Exhibit 10.5
EXECUTIVE EMPLOYMENT AGREEMENT
This Agreement is between Christian D. Burger ("Executive") and Labor Ready,
Inc. or the Labor Ready, Inc. subsidiary employing Executive ("Labor Ready" or
"Company"), and is effective as of December 31, 2006.
I.
COMPENSATION AND POSITION.
A.
EMPLOYMENT.
EXECUTIVE HAS SERVED IN A MANAGEMENT OR EXECUTIVE CAPACITY WITH LABOR READY,
INC. SINCE AUGUST 18, 2003 AND AS OF THE DATE OF THIS AGREEMENT SERVES IN THE
ROLE OF SENIOR VICE PRESIDENT, OPERATIONS.
IN THIS CAPACITY, EXECUTIVE HAS
SERVED A KEY ROLE ON THE EXECUTIVE TEAM AND HAS HAD COMPANY-WIDE MANAGEMENT
RESPONSIBILITY, INCLUDING RESPONSIBILITY FOR AFFILIATES OF LABOR READY.
EXECUTIVE WISHES TO CONTINUE EMPLOYMENT WITH LABOR READY AND LABOR READY WISHES
TO CONTINUE TO EMPLOY EXECUTIVE AS SENIOR VICE PRESIDENT, OPERATIONS UNDER THE
TERMS AND CONDITIONS STATED IN THIS AGREEMENT.
ADDITIONALLY, EXECUTIVE HAS HAD
AND IS EXPECTED TO CONTINUE TO HAVE ACCESS TO CONFIDENTIAL AND PROPRIETY
INFORMATION OF LABOR READY WHICH IS VITAL TO THE ABILITY OF LABOR READY AND ITS
AFFILIATES TO COMPETE IN ALL OF ITS LOCATIONS.
EXECUTIVE'S ENTERING INTO THIS
AGREEMENT IS A CONDITION OF CONTINUED EMPLOYMENT AND CONTINUED ACCESS TO SUCH
MATERIALS.
VALUABLE CONSIDERATION, INCLUDING THE MUTUAL COVENANTS AND PROMISES
CONTAINED HEREIN, INCLUDING, WITHOUT LIMIT, THE TERMS OF SECTION II(A)(2), IS
PROVIDED TO EXECUTIVE TO ENTER THIS AGREEMENT, THE SUFFICIENCY OF WHICH IS
EXPRESSLY ACKNOWLEDGED.
B.
EFFECTIVE DATE.
THE TERMS AND CONDITIONS OF THIS AGREEMENT SHALL BECOME EFFECTIVE AS OF THE DATE
WRITTEN ABOVE, PROVIDED THAT EXECUTIVE HAS VOLUNTARILY ACCEPTED AND EXECUTED
LABOR READY'S NON-COMPETITION AGREEMENT (PROVIDED HEREWITH).
ACCEPTANCE AND
EXECUTION OF LABOR READY'S NON-COMPETITION AGREEMENT IS A CONDITION OF CONTINUED
EMPLOYMENT AND IS A CONDITION PRECEDENT TO THE ENFORCEABILITY OF THIS AGREEMENT.
C.
COMPENSATION.
EXECUTIVE'S COMPENSATION, SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THIS
AGREEMENT, IS AS FOLLOWS:
1.
Annual Base Salary.
Executive will receive a salary in the gross
amount of $250,000.00 per year.
This position is a salaried position which is
exempt under the Fair Labor Standards Act and relevant state law. This salary is
in compensation for all work performed by Executive.
Executive warrants and
acknowledges that Executive is not entitled to "overtime" pay.
Company may
withhold from any amounts payable under this Agreement all federal, state, city
or other taxes as Company is required to withhold pursuant to any applicable
law, regulation or ruling and other customary and usual deductions.
2.
Bonus. Subject to the conditions set forth below, Executive will
be eligible for a bonus, under and subject to the bonus plan in effect for
executives for the relevant year ("Bonus Plan").
Executive must be employed by
Labor Ready on date of payment and have met all of
the requirements of the Bonus Plan to receive the bonus.
The Bonus Plan and all
aspects of bonus compensation may be changed at the discretion of the
Compensation Committee and/or the Board of Directors.
3.
Equity Awards.
Executive will be eligible for awards in
accordance with any applicable equity plan approved by the Compensation
Committee,