Exhibit 10.11
BARON CAPITAL TRUST
0000 Xxxxxx Xxxx, Xxxxxxxxxx, Xxxx 00000
(000) 000-0000 (000) 000-0000 Fax (000) 000-0000
Exhibit A
August 28, 2000
Xx. Xxxxxx X. Xxxxxxxx
President
Baron Capital Trust
0000 Xxxxxx Xxxx
Xxxxxxxxxx, XX 00000
Re: Employment Agreement
Dear Xx. Xxxxxxxx:
The Board of Trust of Baron Capital Trust desires to retain your services as
President and Chief Operating Officer for a term beginning August 28, 2000
through December 31, 2001. Your duties during this time will be to direct the
field operations staff, develop a strategic plan for the ongoing operations of
the Trust's properties, recommend acquisitions, dispositions and workouts to the
Board of the Trust, and perform any and all other functions normally associated
with the positions you hold.
The Trust, through its operating partnership Baron Capital Properties, L.P. will
pay you $175,000 per annum and will incorporate by reference all other benefits,
incentives and terms that are contained in your current contract of employment
dated December 8, 1997.
The Trust acknowledges that it will receive considerable value from retaining
you and your services during this period and will provide you with an incentive
payment of $60,000 should you remain in employment through the term of this
Agreement which ends December 31, 2001. The Trust recognizes that unforeseen
circumstances could develop that would result in your involuntary termination
prior to the end of this term, and if such separation occurs, for any reason
other than through your gross misconduct, the Trust, through its operating
partnership Baron Capital Properties, L.P. shall pay you a lump sum payment of
$90,000 on the day that such termination shall occur.
By /s/ Xxxxx X. Xxxxxx, Trustee
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Xxxxx X. Xxxxxx, Trustee
By /s/ Xxxxx X. Xxxxxxx, Trustee
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Xxxxx X. Xxxxxxx, Trustee
