SEC Contract Filing

Filing Date: 2015-03-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>2
<FILENAME>exh106.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT FOR WILLIAM GONZALEZ
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Silver, Freedman, Taff & Tiernan LLP
 Document created using Disclosure Solutions PROFILE 3.1.1.0
 Copyright 1995 - 2015 Thomson Reuters Accelus. All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal" bgcolor="#ffffff" text="#000000">
<div style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; TEXT-ALIGN: right">EXHIBIT 10.6</div>

<div style="FONT-SIZE: 12pt; TEXT-ALIGN: right">&#160;</div>

<div style="TEXT-ALIGN: left">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">QUAINT OAK MORTGAGE, LLC</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">QUAINT OAK REAL ESTATE, LLC</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">QUAINT OAK ABSTRACT, LLC</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EMPLOYMENT AGREEMENT</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FOR</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WILLIAM R. GONZALEZ</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">THIS EMPLOYMENT AGREEMENT</font> (the "Agreement") between Quaint Oak Mortgage, LLC, Quaint Oak Real Estate, LLC and Quaint Oak Abstract, LLC, each a Pennsylvania limited liability company with principal business offices at 1710 Union Boulevard, Allentown, Pennsylvania 18109 (collectively, the "Employers"), and William R. Gonzalez (the "Executive"), is hereby adopted effective as of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> day of July 2009 (the "Effective Date").</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Executive is the sole member and is presently employed as the Chief Executive Officer of Affiligration, LLC ("Affiligration");</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, Affiligration is a party to an Asset Purchase and Sale Agreement by and among Affiligration, Union Property Holdings, LLC General Mortgage Company, LLC, Bellman &amp; Radcliff Real Estate, LLC, First Continental Settlement Services, L.P., Rebecca Gonzalez and the Executive, and Quaint Oak Bancorp, Inc. and Quaint Oak Bank, pursuant to which Affiligration sold all of its assets and thereafter will cease business operations;</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Employers wish to assure themselves of the services of the Executive <font style="FONT-FAMILY: 'Times New Roman', Times, serif">as an officer of the Employers for the period provided in this Agreement; and</font></div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">WHEREAS</font>, the Executive is willing to serve the Employers on the terms and conditions hereinafter set forth.</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NOW THEREFORE</font>, in consideration of the mutual promises and agreements set forth herein, the parties hereby agree as follows:</div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1.</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Definitions.</font>&#160; The following words and terms shall have the meanings set forth below for the purposes of this Agreement:</font></div>

<div style="FONT-SIZE: 12pt"><br>
</div>

<div style="FONT-SIZE: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif">(a)</font><font id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Cause.</font> Termination of the Executive's employment for "Cause" shall mean termination because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, conviction of a felony, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or