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Exhibit 10.14
EMPLOYMENT
AGREEMENT
THIS
EMPLOYMENT AGREEMENT (the “ Employment Agreement
”) is entered into as of this 12th day of February, 2006 (the
“ Effective Date ”) by and between Mobile
Storage Group, Inc., a Delaware corporation (the “
Company ”), and Gilbert Gomez (“
Executive ”). In consideration of the mutual covenants
and agreements hereinafter set forth, the parties agree as
follows:
1.
EMPLOYMENT .
1.1
Position . During the Employment Term (as hereinafter
defined) and subject to the terms and conditions set forth herein,
the Company agrees to employ Executive and Executive agrees to
serve the Company as its Vice President of Strategic Planning and
Procurement, reporting directly to the Company’s Chief
Executive Officer and President.
1.2
Duties . Executive shall diligently, and to the best of his
ability, perform all such duties assigned to him by the
Company’s Chief Executive Officer and President incident to
his position and use his best efforts to promote the interests of
the Company.
1.3
Time to be Devoted to Employment . During the Employment
Term, Executive shall devote his full time and energy to the
business of the Company and Executive hereby represents that he is
not a party to any agreement which would be an impediment to
entering into this Employment Agreement and that he is permitted to
enter into this Employment Agreement and perform the obligations
hereunder.
1.4
Location of Employment . During the Employment Term,
Executive shall be required to spend three business days of each
week at the Company’s principal executive offices which are
currently located at Burbank, California and two business days of
each week in Scottsdale, Arizona unless temporary alternate
arrangements are approved by both parties. Executive shall maintain
a small home office at his principal place of residence (currently
in Scottsdale, Arizona) for use during such time as Executive is
not physically located in the Company’s principal executive
offices.
2.
COMPENSATION AND BENEFITS .
2.1
Salary .
(a)
Annual Salary . In consideration of and as compensation for
the services agreed to be performed by Executive hereunder, the
Company agrees to pay Executive a starting annual base salary of
One Hundred Thirty-Nine Thousand Dollars ($139,000), payable in
accordance with the Company’s regular payroll schedule
(“ Base Salary ”), less applicable withholdings
and deductions.
(b)
Annual Bonus . An additional discretionary bonus (the
“ Discretionary Bonus ”) of up to 30% of Base
Salary may be paid to Executive upon the achievement of certain
targeted financial results and operational and strategic objectives
as determined by the President and Chief
Executive Officer. 60% of the Discretionary Bonus
will be based upon consolidated earnings before interest, taxes,
depreciation and amortization of the Company and 40% of the
Discretionary Bonus shall be based upon the accomplishment of goals
and objectives established by the President and Chief Executive
Officer. Such targets and objectives shall be established in the
Company’s annual budget process, and any Discretionary Bonus
payable hereunder shall be payable within 30 days after
finalization of Company’s audited financial statements for
the immediately preceding fiscal year. The Discretionary Bonus
shall be determined on a pro rata basis for any period of
employment that is not equal to one year. Company shall pay
Executive a car allowance of $450 per month.
2.2
Participation in Benefit Plans . During the Employment Term,
Executive shall be entitled to participate in all employee benefit
plans, including the group health care plan and disability plans of
Company and to receive all such fringe benefits (including 401(k)
savings plan) as are from time to time made generally available to
the senior management of Company. The Company will pay 100% of the
premiums or other cost incurred for the coverage of the Executive
under the group health care plan of the Company, provided that
Employee will pay for all deductibles and co-payments.
2.3
Reimbursement of Expenses . The Company shall reimburse
Executive for all reasonable business expenses incurred by
Executive on behalf of the Company during the Employment Term,
provided that: (i) such reasonable expenses are ordinary and
necessary business expenses incurred on behalf of the Company,
including, without limitation, reasonable economy-class travel,
meals and lodging expenses incurred by Executive in connection with
commuting between his residence in Scottsdale, Arizona and the
principal executive offices of the Company currently located in
Burbank, California. Executive shall provide the Company with
itemized accounts, receipts and other documentation for such
reasonable expenses as are reasonably required by the
Company.
2.4
Vacation . During the Employment Term, Executive will be
entitled to three (3) weeks of paid vacation per annum.
3.
EMPLOYMENT TERM .
3.1
Employment Term . The “Employment Term” means
the period commencing on the Effective Date and terminating as set
forth in Section 4.1.
4.
TERMINATION OF EMPLOYMENT .
4.1
Method of Termination . Executive’s employment
pursuant to this Employment Agreement and the Employrnent Term
provided for herein shall terminate upon the first of the following
to occur:
(a.)
Executive’s death;
(b.)
the date that written notice is deemed given or made by the Company
to Executive that as a result of any physical or mental injury or
disability, he is unable
2
to perform the essential functions of his job,
with or without reasonable accommodation. Such notice may be issued
when the Board has reasonably determined that Executive has become
unable to perform substantially his services and duties hereunder
with or without reasonable accommodation because of any physical or
mental injury or disability, and that it is reasonably likely that
he will not be able to resume substantially performing his services
and duties on substantially the terms and conditions as set forth
in this Employment Agreement;
(c.)
upon the Constructive Termination of Executive’s employment
with the Company. “ Constructive Termination ”
shall mean Executive’s voluntary termination within sixty
(60) days following Executive’s knowledge of a material or
substantial reduction or change in the overall compensation package
of Executive or the job duties, responsibilities and requirements
inconsistent with Executive’s position with the Company and
Executive’s prior duties, responsibilities and
requirements;
(d.)
the date that written notice is deemed given or made by the Company
to Executive of termination for “ cause .” For
purposes of this Employment Agreement, “caus
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