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Title: |
Employment Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
Preview shows 6KB of 52KB total |
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Price: |
$49 |
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ID: |
#2072443 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this "Agreement"), by and between MarineMax, Inc., a
Delaware corporation (the "Company"), and William H. McGill, Jr. ("Executive")
is entered into and effective as of the 7th day of June, 2006.
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 Chairman, President, and Chief Executive
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 Chairman of the Board, President and Chief Executive Officer
of the Company. As such, Executive shall have responsibilities, duties, and
authority reasonably accorded to, expected of, and consistent with Executive's
position and Executive shall report directly 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 Section 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 period 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 Executive's 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 (iv) serving, with the written approval of the Board, as a
director of one or more corporations, in each case so long as any such
activities do not significantly interfere with the performance of Executive's
responsibilities under this Agreement. In addition, Executive shall comply with
the restrictions listed in Section 3 of this Agreement.
(d) PLACE OF PERFORMANCE. Executive shall not be required by the Company or in
the performance of his duties to relocate his primary residence.
1
{PAGE}
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 Five Hundred Thousand Dollars ($500,000) per year, payable on a regular
basis in accordance with the Company's standard payroll procedures, but not less
than monthly. On at least an annual basis, the Board or a committee of the Board
shall review Executive's performance and may make increases to such base salary
if, in its sole discretion, any such increase is warranted.
(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 bonus program provides Executive with a reasonable
opportunity, based on the performance of the Company, the past compensation
practices of the Company and Executive's then base salary, to maintain or
increase Executive's 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) INSURANCE COVERAGE. Payment of all premiums for coverage for Executive and
his dependent family members under all health, hospitalization, disability,
dental, life, and other insurance plans that the Company may have in effect from
time to time, with the benefits provided to Executive to be on terms no less
favorable than the benefits provided to other Company executive officers.
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