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Title: |
Compensation Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 2KB of 8KB total |
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Price: |
$33 |
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ID: |
#260514 |
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COMPENSATION AGREEMENT
THIS COMPENSATION AGREEMENT ("Agreement") is entered into by and between
Carol Sullivan, an individual residing at 8653 Robinson Ridge Drive, Las Vegas,
Nevada, 89117. ("Sullivan") and Preferred Equities Corporation, a Nevada
corporation with its principal address being 4310 Paradise Road, Las Vegas,
Nevada 89109 ("PEC").
RECITAL
As of January 8, 2001, Sullivan is employed as the Senior Vice President
and Chief Financial Officer ("CFO") of PEC. In her role as CFO, Sullivan is
responsible for arranging financings, lender relations and supervision of the
Trust Deed and Portfolio Management departments and other financial and back
office duties assigned to her from time to time by the Chief Executive Officer
of PEC. Sullivan reports to the Chairman of the Board and Chief Executive
Officer of PEC, Jerome J. Cohen. Sullivan and PEC desire to enter into this
Agreement in order to reduce to writing Sullivan's compensation arrangement with
PEC for such period of time as Sullivan is employed by PEC as CFO or until
modified by mutual agreement of the parties. In consideration of the foregoing,
the parties hereto agree as follows.
1. TERM. The term of this Agreement shall be for a period of one year and shall
expire on January 7, 2002, unless earlier terminated in accordance with the
provisions contained herein.
2. BASE SALARY. Sullivan shall be paid a base salary of Two hundred thousand
dollars ($200,000.00) per annum payable bi-weekly as part of the regular PEC
payroll. Base salary payments shall be subject to ordinary withholding for taxes
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