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EXHIBIT 10-18
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January 8, 2001
Xxxxxxx X. Xxxxx
Chairman, Genesee Corporation
000 Xxxxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Dear Chip:
This letter will outline the terms of an agreement between myself and Genesee
Corporation in my capacity as an elected officer of the Corporation.
1. Title - President. In this capacity I will oversee the execution of the
strategic plan for liquidation of the corporation's assets and
distribution of the proceeds to the shareholders, as approved by the
board of directors, or as modified from time to time by board action.
I will regularly review and monitor the progress being made and will
coordinate the activities of the Chief Administrative Officer and Vice
President-Treasurer, as needed. I will serve as an interface between
the Corporation and the management of High Falls Brewing and will
manage the relationship between Genesee Corporation and High Falls
Brewing under the terms of the Purchase and Sale Agreement.
2. Term - The date of this engagement shall begin December 15, 2000 and
may be terminated by either party upon 30 days written notice. It is
anticipated that approximately 400 hours will be required to perform
these duties during calendar year 2001.
3. Compensation - $5,000 per month. It is also understood that I will not
receive fees for attending directors meetings, committee meetings, or
the directors retainer fee.
4. Location of Business - It is understood that the offices of the Genesee
Corporation will be relocated to 000 Xxxxxx Xxxxxxxx, Xxxxxxxxx, XX, no
later than March 31, 2001. This relocation will facilitate the direct
communicate between the Chief Administrative Officer, and the Vice
President-Treasurer, and myself.
Xxxx, if these terms meet the satisfaction of yourself and the Board of
Directors, I will be pleased to serve in the above-defined capacity for the
benefit of the shareholders.
Yours very truly,
/s/ Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxx
SBA:mmg
