SEC Contract Filing

Filing Date: 2015-02-27

Document Content:
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<TYPE>EX-10.24
<SEQUENCE>2
<FILENAME>d832402dex1024.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
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<TITLE>Employment Agreement</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.24 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EMPLOYMENT AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Employment Agreement (this &#147;<B><I>Agreement</I></B>&#148;), effective as of October&nbsp;22, 2014, by and between
Consolidated-Tomoka Land Co., a Florida corporation (the &#147;<B><I>Company</I></B>&#148;), and Daniel E. Smith (the &#147;<B><I>Executive</I></B>&#148;). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>BACKGROUND </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company
desires to employ the Executive as the Company&#146;s Senior Vice President, General Counsel and Corporate Secretary, and the Executive desires to accept employment with the Company, on the terms and conditions set forth below. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>TERMS </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Employment</U> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"><U>General</U>. The Executive agrees to accept employment with the Company, and one or more of the Company&#146;s subsidiary corporations, to render the services specified in this Agreement subject to the terms and
conditions of this Agreement. All compensation paid to the Executive by the Company or any subsidiary of the Company, and all benefits and perquisites received by the Executive from the Company or any of its subsidiaries, will be aggregated in
determining whether the Executive has received the compensation and benefits provided for herein. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"><U>Duration</U>. This Agreement is effective on the date it is fully executed and has no specific expiration date. Unless terminated by agreement of the parties, this Agreement will govern the Executive&#146;s continued
employment by the Company until such employment terminates. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Duties</U>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"><U>General Duties</U>. Beginning on October&nbsp;22, 2014, the Executive shall serve as Senior Vice President, General Counsel and Corporate Secretary of the Company, with duties and responsibilities that are customary
for such executive as directed by the President and Chief Executive Officer of the Company, subject to approval of the Board of Directors of the Company (the &#147;Board&#148;). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE="font-family:Times New Roman; font-size:10pt"><U>Full Time Employment</U>. The Executive agrees to devote his full time and best efforts to the successful functioning of the Company and agrees
that he will faithfully and industriously perform all the duties pertaining to his office and position as Senior Vice President, General Counsel and Corporate Secretary in accordance with the policies established by the President and Chief Executive
Officer of the Company from time to time, to the best of his ability, experience and talent and in a manner satisfactory to the Company. Further, the Executive shall devote his full business time and energy to the business, affairs and interests of
the Company and its subsidiaries, and matters related thereto. It is understood </P></TD></TR></TABLE>

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that the principal location of employment with the Company shall be at Company&#146;s headquarters in Daytona Beach, Florida, and that in the course of his employment th