Document:

Unassociated Document

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is entered into as of May 1, 2011, by and between Westbridge Research Group, a California corporation (the “Company”), and Christine Koenemann, an individual (“Executive”), with reference to the following facts:

 

A.           Executive currently serves as President, Secretary and Chief Financial Officer of Company.

 

B.           Company and Executive desire to continue the employment of Executive as President, Secretary and Chief Financial Officer of Company for a term of years and on certain other terms as stated herein.

 

NOW, THEREFORE, in consideration of the foregoing facts and the mutual agreements set forth below, the parties agree as follows:

 

1.           EMPLOYMENT; TERM.  Company hereby employs Executive, and Executive hereby accepts employment as President, Secretary and Chief Financial Officer of the Company, for a period commencing May 1, 2011 and ending November 30, 2014 (the “Term of Employment”).  Executive also will serve in the same capacity for Westbridge Agricultural Products at no additional consideration.

 

2.           DUTIES

 

2.1           Executive’s duties shall include the responsibilities of the President, Secretary and Chief Financial Officer of Company and, subject to control of the Board of Directors, to generally supervise, direct and control the business of Company.  Executive shall also have the general powers and duties of management usually vested in the office of the President, Secretary and Chief Financial Officer of a corporation and shall have such other similar powers and duties as from time to time may be prescribed by the Board of Directors or the Bylaws.

 

2.2           Executive shall devote substantially all of her productive time and her best efforts, knowledge, and skill to the operation, promotion, and advancement of Company’s business, and to the proper and efficient discharge of her duties as described herein.  Executive further covenants and agrees that she will not, directly or indirectly, engage or participate in any activities at any time during the term of her employment in conflict with the best interest of Company.

 

2.3           During the term of this Agreement, Executive will not directly compete with the Company’s business, whether alone, as a partner, or as an officer, director, executive, or shareholder of any other corporation, or as a trustee, a fiduciary, or other representative of any other entity which is in direct competition with the Company.

 

  

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3.           COMPENSATION

 

3.1           Salary and Benefits.  Company shall pay Executive a salary of $150,000 per annum (“Base Salary”), which shall be payable in the intervals consistent with the Company’s normal payroll schedules.  The Base Salary will be reviewed annually by the Board of Directors or the Board’s Compensation Committee, but in no event may the Base Salary be reduced by more than ten percent (10%) in any year without the written agreement of Executive.

 

 3.2           Bonus.  See Exhibit “A”.

 

 3.3           Options.  See Exhibit “B”.

 

 3.4           Taxes.  All compensation will be subject to the customary withholding tax and other employment taxes as required with respect to compensation paid by an employer to an Executive.

 

4.           BENEFITS

 

4.1           Executive shall be entitled to normal executive medical, dental, long-term disability, and life insurance as the Company may have in place from time to time.  The Company will pay for the medical and dental insurance coverage of Executive’s dependents if such payment is in accordance with Company’s policy.

 

4.2           Executive shall be entitled to such vacation and personal leave time as permitted by the Company pursuant to its policies.  The timing and duration of any vacation shall be subject to the prior written notice to the Board of Directors.

 

4.3           Executive shall be eligible to participate in and be covered by any pension, insurance, reimbursement, supplemental disability, and other plans maintained by the Company from time to time.

 

4.4           The Company shall pay on Executive’s behalf or reimburse Executive for reasonable expenses incurred in connection with her employment including any business travel, dues, cost of attending industry conventions, meetings, and entertainment expenses for entertainment aiding the development of the Company.  Executive agrees to submit receipts and other documentation to support the above expenses as a condition of reimbursement therefore.

 

4.5           If this Agreement is terminated other than by the death of Executive, Executive shall have the right to assume the key-person insurance policy that the Company has in place, if any, assuming such policy so permits.

 

4.6           During the term of this Agreement, the Company shall reimburse Executive an amount of up to $2,500 for legal expenses and other expenses incurred by Executive in her estate planning.

 

  

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5.           TERMINATION

 

5.1           Executive may voluntarily terminate her employment upon giving to Company not less than one hundred twenty (120) days written notice of Executive’s intention to do so.

