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 | 2003 |
Employment Agreement
Employment Agreement (5K)
Doc #261735: Click preview link for longer preview.
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Employment of the Executive Vice-President -
Cynthia J. Morgenstern
AGREEMENT EFFECTIVE JANUARY 15, 2003
BY AND BETWEEN: Monmouth Real Estate Investment
Corporation, A Delaware
Corporation ("Corporation")
AND: Cynthia J. Morgenstern ("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 one (1) year effective January 15, 2002 and
terminating January 14, 2003.
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.
261735
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MREIC
As referenced in this Employment Agreement:
MONMOUTH REAL ESTATE INVESTMENT – {DOCUMENT}
{TYPE}EX-10
{SEQUENCE}3
{FILENAME}cmorgenstern.txt
{DESCRIPTION}EMPLOYMENT AGREEMENT
{TEXT}
Exhibit 10 (iii)
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Employment of the Executive Vice-President -
Cynthia J. Morgenstern
AGREEMENT EFFECTIVE JANUARY 15, 2003
BY AND BETWEEN: Monmouth Real Estate Investment
Corporation,
_____________
Monmouth Real Estate Investment
– iii)
MONMOUTH REAL ESTATE INVESTMENT CORPORATION
Employment of the Executive Vice-President -
Cynthia J. Morgenstern
AGREEMENT EFFECTIVE JANUARY 15, 2003
BY AND BETWEEN: Monmouth Real Estate Investment
Corporation, A Delaware
Corporation ("Corporation")
AND: Cynthia J. Morgenstern ("Employee")
Corporation desires to employ Employee to the business of
the Corporation and
_____________
MONMOUTH REAL ESTATE INVESTMENT – 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/ Ernest V. Bencivenga, Treasurer
By: /s/ Cynthia J. Morgenstern, Employee
Dated: January 15, 2003
{/TEXT}
{/DOCUMENT}
_____________
dt 144221
;
United Mobile
As referenced in this Employment Agreement:
United Mobile Homes, – 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
_____________
United Mobile Homes, – 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. Notices.
All notices required
_____________
dt 143623
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| Cynthia J. Morgenstern
|
| Preview
Full Doc
| 2002 |
Letter Agreement Re: Offer Letter/Employment Agreement
Letter Agreement Re: Offer Letter/Employment Agreement (21K)
Doc #266655: Click preview link for longer preview.
{DOCUMENT}
{TYPE}EX-99
{SEQUENCE}4
{FILENAME}exhibit992_09112002.txt
{DESCRIPTION}EXHIBIT 99.2
{TEXT}
Exhibit 99.2
September 6, 2002
Mr. Joseph D. Russell, Jr.
1920 Lyans Drive
La Canada, CA 91011
Re: Offer Letter/Employment Agreement
Dear Mr. Russell:
It is my pleasure to offer you an executive management position with PS Business
Parks, Inc. (PSBP) effective on a mutually agreed upon date, currently
anticipated to be September 23, 2002, but no later than September 30, 2002. This
offer is for the position of President located in our Glendale, California
office. We think it is essential that the terms and conditions of your
employment be set forth clearly and completely in one place. That is the purpose
of this letter.
POSITION:
--------
You will work as President. In this position, you will initially report to Ron
Havner, Chairman of the Board of Directors and CEO. Your responsibilities, to
which you will devote your full-time efforts, will include the oversight of the
Company's property operations, assist in the formulation of operational
strategy, capital allocation and risk management strategies and be primarily
responsible for their execution in a timely manner that enhances shareholder
value. PSBP may change these responsibilities at any time during your employment
by creating new responsibilities and/or removing certain responsibilities.
COMPENSATION:
------------
You will be paid twice monthly on the 15th and last day of the month, at a rate
of $250,000 per year while actively employed by PSBP. Commencing January 1, 2003
of your employment, you will be eligible to participate in the PSBP Performance
Bonus Plan. For the calendar year 2003 the current Bonus Plan for your position
contemplates a "target bonus" of $250,000. For the period January 1, 2003
through December 31, 2003, should you remain continuously actively employed for
that calendar year, you will be paid a minimum of 75% of your target bonus
potential no later than January 31, 2004. Payment of all or part of the
remaining 25% of the target bonus will be solely within the discretion of PSBP.
