Exhibit 10.2
Dated as of October 1, 1996
Xxxxxxx X. Xxxxxxx
0000 Xxxxxxxx Xxxxxx
Xxxxxxxx, Xxxxxxxxxxxx 00000
Dear Xx. Xxxxxxx:
The following sets forth our agreement as to the terms of
your employment as the Chief Financial Officer of The Lion
Brewery, Inc. (the "Company").
1. The Company agrees to employ you, and you agree to be
so employed, in the capacity of Chief Financial Officer of the
Company. In consideration of the services to be rendered by you,
the Company shall pay you and you shall accept as compensation an
annual salary, payable in equal installments in accordance with
the Company's past payroll practices with respect to executives,
but in no event less frequently than monthly, at the rate of
$80,000.00 per annum (the "Annual Salary"). The Board of
Directors of the Company may, in its sole discretion, also pay
annually to you a bonus as additional compensation.
2. In addition to the compensation provided above, (i) you
shall be entitled to participate in all health benefits and other
employee benefit programs of the Company and (ii) the Company
will pay for your dues to the professional associations and pay
for your ongoing educational expenses (approximately 80 hours
every two years) for your CPA license. Actual educational time
spent will be paid by the Company. In case of death, in addition
to the life insurance policy benefits, all earned but unpaid
salary, bonus or remaining severance pay shall be paid to the
life insurance policy beneficiary.
3. Vacation will be earned at the rate of one day per
month up to twelve (12) days per year. Days earned but unused
will be vested and paid in full upon termination of employment
without cause.
4. The Company may terminate your employment at any time
for Cause (as hereinafter defined), without further compensation
liability on the part of the Company. For purposes of this
Agreement, the term "Cause" shall mean (i) action by you
involving willful, gross misconduct having a material adverse
effect on the Company, (ii) any material breach by you of any
provision of this Agreement, or (iii) you being convicted of a
felony or equivalent crime under the laws of the United States or
any state, or a felony or equivalent crime under the laws of any
other country or political subdivision thereof involving moral
turpitude.
5. Upon termination of your employment hereunder by the
Company without Cause, the Company shall pay you the Annual
Salary for a period of one (1) year from the date of such
termination, provided you are actively seeking employment during
such one year period. All severance payments shall be payable in
equal installments in accordance with the Company's past payroll
practices with respect to executives, but in no event less
frequently than monthly, and shall be reduced by all compensation
received by you from any other source employing you during the
applicable severance period.
This Agreement shall automatically renew itself on a year to
year basis, with mutually agreed upon terms, unless either party
gives to the other party at least 45 days prior written notice of
its intent to terminate this Agreement.
This Agreement shall be governed by the laws of the
Commonwealth of Pennsylvania and sets forth our complete and full
understanding of the matters contained herein.
Please confirm that the foregoing correctly sets forth our
understanding and agreement as to the matters contained herein
and that you agree to be bound by the terms and conditions hereof
by signing below.
Very truly yours,
The Lion Brewery, Inc.
By: /s/
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Agreed and Accepted:
/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