 

5.2           This Agreement shall terminate upon the earlier of date of death, the date when Executive becomes “completely disabled” as that term is defined in Section 6 below, the expiration of the Term of Employment, or as otherwise permitted by law.  In the event of death or disability, the Company shall continue Executive’s salary for six (6) months from the date of death or complete disability.  In the event of complete disability, the amount of salary continuation shall be reduced by the amount of any disability payments made to Executive under the Company’s insurance policy.  In addition, any stock options granted to Executive prior to death or complete disability which would normally vest during the twelve (12) months following such death or disability shall vest and may be exercised in accordance with the term of the options.

 

5.3           The Company may terminate this Agreement for cause during the Term of Employment by written notice given to Executive, effective immediately or any later date specified by Company, in any of the following events:

 

(a)           conviction in a court of competent jurisdiction regarding any violation of law or regulation by Executive which affects adversely the ability of Executive to perform her duties, obligations and responsibilities herein or the good name, goodwill or reputation of Company,

 

(b)           the failure of Executive to carry out the reasonable directions of Company’s Board of Directors, or

 

(c)           for any reason specified in California Labor Code Section 2924, a copy of which is attached hereto as Exhibit “C”.

 

There shall be no severance pay in the event of termination for cause.

 

5.4           The Company may terminate the Agreement at any time without cause, with or without notice.  In such an event the Company will pay to the Executive an amount as if it were a termination for a Change in Control occurring within the first twenty four months of the Change in Control (defined hereafter) under Section 8 of this Agreement.  This amount may be paid over time in accordance with the Company’s regular payroll schedule as if Executive were still employed. Also Executive will be entitled to receive the insurance benefits as set forth in Section 8(d).

 

 

 

 

  

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6.           DEATH OF DISABILITY DURING TERM OF EMPLOYMENT.  The term “completely disabled” as used herein shall mean the inability of the Executive to perform her duties hereunder for the reason that she has become permanently disabled within the meaning of any policy of disability income insurance covering Executives of the Company then in force.  In the event the Company has no policy of disability income insurance covering the executives of the Company in force when Executive becomes disabled, the term “completely disabled” shall mean the inability of Executive to perform her duties hereunder by reason of any incapacity, physical or mental, which the Board of Directors of the Company, based upon medical advice or opinion provided by a licensed physician acceptable to said Board of Directors of the Company, determines to have incapacitated Executive from satisfactorily performing all of her usual services for the Company during the foreseeable future, taking into account the essential functions of Executive’s position and the existence of reasonable accommodation, if any, to permit Executive to perform these duties.  The action of said Board of Directors shall be final and binding and the date such action is taken shall be the date of such complete disability for purposes of termination of this Agreement.

 

7.           EXECUTIVE’S DUTIES ON TERMINATION.  Upon termination of this Agreement, Executive shall deliver promptly to the Company all equipment, notebooks, property, documents, memoranda, reports, files, books, correspondence, lists, or other written or graphic records and the like, relating to the Company’s business, which are or have been in Executive’s possession or under her control.

 

8.           CHANGE IN CONTROL

 

(a)           For purposes of this Agreement, a “Change in Control” of the Company shall mean an event or series of events of a nature that at such time (i) any “person” (as the term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as determined under Rule 13d of such Act) directly or indirectly, of voting securities of the Company representing fifty percent (50%) or more of the Company’s outstanding voting securities or right to acquire such securities, or (ii) a plan of reorganization, merger, consolidation, sale of all or substantially all of the assets of the Company or similar transaction occurs in which the Company is not the resulting entity.

 

(b)           If a Change in Control has occurred, Executive shall be entitled to the benefits provided in Subsections (c) and (d) below, upon Executive’s subsequent termination of regular employment at any time within thirty-six (36) months following the Change in Control due to (i) termination of Executive’s employment (other than termination for cause as set forth in Section 5.3 of the Agreement) or (ii) Executive’s resignation following any material adverse change in or loss of title, office or significant authority or responsibility, material reduction in Base Salary or benefits (excluding bonus) or relocation of the Executive’s principal place of employment by more than twenty (20) miles from its location at the time of the Change in Control.

