EMPLOYMENT AGREEMENT
AGREEMENT by and between New York Regional Railroad (NYRR or
"Company") and Xxxxxx X. Xxxxxx (the "Executive"), dated as of the 3rd day of
February 2004 (this "Agreement").
NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:
1. Duties and Positions: During the employment period, the
Executive will serve as the "[Executive] Vice President of
Business Development of the New York Cross Harbor Railroad,
New York Regional Railroad (NYRR)". In addition, the Executive
will also be placed on the "Board of Directors of the New York
Cross Harbor Railroad, New York Regional Railroad (NYRR)".
2. Employment Period: The Company hereby agrees to employ the
Executive, for a period commencing on the effective date and
ending on the third anniversary thereof. Agreement may be
terminated by Company after 6 months by giving employee 30 day
written notice.
3. Base Salary: at an annual rate of not less than $115,000.00.
4. Long term Incentive Compensation: On or as soon as practicable
after the date hereof, the Company shall grant TBD Shares of
Company stock to the Executive which shall be consistent with
any stock bonus plan the Company shall offer to other
executives.
5. Annual bonus: In addition to the Base Salary, the Executive
shall have the opportunity to earn, for fiscal year 2004 and
each subsequent fiscal year that begins during the employment
period, an annual bonus under the Company's senior executive
incentive plan or any successor thereto.
6. Quarters: The Executive's primary work assignment(s) will be
in the New York City/New Jersey Metro area. Travel expenses,
including lodging, air or vehicle travel from employee's home
to the work assignment sites, will be provided by the Company.
7. Equipment: Cell phone and computer equipment necessary for the
Executive to perform his duties will be purchased and
maintained by the Company or reimbursed by the Company.
8. Business Expense: The Executive shall be entitled to receive
prompt reimbursement from the Company for all reasonable
expenses that he incurs in the course of carrying out his
duties under this Agreement.
9. Vehicle: A vehicle shall be leased by NYRR for use by the
Executive or employee shall receive monthly allowance to cover
cost of vehicle.
10. Vacation: During the Employment, the Executive shall be
entitled to not less than 3 weeks of vacation annually.
11. Sick: During the Employment, the executive shall be entitled
to 1 week of sick pay annually.
12. Company shall not be responsible for health insurance for the
executive.
IN WITNESS WHEREOF, the Executive has hereunto set the
Executive' hand and, pursuant to the authorization from its Board of Directors,
the Company has caused these presents to be executed in its name on its behalf,
all as of the day and year first above written.
/s/ Xxxxxx X. Xxxxxx
Xxxxxx X. Xxxxxx
NYRR
/s/ WA Xxxxxxx
