MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Employment of the Executive Vice-President-Xxxxxxx X. Mrgenstern
AGREEMENT EFFECTIVE JANUARY 15, 2004 as
amended September 16, 2004
BY AND BETWEEN: Monmouth Real Estate Investment
Corporation, A Maryland
Corporation ("Corporation")
AND: Xxxxxxx X. Xxxxxxxxxxx ("Employee")
Corporation desires to employ Employee to the business of
the Corporation and Employee desires to be so employed.
The parties agree as follows:
1. Employment.
Corporation agrees to employ Employee and Employee agrees to
be employed in the capacity as Executive Vice-President for a
term of three (3) years effective January 15, 2004 and
terminating January 14, 2007.
2. Time and Efforts.
Employee shall diligently and conscientiously devote her time
and attention and use her best efforts in the discharge of
her duties as Executive Vice-President of the Corporation.
3. Board of Directors.
Employee should at all times discharge her duties in
consultation with and under the supervision of the Board of
Directors of the Corporation. In the performance of her
duties, Employee shall make her principal office in such
place as the Board of Directors of the Corporation and
Employee from time to time agree.
4. Compensation.
Corporation shall pay to Employee as compensation for her
services a base salary, which shall be paid in equal weekly
installments, as follows:
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(a.) For the year beginning January 15, 2004 and ending on
January 14, 2005, the base salary shall be $160,000
annually;
(b.) For the year beginning January 15, 2005 and ending on
January 14, 2006, the base salary shall be $176,000 annually;
(c.) For the year beginning January 15, 2006 and ending on
January 14, 2007, the base salary shall be $194,000 annually;
The employee shall purchase a disability insurance policy so
that in the event of a disability exceeding 90 days, during
which period employee's salary will continue, the employee
will receive lost wages from the disability policy. The
Corporation will reimburse the employee for the cost of such
insurance.
Thereafter, the term of this Employment Agreement shall be
automatically renewed and extended for successive one-year
periods except that either party may, at least ninety (90)
days prior to such expiration date or any anniversary
thereof, give written notice to the other party electing that
this Employment Agreement not be renewed or extended, in
which event this Employment Agreement shall expire as of the
expiration date or anniversary date, respectively.
In the event of a merger of the Corporation, or upon any
change of control, defined as either voting control or
control of 25% of the Board of Directors by other than the
existing directors, Employee shall have the right to extend
and renew this Employment Agreement so that the expiration
date will be one year from January 14, 2007. If there is a
termination of employment for any reason, either involuntary
or voluntary, Employee shall be entitled to receive one
year's compensation at the date of termination. The
compensation is to be at the greater of current compensation
or that at the date of merger or change of control.
5. Bonuses.
Bonuses shall be paid at the discretion of the Board of
Directors or the President.
6. Expenses.
Corporation will reimburse Employee for reasonable and
necessary expenses incurred by her in carrying out her
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duties under this Agreement. Employee shall present to the
Corporation from time to time an itemized account of such
expenses in such form as may be required by the Corporation.
7. Vacation.
Employee shall be entitled to take four (4) paid weeks
vacation per year.
8. Pension.
Employee, at her option, may participate in the 401-k plan of
United Mobile Homes, Inc., according to its terms.
9. Life and Health Insurance Benefits.
Employee shall be entitled during the term of this Agreement
to participate in all health insurance and group life
insurance benefit plans providing benefits generally
applicable to the employees of United Mobile Homes, Inc. as
may be modified from time to time. Plan description is
detailed in Exhibit A attached.
10. The Employee shall be provided with a company
automobile.
11. Notices.
All notices required or permitted to be given under this
Agreement shall be given by certified mail, return receipt
requested, to the parties at the following addresses or such
other addresses as either may designate in writing to the
other party:
Corporation: MREIC
Juniper Business Plaza
0000 Xxxxx 0X, Xxxxx 0X
Xxxxxxxx, XX 00000
Employee: Xxxxxxx X. Xxxxxxxxxxx
000 Xxx Xx.
Xxxx. XX 00000
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12. Governing Law.
This Agreement shall be construed and governed in accordance
with the laws the State of New Jersey.
13. Entire Contract.
This Agreement constitutes the entire understanding and
agreement between the Corporation and Employee with regard to
all matters herein. There are no other agreements, conditions
or representations, oral or written, express or implied, with
regard thereto. This agreement may be amended only in writing
signed by both parties hereto.
IN WITNESS WHEREOF, Corporation has by its appropriate
officers signed and affixed its seal and Employee has signed
and sealed this Agreement.
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
(SEAL) By: /s/ Xxxxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxxxxxxx, Treasurer
By: /s/ Xxxxxxx X. Xxxxxxxxxxx
Xxxxxxx X. Xxxxxxxxxxx, Employee
Dated: September 16, 2004
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