EXHIBIT 10.6
EMPLOYMENT AGREEMENT
Made on the 10th day of December, 1998 by and between Xxxxxxx Xxxxxxx,
Inc. dba American Home Mortgage, 00 X. 00xx Xxxxxx, Xxx Xxxx, XX, 00000 (the
"Employer") and Xxx Xxxxxx, 000 Xxxxxx Xxx Xxxx, Xxxxx Xxxxx, Xxxxxxx (the
"Employee").
WHEREAS, the Employer is engaged in business as a mortgage banker; and
WHEREAS, the Employee seeks employment with the Employee as a Senior
Vice President - Internet & Electronic Commerce;
Now, therefore, in consideration of the mutual promises set forth
herein,
IT IS AGREED, by and between the Employer and the Employee as follows:
1. Employment. The Employee hereby employs the Employee, and the
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Employee hereby accepts employment upon the terms and conditions of this
Agreement.
2. Duties. The Employee shall perform services for the Employer as a
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Senior Vice President, and shall have such duties as are customary for a Senior
Vice President in the mortgage banking business, though the precise manner in
which those duties are to be performed and their extent and the precise title of
the Employee will rest within the sole discretion of the Employer. The Employee
shall create and enhance American Home Mortgage's internet franchise, build
business relationships and links between internet portals, realtors and other
web sites and American Home Mortgage, and analyze and adjust American Home
Mortgage's internet expenditures to gain the most benefit for funds expended.
The Employee shall also work with the Senior Vice President - Internet
Origination's to improve and eventually support an in-house American Home
Mortgage internet web site, and take all other actions necessary to cause
American Home Mortgage to be a leader in internet organization's current with
state of the art practices and technology. The Employee shall devote his entire
time, attention and energy in furtherance of the business of the Employer, and
shall not engage in any other business activity during the term of this
agreement.
3. Term The term of this Agreement shall commence on January 11,1999
and shall continue until terminated by either party upon two weeks written
notice to the other party. Notwithstanding the above, this Agreement shall
terminate immediately if the Employee commits an illegal or unethical act.
Employer Initials Employee Initials [INITIAL APPEARS HERE]
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4. Compensation.
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A.Base Salary The Employer shall pay the Employee for all
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services rendered a base salary of $145,000 per year payable in weekly
installments.
B.Bonus The Employer shall pay the Employee a bonus if
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performance standards are met as follows:
8% of base salary if American Home Mortgage's internet
origination's and profitability are 90% to 100% of plan or
15% of base salary if American Home Mortgage's origination's
and profitability are 100% to 120% of plan or
25% of base salary if American Home Mortgage's origination's
and profitability are 120% or more than 120% of plan.
C.Additional Bonus The Employer will also pay the Employee a
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bonus of 10% to 25% or more of base salary based on overall performance and
success in achieving the general responsibilities set forth herein. The
percentage hereunder will be determined by American Home Mortgage's President.
6. Benefits The Employer will pay the cost of relocating the Employee
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to the Woodstock, NY area. Relocation benefits will include paying the real
estate commission to sell the Employee's current home (American Home Mortgage
will consider paying the Employee an allowance in lieu of paying a real estate
commission if the Employee decides not to sell the Employee's home), paying the
Employee's moving expenses, paying for temporary housing for up to sixty days,
and providing the Employee with a mortgage to purchase a new home at a rate
equal to it's internal cost of funds and without lender closing charges. The
Employer will provide the Employee medical benefits. The medical benefits will
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be the Employer's standard company benefits as may be amended from time to time.
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The Employee will have the opportunity to participate in our 401K plan, and an
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expense account.
7. Waiver No waiver by the Employer of a breach of any provision of
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this Agreement by the Employee shall operate or be construed as a waiver of any
subsequent breach by the Employee. No waiver shall be valid unless it is in
writing signed by the Employer
8. Assignment The Employee acknowledges that his services are unique
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and personal, and that he may not assign his rights or delegate his duties
hereunder. This Agreement shall inure to the benefit of any successor or assign
of the Employer.
9. Applicable Law. This Agreement shall be construed in accordance with
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the laws of the State of New York for agreements entered into and to be wholly
performed therein.
Employer Initials ______ [EMPLOYEE INITIALS APPEAR HERE]
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10. Entire Agreement. This Agreement supercedes all prior agreements,
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and contains the entire understanding of the parties hereto. It may only be
modified in writing signed by the Employer.
Xxxxxxx Xxxxxxx, Inc. dba
American Home Mortgage dba
American Brokers Conduit
By:
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Xxxxxxxx Xxxxxxxx, Vice President
/s/ Xxx Xxxxxx
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Xxx Xxxxxx
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