 

(c)           Upon Executive’s entitlement to benefits under Subsection (b), (i) if the termination is within the first twenty-four month period following the Change in Control, the Company shall pay Executive, or in the event of Executive’s subsequent death or disability, Executive’s beneficiaries, estate or other representative, a sum equal to three (3) full years Base Salary from the date of termination, and if the termination is within twenty five to thirty-six months following the Change in Control, a sum equal to two (2) full years Base Salary from the date of termination, in both cases less all required and applicable withholding regardless of the remaining term under the Agreement; and (ii) any unvested stock options and related rights shall immediately vest and shall be exercisable for a period of three (3) years from the date of termination.  The amount referenced in (i) above, shall be paid in a lump sum due within ten (10) days of the date of termination or resignation.

 

 

 

  

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(d)           Upon the occurrence of a Change in Control followed by Executive’s termination of employment or resignation (other than termination for cause), the Company and its successors or assigns shall cause to be continued life, medical and disability coverage substantially identical to the coverage maintained by the Company for Executive prior to Executive’s termination or resignation.  Such coverage and payment shall cease upon the expiration of thirty six (36) full calendar months from the date of termination or resignation.  Nothing in this provision is intended to restrict or limit Executive’s rights under the Consolidated Omnibus Budget Reconciliation Act, commonly known as COBRA.

 

(e)           In the event that any amount due hereunder constitutes an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1985, the Company and Executive shall meet in good faith to minimize the adverse tax consequences to Executive.

 

9.           CONFIDENTIALITY AGREEMENT AND FUTURE INVENTIONS.  Executive has previously executed a Proprietary Information and Inventions Agreement dated ___________, which shall remain in full force and effect.

 

10.           ASSIGNMENT AND BINDING EFFECT.  This Agreement shall be binding upon and inure to the benefit of Executive and Executive’s heirs, executors, administrators and legal representatives.  Neither this Agreement nor the rights or obligations hereunder shall be assignable by Executive.  The rights and obligations hereunder shall inure to the benefit of and be binding upon the successors, assigns, and legal representatives of the Company.

 

11.           NOTICES.  All notices or demands of any kind required or permitted to be given by the Company or Executive hereunder shall be given in writing and shall be delivered personally (and receipted for) or mailed by certified mail, return receipt requested, postage prepaid, as follows:

 

	 	
If intended for the Company:

 

 

 

 

 

If intended for the Executive:  

	
Westbridge Research Group

1260 Avenida Chelsea

Vista, CA 92081-8315

Attn: Chairman

 

 

Christine Koenemann

__________________________

__________________________

Any such written notice shall be deemed received when personally delivered (and receipted for) or on the fourth (4th) day following its deposit in the United States Mail, as specified herein.  Any Party may change the address to which notice is intended for it; such change of address shall be sent by a notice to the other party given in the manner specified in this section.

 

 

  

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12.           CHOICE OF LAW.  This Agreement shall be construed and interpreted in accordance with the laws of the State of California.

 

13.           INTEGRATION.  This Agreement contains the entire agreement of the parties and cannot be amended or modified except by written agreement between Executive and the Company.

 

14.           WAIVER.  No term or condition of this Agreement or the breach thereof shall be deemed waived, except by written consent of the Party against whom the waiver is claimed and any waiver or any condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other covenant, term or condition.

 

15.           EXISTING AGREEMENT; SEVERABILITY.  The existing Employment Agreement between the parties dated December 1, 2008 is hereby terminated and replaced by this Agreement.  The unenforceability, invalidity, or illegality of any provision in this agreement shall not render any other provision in this Agreement unenforceable, invalid, or illegal.

 

16.           INTERPRETATION; CONSTRUCTION.  The captions of the sections of this Agreement are for convenience only and shall not be deemed to be relevant in resolving any question of interpretation or construction of this Agreement.  This Agreement shall not be interpreted for or against any party on the basis that a Party drafted the Agreement or caused it to be drafted.

 

17.           REPRESENTATIONS AND WARRANTIES.  Executive represents and warrants that she is not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that her execution and performance of this Agreement is not a violation or breach of any other agreement between Executive and any other person or entity.

