Employment Agreement
This Agreement incorporates the employment arrangement between ILC and you as of
the date executed below:
1. Your title, duties and compensation in the subsequent organization
shall be described to you prior to the change of ownership. Your
compensation and package of benefits as a whole shall be commensurate
with your new duties. Your tenure with Sunrise will include the time
you have been an employee of ILC as it relates to benefits and any
other criteria that utilizes tenure of employment.
2. If you join the new organization and:
a) Your title, duties, package of benefits as a whole (other than
changes which are applicable to all other employees of Sunrise) or
compensation changes significantly subsequent to the merger and during
the guarantee period in a manner adverse to you and without your
written consent, or
b) You are terminated for any reason other than gross misconduct,
embezzlement, fraud, theft, or being found guilty of a felony, and
c) You do not resign voluntarily (other than as a result of the
circumstances described in 2(a) above),
you shall receive minimum compensation of $115,000 per year for the
unexpired term of this two-year employment compensation guarantee
period. The two-year guarantee period shall commence on the first day
of your employment with Sunrise.
If your employment ceases during the first year, you shall receive your minimum
monthly salary for the remainder of the year and your guaranteed bonus plus your
full Guaranteed Minimum Amount for the second year.
If your employment is terminated during the second year, you shall receive your
minimum monthly salary for the remainder of the year and your guaranteed bonus.
These amounts shall be paid upon termination of your employment.
Your compensation guarantee is calculated as follows:
Salary $7,917/month
Bonus $20,000/annual
Total Annual Guaranteed Minimum Amount $115,000
INTERNATIONAL LEASING CORPORATION I agree to the above.
Signed: /s/ Xxxxx X. Xxxx Signed: /s/ Xxxxx X. Xxxxxxx
Name: Xxxxx X. Xxxx Name: Xxxxx X. Xxxxxxx
Date: October 14, 1994 Date: October 14, 1994
