Exhibit 10 (iii)
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Employment of the Executive Vice-President -
Xxxxxxx X. Xxxxxxxxxxx
AGREEMENT EFFECTIVE JANUARY 15, 2003
BY AND BETWEEN: Monmouth Real Estate Investment
Corporation, A Delaware
Corporation ("Corporation")
AND: Xxxxxxx X. Xxxxxxxxxxx ("Employee")
Corporation desires to employ Employee to the business of
the Corporation and Employee desires to be so employed.
The parties agree as follows:
1. Employment.
Corporation agrees to employ Employee and Employee agrees to
be employed in the capacity as Executive Vice-President for a
term of one (1) year effective January 15, 2002 and
terminating January 14, 2003.
2. Time and Efforts.
Employee shall diligently and conscientiously devote her time
and attention and use her best efforts in the discharge of
her duties as Executive Vice-President of the Corporation.
3. Board of Directors.
Employee should at all times discharge her duties in
consultation with and under the supervision of the Board of
Directors of the Corporation. In the performance of her
duties, Employee shall make her principal office in such
place as the Board of Directors of the Corporation and
Employee from time to time agree.
4. Compensation.
Corporation shall pay to Employee as compensation for her
services a base salary of $145,000 annually, which shall be
paid in equal weekly installments.
In the event of the disability of employee, her salary shall
continue for a period of two years payable monthly.
Thereafter, the term of this Employment Agreement shall be
automatically renewed and extended for successive one-year
periods except that either party may, at least ninety (90)
days prior to such expiration date or any anniversary
thereof, give written notice to the other party electing that
this Employment Agreement not be renewed or extended, in
which event this Employment Agreement shall expire as of the
expiration date or anniversary date, respectively.
In the event a merger of the Corporation, or upon any change
of control, defined as either voting control or control of
25% of the Board of Directors by other than the existing
directors, Employee shall have the right to extend and renew
this Employment Agreement so that the expiration date will be
one year from the date of merger, or change of control. If
there is a termination of employment for any reason, either
involuntary or voluntary, Employee shall be entitled to
receive one year's compensation at the date of termination.
The compensation is to be at the greater of current
compensation or that at the date of merger or change of
control.
5. Bonuses.
Bonuses shall be paid at the discretion of the Board of
Directors or the President.
6. Expenses.
Corporation will reimburse Employee for reasonable and
necessary expenses incurred by her in carrying out her duties
under this Agreement. Employee shall present to the
Corporation from time to time an itemized account of such
expenses in such form as may be required by the Corporation.
7. Vacation.
Employee shall be entitled to take four (4) paid weeks
vacation per year.
8. Pension.
Employee, at her option, may participate in the 401-k plan of
United Mobile Homes, Inc., according to its terms.
9. Life and Health Insurance Benefits.
Employee shall be entitled during the term of this Agreement
to participate in all health insurance and group life
insurance benefit plans providing benefits generally
applicable to the employees of United Mobile Homes, Inc. as
may be modified from time to time. Plan description is
detailed in Exhibit A attached.
10. Notices.
All notices required or permitted to be given under this
Agreement shall be given by certified mail, return receipt
requested, to the parties at the following addresses or such
other addresses as either may designate in writing to the
other party:
Corporation: MREIC
Juniper Business Plaza
0000 Xxxxx 0X, Xxxxx 0X
Xxxxxxxx, XX 00000
Employee: Xxxxxxx X. Xxxxxxxxxxx
000 Xxx Xx.
Xxxx. XX 00000
11. Governing Law.
This Agreement shall be construed and governed in accordance
with the laws the State of New Jersey.
12. Entire Contract.
This Agreement constitutes the entire understanding and
agreement between the Corporation and Employee with regard to
all matters herein. There are no other agreements, conditions
or representations, oral or written, express or implied, with
regard thereto. This agreement may be amended only in writing
signed by both parties hereto.
IN WITNESS WHEREOF, Corporation has by its appropriate
officers signed and affixed its seal and Employee has signed
and sealed this Agreement.
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
(SEAL) By: /s/ Xxxxxx X. Xxxxxxxxxx, Treasurer
By: /s/ Xxxxxxx X. Xxxxxxxxxxx, Employee
Dated: January 15, 2003