 

18.           ARBITRATION.  Any controversy or claim arising out of or relating to this Agreement or the breach thereof, the employment of Executive by the Company, or relating to the termination of that employment, including all claims in tort or contract, pursuant to statute or otherwise, and including any claim as to the arbitrability of any claim or controversy and any claim for rescission, shall be settled by binding arbitration before a single, neutral arbitrator in San Diego County, California by the American Arbitration Association under its National Rules for the Resolution of Employment Disputes.  The arbitrator shall have power to interpret this Agreement, but shall have no power to alter or amend this Agreement.  The arbitrator may award his/her fees, the costs or arbitration, and attorney’s fees.  Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof; provided, however, that the Company may pursue equitable remedies, including injunctive relief, against the breach of any such term or in aid of the exercise of any power granted in this Agreement, or any combination thereof, in any court having jurisdiction thereof, without resort to arbitration.

 

 

[Employment Agreement - Signature Page Follows]

 

 

 

  

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19.           LEGAL COUNSEL.  Executive acknowledges that she has the right and opportunity to seek the advice of independent counsel of Executive’s own choosing with respect to Executive’s legal rights and obligations and the legal effect of this Agreement.  Executive further acknowledges that she has either sought or declined to seek the advice of legal counsel and that Executive has read the Agreement and is fully aware of the contents thereof and its meaning and legal effect.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	 
The Company:                                                                            

 

Westbridge Research Group,

a California corporation     

                                                                      

By: /s/ William Fruehling                                    

       William Fruehling, Chairman

	 
Executive:

 

 

 

/s/ Christine Koenemann                                   

Christine Koenemann

 

 

 

[Employment Agreement - Signature Page]

 

  

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Exhibit “A”

BONUS

 

To be determined by the Board of Directors, or a committee thereof, at its sole discretion.

 

 

 

 

  

  

  

Exhibit “B”

OPTIONS

None

 

 

 

 

 

  

  

  

 

Exhibit “C”

California Labor Code Section 2924 - Employment for Specified Term: Grounds for Termination by Employer

An employment for a specified term may be terminated at any time by the employer in case of any willful breach of duty by the employee in the course of his employment, or in the case of his habitual neglect of his duty or continued incapacity to perform it.Exhibit 4.1

 

	
  

  	
  RLJ
  INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND CUSIP 74965L 10 1 THIS
  CERTIFIES THAT IS THE RECORD HOLDER OF COUNTERSIGNED AND REGISTERED: WELLS
  FARGO BANK, N.A. TRANSFER AGENT AND REGISTRAR BY: AUTHORIZED SIGNATURE CHIEF
  FINANCIAL OFFICER, SECRETARY AND TREASURER PRESIDENT AND CHIEF EXECUTIVE
  OFFICER RLJ LODGING TRUST SEAL 2011 MARYLAND CORPORATE FULLY PAID AND
  NON-ASSESSABLE COMMON SHARES OF BENEFICIAL INTEREST, PAR VALUE $0.01 PER
  SHARE OF RLJ LODGING TRUST transferable on the books of the Corporation in
  person or by duly authorized attorney upon surrender of this Certificate
  properly endorsed. This Certificate is not valid until countersigned by the
  Transfer Agent and registered by the Registrar. Witness the facsimile seal of
  the Corporation and the facsimile signatures of its duly authorized officers.
  Dated: EXECUTIVE CHAIRMAN 

  

 

 

	
  