Should you cease employment prior to December 31, 2003 for reasons other than
"cause" or become disabled for longer than 30 days, your bonus will be prorated
for the period of your active employment from January 1, 2003 through December
31, 2003. Should you cease employment prior to December 31, 2003 for "cause,"
you will receive no bonus. Starting in 2004, your bonus, if any, will be subject
to the Company's regular bonus plan provisions in effect at that time, which
include no minimum payment, payment within sixty days of the subsequent calendar
year and a requirement to be employed continuously during the year and at the
time of payment.
INTERIM BONUS:
-------------
During the period between your start date and December 31, 2002, you will be
entitled to a maximum bonus of 2,000 shares of PSBP common stock, to be issued
solely within the discretion of PSBP. Such interim bonus, if awarded, will be
issued no later than January 31, 2003.
{PAGE}
VACATION:
--------
You will be entitled to three (3) weeks annual paid vacation, earned and accrued
on a pay period basis and prorated over the course of your employment during the
year. Restrictions on the accrual of vacation benefits are more fully set forth
in the Employee Handbook.
OTHER BENEFITS:
--------------
PS Business Parks offers a comprehensive benefits package to its employees. A
summary of the benefits package has already been given to you.
MILEAGE REIMBURSEMENT:
---------------------
You will be reimbursed for your business mileage at $0.365 per mile (the current
IRS guidelines). You will be required to track your mileage and provide records
for reimbursement monthly.
EMPLOYEE RETENTION AND REWARDS:
------------------------------
As we discussed with you, our goal is to hire, retain and reward employees who
exceed expectations, contribute to the growth and development of our employees
and contribute to the growth and profitability of the Company. Accordingly, on a
subjective basis the Company periodically awards stock options and restricted
stock to certain employees, which include a variety of vesting periods. You will
be awarded a total of 100,000 stock options, which vest at the rate of 20% on
266655
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PS Business
As referenced in this Letter Agreement Re: Offer Letter/Employment Agreement:
PS Business
Parks, – Canada, CA 91011
Re: Offer Letter/Employment Agreement
Dear Mr. Russell:
It is my pleasure to offer you an executive management position with PS Business
Parks, Inc. (PSBP) effective on a mutually agreed upon date, currently
anticipated to be September 23, 2002, but no later than September 30,
_____________
PS Business Parks – your employment during the
year. Restrictions on the accrual of vacation benefits are more fully set forth
in the Employee Handbook.
OTHER BENEFITS:
--------------
PS Business Parks offers a comprehensive benefits package to its employees. A
summary of the benefits package has already been given to you.
MILEAGE REIMBURSEMENT:
---------------------
You
_____________
PS Business Parks – contents of PSBP's business plans, its products or its proposals to present or
potential customers.
RELOCATION PAYMENT:
------------------
As part of your employment, PS Business Parks agrees to reimburse you for up to
$100,000 of moving and relocation expenses. Such reimbursement is predicated on
proper support (in the
_____________
PS Business Parks, – facsimile at the following number:
If to Employee: Mr. Joseph D. Russell, Jr.
1920 Lyans Drive
La Canada, CA 91011
If to PSBP: PS Business Parks, Inc.
701 Western Avenue
Glendale, CA 91201
Facsimiles: (818) 242-0566
Attn: Ronald L. Havner, Jr.
Notices delivered personally shall be deemed
_____________
PS Business Parks, – Ronald L. Havner, Jr.
Chairman of the Board of Directors
President and Chief Executive Officer
{PAGE}
ACCEPTANCE AND ACKNOWLEDGMENT
-----------------------------
I accept employment with PS Business Parks, Inc. on the terms and conditions
stated above, and I acknowledge that no other promises have been made to me. I
understand
_____________
dt 174786
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| Full Doc
| 2002 |
Letter Agreement
Letter Agreement (6K)
Doc #268034: This document is immediately available for purchase, but does not have a preview available for viewing.
{DOCUMENT}
{TYPE}EX-10.2
{SEQUENCE}4
{FILENAME}v85770exv10w2.txt
{DESCRIPTION}EXHIBIT 10.2
{TEXT}
{PAGE}
EXHIBIT 10.2
[HOMESTORE LETTERHEAD]
October 7, 2002
Mr. Allan Dalton
Franklin Lakes, NJ 07417
Dear Allan:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as follows:
JOB TITLE: President, Realtor.com
START DATE: October 7, 2002
ANNUAL SALARY: $325,000
MAXIMUM BONUS (TARGET) $325,000
MAXIMUM BONUS (ABOVE $325,000
PLAN ACHIEVEMENT)
STOCK OPTIONS: A stock option grant of 1,200,000 options, with
grant date and vesting schedules as described below
VACATION: Four Weeks (20 days) per anniversary year
EMPLOYMENT STATUS: Exempt, Regular-Full Time Employee
You will be eligible for an annual bonus with a "target" bonus of 100 percent of
your annual base salary, subject to achievement of certain goals and objectives,
with the ability to earn a bonus of up to 200 percent of your annual base
salary, subject to exceeding such goals and objectives. Your "target bonus" is
defined as 100% of your annual base salary as of the date hereof, which is
$325,000.00. With respect to 2002, the amount of any bonus earned will be
prorated based on the portion of the year remaining on your start date. Your
prorated target bonus for 2002 and the first three quarters of 2003 equal to
100% of your salary will be guaranteed, payable 50% on your start date and 50%
on December 31, 2002.
