Senior Manager Employment Agreement Dear Walter:
Exhibit 10.7
FIELDSTONE
| September 1, 2003 |
FIELDSTONE MORTGAGE COMPANY 00000 XXXXXX XXXX XXXXXXX. XXXXX 000 XXXXXXXX, XXXXXXXX 00000 TELEPHONE (000) 000 0000 FACSIMILE (000) 000 0000 |
Xx. Xxxxxx
X. Xxxxxxxxx
00 Xxxxxxx Xxxxx
Xxxxxxx, Xxx Xxxxxx 00000
Dear Xxxxxx:
This cover letter sets forth the specific terms for you under the Senior Manager Employment Agreement (the "Agreement") between you and Fieldstone Mortgage Company ("Fieldstone" or the "Company"). The Agreement is attached to this letter. The Agreement, including the terms of this cover letter, and the Company's Employee Handbook, as amended, contain the complete terms of your employment contract with Fieldstone. The Agreement, Including These Terms, Is Only Effective On Completion Of the sale of shares of the common stock of Fieldstone Investment Corporation in a private offering under Rule 144a and other available exemptions under the Securities Act of 1933 prior to December 31, 2003.
I am very pleased to confirm that you are offered the following employment terms for your Senior Manager Employment Agreement:
| Position: | Executive Vice President Secondary Markets | |
Duties: |
manage all aspects of secondary marketing for all at-risk non-conforming and conforming loans for the entire Company, and manage the shipping of loans originated by the Non-Conforming Division |
|
Report To: |
President |
|
End Date: |
December 31, 2006 |
|
Office(s): |
Columbia, Maryland |
|
Base Salary: |
$300,000 |
|
Bonus: if you achieve the specific criteria for a bonus established by Fieldstone each year, then you will be eligible to receive up to the following bonus amounts: |
$300,000 annually, based on maintaining agreed trading margins for both non-conforming and conforming loans and managing the shipping and delivery of loans 25% of your earned bonus may be paid by issuance of common stock of the Company |
|
Vacation: |
4 weeks |
|
Competition Region: |
the entire United States of America |
|
Competition Period: |
during the Employment Period, the Extended Severance Period and the Post Termination Period, if any |
|
Extended Severance Term: |
24 months |
|
Extended Severance Amount: |
You will receive monthly payments equal to 1/12 of your base salary for the term of the extended severance period, plus you will receive an additional monthly payment equal to 1/12 of $100,000 |
These terms are in effect for the balance of 2003 on a pro rata basis and for 2004. These terms are also in effect for years after 2004 unless we have agreed in writing to different terms by delivery to you of a revised version of this cover letter.
Thank you for your continued commitment to building Fieldstone and your dedication to our shared success. If you have any questions regarding the above, please call me at (000) 000-0000. I look forward to your continued success as part of Team Fieldstone in the future.
Please sign a copy of this letter in the space below indicating your agreement to the terms of the Senior Manager Employment Agreement between you and Fieldstone, including the terms outlined in this cover letter, and send the signed copy to me at the above address.
Sincerely, |
AGREED AND ACCEPTED |
|||
/s/ Xxxxxxx X. Xxxxxxxxxx Xxxxxxx X. Xxxxxxxxxx, President |
/s/ Xxxxxx X. Xxxxxxxxx Xxxxxx X. Xxxxxxxxx |
9-16-03 Date: |
2
