Exhibit 10.11
EMPLOYMENT AGREEMENT
THIS AGREEMENT, made effective this 25th day of September, 2000, by and
between Advantage Realty of Janesville, hereinafter called the Company, and
Xxxxx Xxxxx, hereinafter Called Employee.
1. Employment. The Company hereby agrees to employ and does employ the
Employee to perform the work required in the general management of the affairs
of the Company's real estate office located at 000 Xxxxx Xxxxx Xxxxxx,
Xxxxxxxxxx, Xxxxxxxxx 00000, and such other duties as shall be required by the
Company, and the Employee, in consideration thereof, agrees to faithfully
execute the labors of her engagement in a good and workmanlike manner, and
further to conduct herself in such a way as shall serve the best interests of
the Company.
2. Compensation. The Company hereby agrees to pay the Employee a monthly
salary of $2,000 for her services as manager of the Company's office so long
as the Employee's services are satisfactory to the Company. Additionally, the
Employee shall be entitled to a commission of 50% of transaction revenues from
transactions on her listings/sales. Employee shall also be entitled to a 10%
override commission on the transactions of the other agents in the specified
office.
3. Expenses. The Company agrees to reimburse the Employee for all
expenses incurred by the Employee, which expenses are incurred on behalf of
the Company and are deemed ordinary ad necessary expenses pursuant to the
Internal Revenue Code.
4. Compensation of Expense Reimbursement Claimed to be Excessive by
Governmental Authority. Any payments made to the Employee including salary,
commission, bonus, interest, rent or entertainment which shall be disallowed
in whole or in part as a deductible expense by the Internal Revenue Service,
shall be reimbursed by the Employee to the Company to the full extent of such
disallowance. It shall be the duty of the Directors, as a Board, to enforce
payments of each such amount disallowed.
5. Duties. The duty of the Employee shall be those reasonable managerial
duties as are determined from time to time by the Company. If the Employee is
elected or appointed as a Director or an Officer of the Company during the
term of this Agreement, the Employee will serve in such capacity or
capacities with such compensation, if any, as is determined by the Company;
but nothing herein shall be construed as requiring the Company, or anyone
else, to cause the election or appointment of the Employee such Director or
Officer.
6. Term. This Agreement may not be terminated by either party within the
first two years of the agreement accept as specified herein, and only
thereafter upon written notice, given by either party at any time, with or
without cause.
7. Time and Effort/Independent Activities. The parties acknowledge that
Employee is not required to devote her full time and attention to the
performance of duties as manager of the Company's office. Instead, Employee
shall devote such time to the business of the Company as
Employee and the Company mutually determine from time to time.
8. Applicable Law. This Agreement shall be governed in all respects,
whether as of validity, construction, capacity, performance, or otherwise, by
the laws of the State of Minnesota.
9. Additional Terms. Employee shall be obligated to increase the number
of agents operated out of the specified office to eight (8) by March 31, 2001.
IN WITNESS WHEREOF, the parties have signed this Agreement.
ADVANTAGE REALTY OF JANESVILLE
By: /s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx, President
EMPLOYEE
By: /s/ Xxxxx Xxxxx
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Xxxxx Xxxxx