As President of Realtor.com, you will have dual reporting responsibilities. You
will report to the CEO of Homestore for overall direction, strategy, performance
evaluation and administration of compensation. To ensure the Company leverages
its investments, expenses and revenue opportunities to achieve optimal corporate
performance, all profit centers at Homestore report to the COO who is
accountable to the CEO and Board of Directors of Homestore for the total Line of
Business financial performance of the Company. Since you will manage significant
profit centers for the Company, you will be accountable to the COO for purposes
of achieving the leverage goals of the Company.
Upon commencement of your employment and subject to Board of Directors approval,
you will receive a grant of 1,200,000 stock options in Homestore, Inc. The
Board, at their next scheduled meeting following your date of hire, will set the
option price at the fair market value. The options will vest according to a
schedule whereby 250,000 options vest on the date you join the Company and the
remaining 950,000 options will vest monthly at a rate of 1/48th of the shares
per month on the first day of each month beginning
{PAGE}
Page 2
with November 1, 2002. Options expire 10 years after the grant date or one year
after termination, whichever comes earlier.
You will be reimbursed for your reasonable expenses incurred on behalf of
Homestore upon providing appropriate documentation in accordance with Homestore
policies, which expenses will include air travel and other transportation
expenses, hotel accommodations, and telecommunications expenses (including
fixed, mobile and Internet connections).
You will be reimbursed for reasonable expenses associated with your relocation
to Westlake Village. This includes taxes and tax gross-up amounts associated
with payments made to relocate you to Westlake Village. The Company is very
interested in facilitating your timely relocation and settling you and your
family in a permanent residence in Westlake Village. Accordingly, at your
request, the Company will purchase your house at its appraised value. The
company will pay for approximately $10-15,000 of fixup expenses of your New
Jersey house to eliminate certain facilities accommodating the medical needs of
your family. Also, you will be terminating a twelve month lease of approximately
$4700/month on an apartment in Boston. The Company will reimburse you for the
difference in sublease payments you arrange and your actual remaining lease
payments on the apartment.
If you accept this offer of employment, you will be scheduled for a new employee
orientation session during your first month of employment to introduce you to
Homestore employee benefits and policies.
As a regular, full-time employee, you will be eligible for the group health,
disability and life insurance and other fringe benefits that are made available
by Homestore to other similarly situated employees pursuant to the terms and
conditions set forth in the applicable benefit plans and policies. Further
details will be discussed with and provided to you on your first day of
employment.
On your first day of work, new hire documents will be completed to assure that
there is no delay in the processing of your paycheck. In accordance with federal
law, you will be required to provide documentation to Human Resources within 72
hours of your commencement of employment verifying your employment eligibility.
Additionally, you will be required to sign Homestore's Confidentiality Agreement
(a copy of which is attached to this letter).
We are very pleased to extend this offer to you. I join the rest of the
Homestore team in looking forward to working with you, and know that our success
will be even greater with you aboard.
Accompanying this letter is an Executive Retention and Severance Agreement.
Please indicate your acceptance of this offer by signing and returning the
Executive Retention and Severance Agreement and the original letter to me.
Sincerely,
/s/ W. Michael Long
W. Michael Long
Chief Executive Officer
I HAVE READ AND UNDERSTAND THE TERMS OF THIS OFFER AND CONSENT TO ALL OF THE
TERMS AND PROVISIONS CONTAINED HEREIN.
