OSF FINANCIAL SERVICES. INC.
2640 FOUNTAINVIEW OR,. #139
XXXXXXX, XX 00000
EMPLOYMENT AGREEMENT
This Agreement for Employment is made June 1 5~, 2001 by and
between OSF Financial Services, Inc. ("Employer") and Xxxxxxx
Xxxxxx ("Employee").
For good and valuable consideration, receipt of which is hereby
acknowledged the Employer shall employ as any Employee subject to
the following terms and conditions.
1. The Employee shall commence employment on January 1, 2001.
2. The Employee shall perform the following duties and
responsibilities:
POSITION: CHIEF FINANCIAL OFFICER
DUTIES & RESPONSIBILITIES
1. The Chief Financial Officer is responsible for the following:
A. For the production of Financial Statements for
Corporate Accounting;
B. For the production of financial analysis of Branch and
Corporate operations;
C. Ensuring compliance with XXXXX Accepted Format for
Reports (Financial Statements) for Mortgage Companies.
D. Accountable for accuracy of payroll and time management
of all employees, including preparation and issuance of
pay checks. Shall prepare and submit to CEO, President
and Director of Administration each pay period a
Vacation, Sick Leave & Personal Days Report. A copy of
this report shall be kept in a secure location within
the Finance Department accessible by the CEO and
President and Director of Administration only, at all
times;
E. Ensure that all accounting is performed in accordance
with GAAP;
F. Supervise accounting personnel.
G. Informing the corporation's CEO, President or superior
officer of any violation of company policy, lending
guidelines and/or federal and state laws. This must be
in writing;
H. Provide support for annual external financial audits;
I. Is responsible for Branch accounting, cash handling and
accountability, etc;
J. Is responsible for the training and continued education
of the accounting staff;
K. Recruit, interview, hire and fire of accounting staff;
The Chief Financial Officer must coordinate all hiring,
firing, promotion/raises and discipline activities with
the Director of Administration. All personnel changes
(hiring, firing, promotion/raises and discipline) must
be with approval of the CEO and/or President or his
designate. The number of Loan Production staff personnel
is control by the Administrative Department per
corporate budget allocation. The method, type and amount
of compensation is control by the Chief Financial
Officer as set by the corporate budget approved by the
Board of Directors. Salary/compensation treatment must
be submitted to the Director of Administration and
President with recommendations (negative or positive)
Chief Financial Officer and is subject to approval from
the CEO and/or President or his designate.
L. Responsible for and processing of Accounts Payable and
Accounts Receivable. Weekly Reports are due to the CEO
and President on Friday of each week.
M. Responsible for and processing of reconciliation of all
bank statements monthly, including reconciling of cash
position;
N. Prepare all documentation to open, close and update bank
accounts;
0. Forecast cash flows based on loan closing and other
internal
date/trends;
P. Prepare daily cash position by 11:00 a.m. daily, and
submit to CEO and in his absence the President;
Q. Post and account for all warehouse lending transactions;
R. Interface with the corporation's suppliers, creditors,
and others as necessary; and
S. Communicate and handle client reimbursement request in
accordance with corporate policy;
T. Prepare all tax forms for filing. Keep accurate records
on such filings and payments;
U. Serve as backup for Admin/Human Relations; and
V. Other duties as may be assigned.
The Chief Financial Officer reports to the CEO of the corporation
and in his absence the President.
The Employee shall perform such further and other duties as are
required by the Employer.
3. The Employee shall work Monday through Friday from 8 A.M. to
5:30 P.M. and such additional hours as are required by the Employer
for the Employee to competently perform the duties of his position.
The Employee shall use his best efforts on behalf of the Employer.
4. The Employee shall comply with all stated standards of
performance, policies, rules, regulations and manuals, receipt of
which by the Employee is hereby acknowledged. The Employee shall
also comply with such future Employer policies, rules, regulations,
performance standards and manuals as may be published or amended
from time to time.
5. The Employee's employment under this Agreement shall commence
January 1, 2001, and shall terminate on December 31, 2005, unless
terminated prior to such time for cause. Cause is defined as
actions or lack thereof that presents actual danger to the
corporation or its employees, the value of its stock, or other
damage(s) that are deemed detrimental to the good order and
discipline of the corporation and benefits of the shareholders.
6. The Employer shall pay to the Employee as compensation for
services, and the Employee agrees to accept the sum of $40,000.00
per year payable bi-monthly of $1666.67, and be entitled to the
following "fringe benefits": Medical, Dental & Life Insurance,
401(k) Plan, Stock Option Plan, Other Retirement Plan corporation
may put into effect.
Bonus - Based on the corporation's annual performance (amount to be
determined by the Board) the Chief Financial Officer may be
eligible for a bonus.
7. This contract of employment may terminate upon the occurrence
of any of the following events: (a) the death of the Employee; (b)
the failure of the Employee to perform his duties satisfactorily
after notice or warning thereof; (c) for just cause based upon non-
performance of duties by Employee; (d) economic reasons of the
Employer which may arise during the term of this Agreement and
which may be beyond the control of the Employer.
In the event of termination by Employer, Employer agrees to the
following without change by the Employer and/or its Board of
Directors or its successors:
A. Employee shall be entitled to cash compensation in the
amount of $1,000,000.00 payable at the time of
termination;
B. Employee shall be entitled to maintain his/her Stock
Option Plan;
C. Employee shall be entitled to purchase any company
vehicle operated by the Employee for $1.00
If the Employee self-terminates employment for any reason besides
health (mental or physical) or mandatory retirement age, the
Employee shall forfeit the above guarantee benefits.
8. The Employee shall not, at any times during the period
hereof, and for five (5) years from the date of termination of this
Agreement, directly or indirectly, within a geographic area of 100
miles, engage in, or become involved in, any competitive or similar
business as that of the within Employer.
9. Any dispute under this contract shall be required to be
resolved by binding arbitration of the parties hereto. Each party
shall select one arbitrator and both arbitrators shall select a
third. The arbitration shall be governed by the rules of the
American Arbitration Association then in force and effect.
10. This Agreement may not be assigned without prior notice by
either party, and subject to the mutual consent and approval of any
such assignment.
11. This Agreement constitutes the complete understanding
between the parties, unless amended by a subsequent written
instrument signed by the employer and employee.
Employee Employer
Xxxxxxx Xxxxxx Date Lloy . Br Date
Chief Financial Officer Chief Executive
Officer