  	
  For value
  received, hereby sell, assign and transfer unto The following abbreviations,
  when used in the inscription on the face of this certificate, shall be
  construed as though they were written out in full according to applicable
  laws or regulations: TEN COM TEN ENT JT TEN – as tenants in common – as
  tenants by the entireties – as joint tenants with right of survivorship and
  not as tenants in common UNIF GIFT MIN ACT– Custodian (Cust)
  (Minor) under Uniform Gifts to Minors Act (State) THE SIGNATURE TO THIS
  ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
  CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY
  CHANGE WHATEVER. PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL
  ZIP CODE OF ASSIGNEE Shares of the Common Shares of Beneficial Interest
  represented by the within Certificate, and do hereby irrevocably constitute
  and appoint PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF
  ASSIGNEE Attorney to transfer the said stock on the books of the within-named
  Corporation with full power of substitution in the premises. Dated, SIGNATURE(S)
  GUARANTEED: THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR
  INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
  UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM),
  PURSUANT TO S.E.C. RULE 17Ad-15. Additional abbreviations may also be used
  though not in the above list. NOTICE: The trust will furnish to any
  Shareholder on request and without charge a full statement of the
  designations and any preferences, conversion and other rights, voting powers,
  restrictions, limitations as to dividends or distributions, qualifications,
  and terms and conditions of redemption of the shares of each class which the
  Trust is authorized to issue, of the differences in the relative rights and
  preferences between the shares of each series of a preferred or special class
  which the Trust is authorized to issue in series, to the extent they have
  been set, and of the authority of the Board of Trustees to set the relative
  rights and preferences of subsequent series of a preferred or special class
  of shares. Such request may be made to the secretary of the Trust or to its
  transfer agent. The Shares represented by this certificate are subject to
  restrictions on Beneficial Ownership, Constructive Ownership and Transfer.
  Subject to certain further restrictions and except as expressly provided in
  the Trust’s Declaration of Trust, (i) no Person may
  Beneficially Own or Constructively Own Common Shares of the Trust in excess
  of 9.8% (in value or number of Shares, whichever is more restrictive) of the
  outstanding Common Shares of the Trust; (ii) no Person may Beneficially Own
  or Constructively Own Preferred Shares of the Trust in excess of 9.8% (in
  value or number of Shares, whichever is more restrictive) of the total
  outstanding Preferred Shares of the Trust of such class or series; (iii) no
  Person may Beneficially Own or Constructively Own Shares of the Trust that
  would result in the Trust being “closely held” under Section 856(h) of the
  Code or otherwise cause the Trust to fail to qualify as a REIT; (iv) no
  Person may Beneficially Own or Constructively Own Shares of the Trust that
  would result in (a) the Trust owning (directly or indirectly) an interest in
  a tenant that is described in Section 856(d)(2)(B) of the Code if the income
  derived by the Trust (either directly or indirectly through one or more
  partnerships or limited liability companies) from such tenant for the taxable
  year of the Trust during which such determination is being made would
  reasonably be expected to equal or exceed the lesser of (I) one percent (1%)
  of the Trust’s gross income (as determined for purposes of Section 856(c) of
  the Code), or (II) an amount that would cause the Trust to fail to satisfy
  any of the gross income requirements of Section 856(c) of the Code or (b) any
  manager or operator of a “qualified lodging facility,” within the meaning of
  Section 856(d)(9)(D) of the Code, leased by the Trust (or any subsidiary of
  the Trust) to one of its taxable REIT subsidiaries with respect to the Trust
  failing to qualify as an “eligible independent contractor,” within the
  meaning of Section 856(d)(9)(A) of the Code, in either case if the income
  derived by the Trust from such tenant or such taxable REIT subsidiary, taking
  into account any other income of the Trust that would not qualify under the
  gross income requirements of Section 856(c) of the Code, would cause the
  Trust to fail to satisfy any of such gross income requirements; and (v) no
  Person may Transfer Shares of the Trust if such Transfer would result in
  Shares of the Trust being owned by fewer than 100 Persons (as determined
  under the principles of Section 856(a)(5) of the Code). Any Person who
  Beneficially Owns or Constructively Owns, Transfers or attempts to
  Beneficially Own or Constructively Own Shares of the Trust which causes or
  will cause a Person to Beneficially Own or Constructively Own Shares of the
  Trust in excess or in violation of the above limitations must immediately
  notify the Trust. If certain of the restrictions on Transfer or ownership
  above are violated, the Shares of the Trust represented hereby will be
  automatically Transferred to a Charitable Trustee of a Charitable Trust for
  the benefit of one or more Charitable Beneficiaries. In addition, the Trust
  may take other actions, including redeeming Shares upon the terms and
  conditions specified by the Board of Trustees in its sole and absolute
  discretion if the Board of Trustees determines that ownership or a Transfer
  or other event may violate the restrictions described above. Furthermore,
  upon the occurrence of certain events, attempted Transfers in violation of
  the restrictions described above may be void ab
  initio. A Person who attempts to Beneficially Own or Constructively Own
  Shares in violation of the ownership limitations described above shall have
  no claim, cause of action or any recourse whatsoever against a transferor of
  such Shares. All capitalized terms in this legend have the meanings defined
  in the Declaration of Trust of the Trust, as the same may be amended from
  time to time, a copy of which, including the restrictions on Transfer and
  ownership, will be furnished to each holder of Shares of the Trust on request
  and without charge. Requests for such a copy may be directed to the Secretary
  of the Trust at its Principal Office.

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