Exhibit 10.1
EMPLOYMENT AGREEMENT
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AGREEMENT MADE this 1st day of October 2008, between PISMO COAST
VILLAGE, INC., a California corporation, having its principal
place of business at 000 Xxxxx Xxxxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx,
hereinafter referred to as "EMPLOYER" and Xxx X. Xxxxxxx, 00000
Xxx Xxxx, Xxxxxxxxxx, XX 00000, hereinafter referred to as
"EMPLOYEE."
1. TERM OF EMPLOYMENT: The Employer hereby employs the
Employee and the Employee hereby accepts employment with the
Employer for a period of five (5) years beginning on the 1st
day of October 2008, and ending on the 30th day of September
2013, with a renewable option for an additional five year
period, unless earlier terminated as hereinafter provided.
2. DUTIES OF EMPLOYEE: The Employee is hereby hired as General
Manager of PISMO COAST VILLAGE, INC., located at 000 Xxxxx
Xxxxxxxx, Xxxxx Xxxxx, Xxxxxxxxxx, and at such other place or
places as may be directed by the Employer. The Employee will
be responsible for the orderly daily operation of the
business, properties and staff of PISMO COAST VILLAGE, INC.,
and will report directly to the President. In addition, he
will implement proper methods of operation, i.e., policies,
advertising, cost and cash flow control, money management,
record keeping and adherence to budget levels, as designated
by the Board of Directors. Notwithstanding the foregoing or
any other provision of this Agreement, Employee shall not,
without the specific direction of the President, do or
contract for any of the following:
a. Borrow any amount or sum of money on behalf of the
Employer without authorization from the Board of
Directors.
b. Make expenditures or purchase capital equipment in excess
of the amount budgeted by the Board of Directors.
c. Sell any single capital asset of the Employer having a
market value in excess of One Thousand Dollars ($1000) or
a total of capital assets during a fiscal year having a
market value in excess of Ten Thousand Dollars ($10,000).
d. Hire any employee for a term in excess of one (1) year, or
offer any written employment contracts except as approved
by the Board of Directors. The duties of the Employee may
be changed from time to time by mutual consent of the
Employer and the Employee without resulting in recision of
this Agreement.
e. File any legal claim on behalf of the Corporation without
approval of the Board of Directors.
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3. COMPENSATION OF EMPLOYEE: As compensation for services
rendered under this Agreement, the Employee shall be entitled
to receive from the Employer a salary of One Hundred Twenty-
Six Thousand, Six Hundred Seventy-Two Dollars ($126,672) per
year payable in equal semimonthly installments of Five
Thousand Two Hundred Seventy-Eight Dollars ($5,278). An
incentive bonus shall be paid at the direction and
convenience of the Board of Directors based on year end
fiscal performance each year. The Executive Committee shall
meet at least thirty (30) days prior to that time with the
Employee to determine how well he has met his goals for each
contract fiscal year.
4. MEDICAL/DISABILITY INSURANCE: The Employer agrees to include
the Employee and Employee's spouse, in the hospital,
surgical, medical and any other plan which has been adopted
by the Employer, or may hereinafter be modified or adopted by
the Board of Directors. Employer contributions to any other
plan, adopted by the Board of Directors, may be established
from time to time.
5. BUSINESS EXPENSES: Employer shall reimburse Employee for
approved business expenses incurred by the Employee for
promoting the business of the Employer, including
expenditures for entertainment and travel for which he is to
be reimbursed by the Employer with a limit of $500 per month.
The Employee agrees that he will furnish to the Employer
adequate records and other documentary evidence including
those required by all federal and state statutes and
regulations issued by the appropriate taxing authorities. All
such expenses must be approved by the President or V. P. -
Finance/Chief Financial Officer of the Corporation.
6. EDUCATION EXPENSES: The Employer agrees to cover the costs
for the General Manager to continue his education to benefit
the Corporation.
7. VACATION TIME: The Employee shall be entitled during each
year of his employment, pursuant to this Agreement, to an
annual vacation leave of three (3) weeks at full salary. No
more than two (2) weeks may be taken consecutively and no
more than one (1) week may be taken during summer prime time.
(In compliance with company policy, no more than a total of
six (6) weeks may be accrued.)
8. TERMINATION: Employment pursuant to this Agreement shall
terminate immediately on the occurrence of any of the
following events:
a. The occurrence of circumstances that makes it impossible
or makes it impractical for the business of the Employer
to be continued.
b. The breach of duty by the Employee in the course of his
employment, unless waived by the Employer.
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c. The neglect by the Employee in the course of his
employment duties, unless waived by the Employer.
d. The incapacity of the Employee to perform his duties,
unless waived by the Employer.
e. The death of the Employee.
Unless terminated for one or more of the above causes,
Employee shall be entitled to the full compensation as agreed
under terms of this Agreement of nine (9) months. Otherwise,
the Employee shall be entitled to the compensation earned
prior to the date of actual termination computed pro rata up
to and including the termination date.
9. NOTICES: Any notices to be given hereunder by either party
to the other may be effected in writing and delivered by
certified mail or delivered in person.
10. CONTAINMENT OF ENTIRE AGREEMENT HEREIN: This Agreement
supersedes any and all other agreements, either oral or in
writing, between the parties hereto and any modification of
this Agreement will be effective only if it is in writing,
signed and dated by the party to be charged.
11. PARTIAL INVALIDITY: If any provision of the Agreement is
held by a court of competent jurisdiction to be invalid,
void, or unenforceable, the remaining provisions shall
continue in full force without being impaired or invalidated
in any way.
12. INDEMNIFICATION: PISMO COAST VILLAGE, INC., agrees to cause
Employee to be included as an assured on its liability
insurance coverage in force and from time to time Employee
shall survey such policies and make recommended changes
herein.
EXECUTED at Pismo Beach, California on the day and year first
above written.
Employee: Employer
PISMO COAST VILLAGE, INC.
a California Corporation
XXX XXXXXXX By: XXXXXX XXXXXXXXX
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Xxx Xxxxxxx President
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