268034
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Homestore
As referenced in this Letter Agreement:
[HOMESTORE – {DOCUMENT}
{TYPE}EX-10.2
{SEQUENCE}4
{FILENAME}v85770exv10w2.txt
{DESCRIPTION}EXHIBIT 10.2
{TEXT}
{PAGE}
EXHIBIT 10.2
[HOMESTORE LETTERHEAD]
October 7, 2002
Mr. Allan Dalton
Franklin Lakes, NJ 07417
Dear Allan:
On behalf of Homestore, Inc., it is with great pleasure
_____________
Homestore, – 2
{TEXT}
{PAGE}
EXHIBIT 10.2
[HOMESTORE LETTERHEAD]
October 7, 2002
Mr. Allan Dalton
Franklin Lakes, NJ 07417
Dear Allan:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as
_____________
Homestore – 50%
on December 31, 2002.
As President of Realtor.com, you will have dual reporting responsibilities. You
will report to the CEO of Homestore for overall direction, strategy, performance
evaluation and administration of compensation. To ensure the Company leverages
its investments, expenses and revenue opportunities to achieve
_____________
Homestore – administration of compensation. To ensure the Company leverages
its investments, expenses and revenue opportunities to achieve optimal corporate
performance, all profit centers at Homestore report to the COO who is
accountable to the CEO and Board of Directors of Homestore for the total Line of
Business financial
_____________
Homestore – optimal corporate
performance, all profit centers at Homestore report to the COO who is
accountable to the CEO and Board of Directors of Homestore for the total Line of
Business financial performance of the Company. Since you will manage significant
profit centers for the Company, you will
_____________
dt 175915
;
|
Homestore
As referenced in this Letter Agreement:
[HOMESTORE – {DOCUMENT}
{TYPE}EX-10.2
{SEQUENCE}4
{FILENAME}v85770exv10w2.txt
{DESCRIPTION}EXHIBIT 10.2
{TEXT}
{PAGE}
EXHIBIT 10.2
[HOMESTORE LETTERHEAD]
October 7, 2002
Mr. Allan Dalton
Franklin Lakes, NJ 07417
Dear Allan:
On behalf of Homestore, Inc., it is with great pleasure
_____________
Homestore, – 2
{TEXT}
{PAGE}
EXHIBIT 10.2
[HOMESTORE LETTERHEAD]
October 7, 2002
Mr. Allan Dalton
Franklin Lakes, NJ 07417
Dear Allan:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as
_____________
Homestore – 50%
on December 31, 2002.
As President of Realtor.com, you will have dual reporting responsibilities. You
will report to the CEO of Homestore for overall direction, strategy, performance
evaluation and administration of compensation. To ensure the Company leverages
its investments, expenses and revenue opportunities to achieve
_____________
Homestore – administration of compensation. To ensure the Company leverages
its investments, expenses and revenue opportunities to achieve optimal corporate
performance, all profit centers at Homestore report to the COO who is
accountable to the CEO and Board of Directors of Homestore for the total Line of
Business financial
_____________
Homestore – optimal corporate
performance, all profit centers at Homestore report to the COO who is
accountable to the CEO and Board of Directors of Homestore for the total Line of
Business financial performance of the Company. Since you will manage significant
profit centers for the Company, you will
_____________
dt 175915
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| Preview
Full Doc
| 2002 |
Letter Agreement
Letter Agreement (6K)
Doc #268037: Click preview link for longer preview.
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa, FL 33647
Dear Mike:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as follows:
JOB TITLE: Executive Vice President, General Counsel and Secretary
START DATE: October 7, 2002
ANNUAL SALARY: $325,000
MAXIMUM BONUS (TARGET) $325,000
MAXIMUM BONUS (ABOVE $325,000
PLAN ACHIEVEMENT)
STOCK OPTIONS: A stock option grant of 1,200,000 options, with grant
date and vesting schedules as described below
268037
|
Homestore
As referenced in this Letter Agreement:
[HOMESTORE – {DOCUMENT}
{TYPE}EX-10.5
{SEQUENCE}7
{FILENAME}v85770exv10w5.txt
{DESCRIPTION}EXHIBIT 10.5
{TEXT}
{PAGE}
EXHIBIT 10.5
[HOMESTORE LETTERHEAD]
Michael R. Douglas
September 30, 2002
Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa,
_____________
[HOMESTORE – 7
{FILENAME}v85770exv10w5.txt
{DESCRIPTION}EXHIBIT 10.5
{TEXT}
{PAGE}
EXHIBIT 10.5
[HOMESTORE LETTERHEAD]
Michael R. Douglas
September 30, 2002
Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa, FL 33647
Dear Mike:
On behalf of Homestore, Inc., it
_____________
Homestore, – Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa, FL 33647
Dear Mike:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as
_____________
Homestore, – commencement of your employment and subject to Board of Directors approval,
you will receive a grant of 1,200,000 stock options in Homestore, Inc. The
Board, at their next scheduled meeting following your date of hire, will set the
option price at the then current
_____________
Homestore – the grant date or
one year after termination, whichever comes earlier.
