Exhibit 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (this "Agreement") is made as of January 2,
1995 by and between XXXXXX X. XXXXXX as Employee (referred to as "Employee") and
Citizens Investments, Inc. as Employer (referred to as "Citizens").
Intending to be legally bound hereby, Citizens and Employee agree as
follows:
1. Citizens agrees to employ Employee for a period of four years from
the effective date specified in paragraph 9 hereof. For the first year of the
four year term, Employee shall have the title and duties of President and Chief
Executive Officer of Citizens. During the final three years of the term,
Employee shall have the title and duties of Vice Chairman of the Board of
Citizens.
2. Employee shall perform such executive duties for Citizens,
consistent with his office, as are reasonably assigned by Citizens' Board of
Directors. It is contemplated that Employee will work approximately thirty hours
per week (and, subject to illness or authorized leave, in any event a minimum of
twenty hours per week), for forty weeks each year. Employee will not be required
to relocate or to accept travel obligations beyond that which has been customary
in the past.
3. Employee shall be paid One hundred thirty-one thousand dollars
($131,000) per year as base payment, for each of the four years of this
Agreement. Each year of this Agreement, this base payment shall be paid in equal
biweekly payments.
4. Citizens shall provide Employee with all benefits offered officers
of Citizens and/or its subsidiaries, and shall provide Employee with the use of
an appropriate automobile.
5. Employee shall be entitled to four weeks of vacation per year.
6. Citizens shall reimburse Employee for all expenses incurred by
Employee on Citizen's behalf, including, but not limited to, travel (for
example, automobile and air fare costs) and entertainment expenses. Employee is
not obligated to incur expenses on Citizens' behalf.
7. If, during the four year term of this Agreement, Employee's
employment with Citizens terminates for any reason (including but not limited to
death or disability) other than Employee's voluntary written resignation or
embezzlement or fraud committed against Employer or due to the material default
by Employee of his obligations hereunder, which default shall continue sixty
days after written notice thereof (specifying in detail the nature of the
default) shall have been provided to Employee, (a) Citizens shall be fully
liable to pay to Employee or his Personal Representative all remaining base
payment referred to in Paragraph Three of this Agreement for the remaining part
of the four year term, and (b) Citizens shall be required to provide the
benefits (referred to in Paragraphs Four and Five, above) only through the
effective date of termination and reimbursement for expenses that Employee
incurred on behalf of Citizens (referred to in Paragraph Six above) only through
the effective date of termination.
8. Employee may terminate this Agreement at any time, in which case
Citizens shall be obligated to provide to Employee all payments, benefits,
reimbursements and other things, that have accrued in favor of Employee through
the effective date of such termination by Employee.
9. This Agreement is effective January 15, 1995, which effective date
shall be the first day of the first year of this Agreement.
10. This Agreement shall be construed in accordance with, and governed
by, the internal laws of the State of New Jersey. Should any provision of this
Agreement be determined to violate such law, all the other provisions of this
Agreement shall remain in full force and effect.
11. If Citizens contests, breaches, or fails to comply in any respect
with this Agreement, other than as a result of a breach by Employee of
Employee's obligations hereunder, Citizens shall be required to pay to Employee
all costs and expenses (including but not limited to attorneys' fees) incurred
by Employee in connection with the contest, breach and/or failure to comply.
12. This Agreement is binding on the successors of Citizens.
13. This Agreement may be amended or modified only in writing signed by
Employee and appropriate representatives of Citizens.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on
the date first above written.
FOR EMPLOYER:
ATTEST: CITIZENS INVESTMENTS, INC.
/s/ Xxxxxxx Xxxxxxx /s/ Xxxxxxx Xxxxx
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Dated: November 16, 1994 By:
Chairman
WITNESS: FOR EMPLOYEE:
/s/ Xxxxx Xxxxxxx /s/ Xxxxxx X. Xxxxxx
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Dated: November 16, 1994 Xxxxxx X. Xxxxxx
