SEC Contract Filing

Filing Date: 2016-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.38
<SEQUENCE>66
<FILENAME>ex10_38xcreelemploymentagr.htm
<DESCRIPTION>EXHIBIT 10.38
<TEXT>
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 <title>Exhibit</title>
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<a name="s6B907E03F0BD4F7E71EE1F78774328AD"></a><div></div><br><div style="line-height:120%;padding-top:5px;text-align:left;padding-left:176px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;"><br></font></div><div style="line-height:120%;padding-top:5px;text-align:left;padding-left:176px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">EXECUTIVE EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:179%;padding-top:9px;text-align:justify;padding-left:9px;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">THIS EMPLOYMENT AGREEMENT </font><font style="font-family:Arial;font-size:11pt;">(this </font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">"Agreement") </font><font style="font-family:Arial;font-size:11pt;">is made between Canadian Pacific Railway Company and the Sao Line Railroad Company (collectively, the </font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">"Company'') </font><font style="font-family:Arial;font-size:11pt;">and Keith Creel (the </font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">"Executive"), </font><font style="font-family:Arial;font-size:11pt;">effective as of </font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">February 5 </font><font style="font-family:Arial;font-size:11pt;">2013 (the </font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">"Effective Date").</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;"><br></font></div><div style="line-height:181%;text-align:justify;padding-left:9px;text-indent:46px;font-size:11pt;"><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">WHEREAS, </font><font style="font-family:Arial;font-size:11pt;">the Executive has been offered and wishes to accept employment with the Company, serving as its President and Chief Operating Officer ("COO"); and</font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:181%;text-align:justify;padding-left:8px;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">WHEREAS, </font><font style="font-family:Arial;font-size:11pt;">the Company and the Executive desire, as of the Effective Date, to enter into a written employment agreement and define the terms of the employment relationship;</font></div><div style="line-height:120%;padding-top:1px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:181%;text-align:justify;padding-left:8px;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">NOW, THEREFORE, </font><font style="font-family:Arial;font-size:11pt;">in consideration of the mutual covenants and agreements hereinafter contained, the Company and the Executive agree as follows:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:180%;padding-left:8px;text-align:justify;text-indent:1px;"><font style="text-align:justify;font-family:Arial;font-size:11pt;padding-right:46px;">1.</font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;text-decoration:underline;">Employment; Office and Duties.</font><font style="font-family:Arial;font-size:10.5pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:Arial;font-size:11pt;">As of the Effective Date the Company shall employ the Executive in the capacity of President and COO with the duties and responsibilities normally incident to such a position, and the Executive hereby accepts such employment, on the terms and conditions set forth below. The Executive shall report directly to the Chief Executive Officer. In his capacity as President and COO, the Executive agrees to perform the duties consistent with such office, and as may be reasonably assigned to him from time to time by the Chief Executive Officer. The Executive may be required to serve as officer or director of one or more subsidiaries or affiliates of the Company or one or more entities in which the Company has an interest.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;"><br></font></div><div style="line-height:180%;text-align:justify;padding-left:8px;text-indent:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">The Executive shall be expected to devote all of his business time to perform his duties and to promote the success of the Company. The Executive is a fiduciary of the Company and shall act at all times in the Company's best interests. The duties to be performed by the Executive shall include responsibility for managing all aspects of the operations of the Company. The Executive will be based in the Company's Chicago offices and will be required to travel to various locations in both Canada and the United States for business purposes</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:Arial;font-size