You will be reimbursed for your reasonable expenses incurred on behalf of
Homestore upon providing appropriate documentation in accordance with Homestore
policies, which expenses will include air travel
{PAGE}
Michael R. Douglas
September 30, 2002
Page
_____________
dt 175917
;
Homestore
As referenced in this Letter Agreement:
[HOMESTORE – {DOCUMENT}
{TYPE}EX-10.5
{SEQUENCE}7
{FILENAME}v85770exv10w5.txt
{DESCRIPTION}EXHIBIT 10.5
{TEXT}
{PAGE}
EXHIBIT 10.5
[HOMESTORE LETTERHEAD]
Michael R. Douglas
September 30, 2002
Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa,
_____________
[HOMESTORE – 7
{FILENAME}v85770exv10w5.txt
{DESCRIPTION}EXHIBIT 10.5
{TEXT}
{PAGE}
EXHIBIT 10.5
[HOMESTORE LETTERHEAD]
Michael R. Douglas
September 30, 2002
Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa, FL 33647
Dear Mike:
On behalf of Homestore, Inc., it
_____________
Homestore, – Page 3
[HOMESTORE LETTERHEAD]
September 30, 2002
Michael R. Douglas
17815 St. Lucia Isle Drive
Tampa, FL 33647
Dear Mike:
On behalf of Homestore, Inc., it is with great pleasure that I extend to you our
offer of employment. The specifics of this offer are as
_____________
Homestore, – commencement of your employment and subject to Board of Directors approval,
you will receive a grant of 1,200,000 stock options in Homestore, Inc. The
Board, at their next scheduled meeting following your date of hire, will set the
option price at the then current
_____________
Homestore – the grant date or
one year after termination, whichever comes earlier.
You will be reimbursed for your reasonable expenses incurred on behalf of
Homestore upon providing appropriate documentation in accordance with Homestore
policies, which expenses will include air travel
{PAGE}
Michael R. Douglas
September 30, 2002
Page
_____________
dt 175917
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| Michael R. Douglas
|
| Preview
Full Doc
| 2003 |
Letter Agreement Re: Employment
Letter Agreement Re: Employment (5K)
Doc #271035: Click preview link for longer preview.
February 19, 2003
Via Facsimile
-------------
Mr. Michael Nelsen
19 Evon Drive
Syosset, NY 11791
Re: Employment at Acadia Realty Trust
---------------------------------
Dear Mike:
I am very pleased to make the following offer to you with regard to
employment at Acadia Realty Trust as Senior Vice President and Chief Financial
Officer. You shall report directly to me as President of the Company.
Pursuant to our conversation, the following is our offer to you:
1. Base Salary: $200,000 per annum less the car allowance
described below.
2. Bonus: For your first year of employment, you are
guaranteed a minimum cash bonus of $75,000,
prorated for a partial year and payable after
December 31, 2003. All future bonuses shall be
discretionary and range from 25% to 50% of base
271035
|
Acadia Realty
As referenced in this Letter Agreement Re: Employment:
Acadia Realty Trust
– DESCRIPTION}EXHIBIT 10.63
{TEXT}
{PAGE}
February 19, 2003
Via Facsimile
-------------
Mr. Michael Nelsen
19 Evon Drive
Syosset, NY 11791
Re: Employment at Acadia Realty Trust
---------------------------------
Dear Mike:
I am very pleased to make the following offer to you with regard to
employment at Acadia Realty Trust as
_____________
Acadia Realty Trust – Employment at Acadia Realty Trust
---------------------------------
Dear Mike:
I am very pleased to make the following offer to you with regard to
employment at Acadia Realty Trust as Senior Vice President and Chief Financial
Officer. You shall report directly to me as President of the Company.
Pursuant to our conversation,
_____________
ACADIA REALTY TRUST
– at Acadia. If this offer is
acceptable, please acknowledge by faxing back to me an executed copy of this
letter.
Very truly yours,
ACADIA REALTY TRUST
By: ______________________
Kenneth F. Bernstein
President
Accepted and Agreed to this
__ day of February, 2003.
_________________________
Michael Nelsen
{/TEXT}
{/DOCUMENT}
_____________
dt 173443
;
| Michael Nelsen
|