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Employment Agreement

 

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Title:

Employment Agreement

Entities:

John Q. Hammons Hotels, Inc.

Date:

2001

Size:

Preview shows 4KB of 18KB total

Price:

$38

ID:

#734698

 

 


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                              EMPLOYMENT AGREEMENT

--------------------

THIS EMPLOYMENT AGREEMENT (this "Agreement"), executed as of September 17,
2001, by and between JOHN Q. HAMMONS HOTELS, INC., a Delaware Corporation (the
"Company"), and LOU WECKSTEIN ("Employee").

RECITALS
--------

Employee will be employed as the President of the Company on the terms and
conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties agree as follows:

AGREEMENT
---------

1. Employment. The Company hereby employs Employee as President
----------
("President") of the Company, and Employee hereby accepts employment on the
terms and subject to the conditions set forth herein. Employee shall have and
exercise the authority and perform the duties normally incident to the office of
President, as well as such other duties as may be reasonably delegated to him by
the Company's Chief Executive Officer (the "CEO") and Board of Directors (the
"Board").

2. Employment Date. Employee's employment with the Company shall begin on
---------------
September 15, 2001 (the "Commencement Date"), and shall continue until
terminated by either party.

3. Compensation.
------------

(a) Company agrees to pay the Employee an annual "Base Salary" of
Three Hundred Thousand Dollars ($300,000.00) less applicable withholding, to be
paid to Employee on the Company's normal payroll schedule. For purposes of this
Agreement, "Base Salary" shall not include any performance incentives, bonuses,
or other benefits.

(b) The Employee shall be entitled to participate in any incentive or
supplemental compensation plan or arrangement instituted by the Company for
which the Employee is eligible as determined by the plan, and shall be eligible
for an annual cash bonus for his first year of employment of up to forty percent
(40%) of the Base Salary. The amount of such bonus, if any, will be determined
on the same basis and under the same bonus plan used for other executive
officers of Company.

(c) The Employee agrees and hereby acknowledges that any money,
benefits or other forms of compensation paid to Employee by a private individual
or entity affiliated with

{PAGE}

the Company ("Extra Compensation") are provided as additional compensation for
his services to the Company. Employee also agrees and acknowledges that Extra
Compensation in no way affects the Duty of Loyalty and other fiduciary duties
Employee owes to Company and its shareholders as an officer of the Company
(collectively "Fiduciary Duties"). The Employee further agrees to immediately
notify the Company in writing at the end of each year the full amount of any
Extra Compensation received by him that year and the person paying that Extra
Compensation.

(d) Stock Options. The Company shall grant to Employee options to
-------------
purchase one hundred thousand (100,000) shares ("Options") of the Company's
Class A Common Stock, par value One Dollar ($1.00) ("Common Stock"), for their
fair market value on the grant date of the option, pursuant to the Company's
1994 Stock Option Plan as in effect on the date hereof.


 

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