employment Agreement

 

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Title:

Employment Agreement

Entities:

CarrAmerica Realty Corp.; FrontLine Capital Group; Horizon

Date:

2000

Size:

Preview shows 5KB of 45KB total

Price:

$47

ID:

#1497681

 

 

► Employment ► Employment Agreements
► Real Estate
► Real Estate ► Real Estate Agents & Managers

 

 

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                              EMPLOYMENT AGREEMENT


THIS EMPLOYMENT AGREEMENT (this "Agreement") is made and
entered into this ____ day of August 1998, by and between OmniOffices, Inc., a
Delaware corporation (the "Company"), and Gary Kusin (the "Executive").

WITNESSETH

WHEREAS, the Company is engaged, directly or indirectly, in
the executive office suites business, which involves providing office space on a
short-term, individual office basis, together with telephone-answering,
data-processing and other office support services, at an agreed upon price;

WHEREAS, the Company believes that it would benefit from the
Executive's skill, experience and background, and wishes to employ the Executive
as its President and Chief Executive Officer; and

WHEREAS, the parties desire by this Agreement to set forth the
terms and conditions of the employment relationship between the Company and the
Executive.

NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants herein set forth, and for other good and valuable
consideration, the Company and the Executive hereby agree as follows:

1. Employment and Duties. The Company hereby employs the
Executive as its President and Chief Executive Officer, and the Executive
accepts such employment, on the terms and subject to the conditions provided in
this Agreement. The Executive shall devote his best efforts and full business
time, attention, energy and skill to performing the duties of President and
Chief Executive Officer of the Company. As part of these duties, Executive shall
serve on the Board of Directors of the Company (the "Board") and as the
Company's representative as a director of HQ Holdings Limited, a subsidiary in
which the Company owns all of the voting stock, and such other subsidiaries as
the Board and Executive mutually agree. Provided that such activities do not
violate any term or condition of this Agreement, or materially interfere with
performance of his duties hereunder, nothing herein shall prohibit the Executive
from (a) participating in other business activities approved in advance by the
Board in accordance with any terms and conditions of such approval, such
approval not to be unreasonably withheld or delayed, (b) engaging in charitable,
civic, fraternal or trade group activities, and (c) investing his personal
assets in other entities or business ventures, subject to any policies of the
Company applicable to all executive personnel of the Company.

2. Employment Term.

(a) Initial Term. Subject to the terms and conditions of
this Agreement, the Executive's term of employment under this Agreement (the
"Employment Term") shall commence on September 8, 1998 (the "Effective Date")
and continue until August 31, 2001 (the "Initial Term") subject to the extension
provisions of Section 2(b), unless terminated earlier in accordance with the
provisions of Section 4.


<PAGE> 2

(b) Extensions. Upon expiration of the Initial Term, the
Employment Term shall automatically be extended for a new two-year period
expiring on the second anniversary of the Initial Term (the "Extension Term"),
and thereafter shall automatically renew upon expiration of each such Extension
Term for a new two-year period expiring on the second anniversary of such
Extension Term, except that the Employment Term shall not be extended
automatically if (i) prior to 180 calendar days before the Employment Term is
scheduled to be extended automatically, the Company, with the approval of a
majority of the members of Board (not including the Executive) delivers to the
Executive, or the Executive delivers to the Company, written notice that the
automatic extension provision of this Section 2(b) shall be inoperative, (ii) a
notice of termination has been delivered and not withdrawn under Section 4 or
(iii) the Executive dies or turns 62 years of age during the current Initial
Term or Extension Term, as the case may be.

3. Compensation. As compensation for performing the services
required by this Agreement, and during the term of this Agreement, the Executive
shall be compensated as follows:


 

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