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Employment Agreement

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Title:

Employment Agreement

Entities:

Gables Residential Trust

Date:

2002

Size:

Preview shows 4KB of 25KB total

Price:

$35

ID:

#336151

► Employment ► Employment Agreements
► Real Estate

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GABLES RESIDENTIAL

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT (this "Agreement") made as of the 8th day of August, 2002 by and between David Fitch (hereinafter referred to as "Employee") and Gables Residential Trust, a Maryland business trust, with a principal place of business at 6551 Park of Commerce Blvd., Suite 100, Boca Raton, FL 33487 (hereinafter referred to as the "Company").

1. Effectiveness: Term. The term of this Agreement shall commence on the date first above written and unless earlier terminated as provided in Paragraph 8 below, shall terminate eighteen (18) months after the Effective Date (the "Original Term"). The Original Term shall be extended automatically as follows: (i) for an additional period beginning at the end of the Original Term and ending on the next following December 31 and (ii) thereafter for additional one-year periods (each additional period described in clauses (i) and (ii) above, a "Renewal Term"), unless notice that this Agreement will not be extended is given by either party to the other three (3) months prior to the expiration of the Original Term or any Renewal Term. (The period of Employee's employment hereunder within the Original Term and any Renewal Terms is herein referred to as the "Employment Period".)

2. Employment/Duties.

             (a)  During the Employment Period, Employee shall be employed in the business of the Company and its affiliates. Employee shall serve as a corporate officer with the title of   Chief Investment Officer. Employee's duties and authority shall be commensurate with his title and position with the Company.

             (b) Employee agrees to his employment as described in this Paragraph 2 and agrees to devote substantially all of his working time and efforts to the performance of his duties under this Agreement, except as otherwise approved by the Board of Trustees of the Company (the "Board of Trustees"); provided that, nothing herein shall be interpreted to preclude Employee from (i) retaining any preexisting consulting fee contracts relating to and/or minority interests in multifamily residential apartment properties or (ii) participating as an officer or director of, or advisor to, any charitable or other tax exempt organization.

             (c)  In performing his duties hereunder, Employee shall be available for reasonable travel as the needs of the business require. Employee shall be based in the greater Boca Raton metropolitan area.

3. Compensation/Benefits. In consideration of Employee's services hereunder, the Company shall provide Employee the following:

(a) Base Salary. The Company shall pay Employee an annual salary of $280,000.00 during the Employment Period ("Base Salary"). Base Salary shall be payable in accordance with the Company's normal business practices, but in no event less frequently than monthly. Employee's Base Salary shall be reviewed no less frequently than annually by the Company and may be increased but not decreased during the Employment Period.

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