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EXHIBIT 10.25
EMPLOYMENT AGREEMENT
THE PARTIES to this Agreement made this 25th day of February, 1995,
are CRYSTAL MOUNTAIN, INC., a Washington corporation ("Crystal"), and XXXXX
XXXXXX of Xxxxxxx Mountain, Washington ("Xxxxxx"), its Vice President.
The parties agree as follows:
1. Position. Xxxxxx continues to be retained by Crystal to serve
as its Vice President. At Xxxxxx'x option, his services may be provided
through a corporation of which he is the sole shareholder. His powers and
duties as vice president shall be generally as set forth in the Bylaws and
specifically as shall be provided by the Board of Directors from time to time.
2. Term. This Agreement shall be effective October 1, 1994,
through September 30, 1997, or until terminated by either party upon giving the
other party ten (10) days' written notice.
Except as provided below, there shall be no severance pay in
the event the termination is for any of the following reasons:
A. Voluntary termination by Xxxxxx; or
B. The Board of Directors terminates Xxxxxx for cause.
For purposes of this Agreement, "cause" means conviction of a felony, knowing
action or inaction by Xxxxxx which significantly, adversely affects Crystal's
financial condition, or any knowing action of inaction by Xxxxxx which
significantly, objectively, and adversely xxxxx Crystal's operations or
reputation in the community.
3. Compensation. Xxxxxx shall be compensated at a rate to be
established annually on or before October 1 of each year.
A Deferred Compensation Agreement ("Plan") has also been
arranged with regard to such compensation and such other amount(s) as are
identified by the Board of Directors as subject to the Plan.
4. Severance Pay. In the event that Xxxxxx'x employment is
terminated because of the following reasons, severance pay will be paid as
described below:
A. In the event of voluntary termination by the Board of
Directors, for reasons other than cause, Xxxxxx shall receive severance pay
equal to six (6) months' base salary (calculated without taking bonus payments
into account, if any) payable in equal monthly installments over a period of
six (6) months.
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B. In the event of sale, merger, transfer of assets, or
other similar event which results in termination of Xxxxxx'x employment,
Xxxxxx shall receive severance pay equal to his base salary (calculated
without taking bonus payments into account, if any) payable in equal monthly
installments over the remaining period of the unexpired term of this Agreement,
as set forth in Section 2.
5. Benefits.
A. Housing. In view of the remote location of Crystal's
business premises, as a condition of Xxxxxx'x employment Crystal agrees to
provide (at no cost to Xxxxxx), and Xxxxxx is required to accept, suitable
housing at Crystal Mountain, which shall include all utilities and maintenance.
B. Transportation. Xxxxxx shall be provided with a
reimbursement allowance for use of his car for business use, as needed to
perform services hereunder. In the future, at the discretion of Crystal,
Xxxxxx may be provided with a company car for his business use.
C. Insurance. Xxxxxx shall be provided with health and
life insurance under the company plan.
D. Vacation and Sick Leave. Xxxxxx will be granted
reasonable vacation time and sick leave.
E. Business Expense. Xxxxxx shall be reimbursed for all
reasonable business expenses incurred on behalf of Crystal.
F. Other Benefits. Xxxxxx will be a participant in all
other benefits normally provided to Crystal's full- time employees, subject to
any eligibility requirements regularly applicable to such benefit programs.
6. Applicable Law. This contract and all rights hereunder shall
be governed by the applicable laws of the State of Washington.
7. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto and may not be modified except upon the
written agreement of the parties hereto.
CRYSTAL MOUNTAIN, INC.
/s/ Xxxxx Xxxxxx /s/ Xxxxxx X. Xxxxxxx
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XXXXX XXXXXX Xxxxxx X. Xxxxxxx
Chairman, Board of Directors
