Exhibit 10.5
MEMORANDUM
TO: Xxx Xxxxx
FROM: Xxxx Xxxx
DATE: July 15, 1994
RE: Employment Agreement
This memorandum is to document the conditions for your employment with
National Research Corporation.
- Base salary $70,000.00 per year.
- Participation in NRC's incentive program which currently places 5% of
operating profits into a pool to be shared by those individuals
participating in the incentive plan.
- Participation in NRC's stock option pool (currently undefined--to be
determined in the 1st quarter of FY 94/95).
- Your title will be Chief Financial Officer.
- Paid vacation will be two weeks per year for employment years one
through five and three weeks per year for employment year six and
after. June 1992 will be used to calculate vacation pay.
- NRC will pay the professional dues necessary to maintain your State
and National CPA License estimated at $225.00 per year.
- NRC will pay on a 50/50 basis the cost of CPE expenses up to a
maximum of $300.00 per year.
- NRC will provide up to 40 hours per year time off in order to meet
the requirements of your CPA License.
- NRC will provide severance pay of six months of base salary if you
were to be discharged except for cause (misconduct, etc.) for your
employment years one through three. Five months severance pay during
employment year four and four months of severance pay during
employment year five. After year five, standard company policy would
be in effect.
- Participation in NRC's 401(k) program.
- NRC would pay 50% (or current company wide policy in effect at the
time) of your health, dental and disability premiums for the policies
offered through NRC.
- Become a member of NRC's Advisory Board.
- Employment start date will be September 1, 1994.
In addition to the above, it has been agreed that outside accounting or
consulting work will be eliminated with the exception of a handful of
personal tax clients worked for over a number of years. At your
convenience, it would be appreciated if you could provide the list of
those tax accounts.
Xxx, I believe this documents each of the specifics we have discussed.
Please feel free to contact me for clarification of any of these or other
issues.
I look forward to September 1!
Sincerely,
/s/Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx
President, NRC
