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Exhibit 10.4
EMPLOYMENT AGREEMENT
This Employment Agreement
(the "Agreement"), dated as of October 18, 2007, is between
EXCELLENCY INVESTMENT REALTY TRUST, INC., a Maryland
corporation (the "Company"), and David Mladen, an individual
residing in Scarsdale, New York ("Executive").
RECITALS
WHEREAS,
the Executive is currently the Chief Executive Officer and
President of the Company and serves on the Company's Board of
Directors; and
WHEREAS,
the Company and the Executive wish to enter into this
Agreement to memorialize the terms of his employment with the
Company and to secure his on-going services.
NOW
THEREFORE, in consideration of the mutual promises
and covenants hereinafter described, the parties agree as
follows:
1.
Duties.
The
Executive shall perform the duties and exercise the powers
relating to the office of President and Chief Executive
Officer. All duties shall be consistent with the
customary duties of persons exercising the functions of the
above-described offices.
2.
Term.
Executive’s
employment term shall be for a beginning today and extending
through December 31, 2009 (the "Term"). Beginning
on the first annual anniversary date hereof (e.g., October 18,
2008), and on each subsequent such annual anniversary date,
the Term shall be extended one additional calendar year,
unless either party has provided to the other party a notice
in writing on or before such anniversary date that it does not
wish to extend the Agreement.
3.
Compensation and Benefits .
(a)
Salary . The Company shall pay
Executive as compensation for his services during the Term a
salary, on an annualized basis, of One Hundred Twenty
Thousand Dollars ($120,000.00). The salary shall
be paid in accordance with the Company’s normal payroll
practices. The salary shall be reviewed by the Directors each
year, and set by the Directors in an amount not less than the
prior year's salary.
(b)
Expenses . Upon submission of appropriate
invoices or vouchers, the Company shall pay or reimburse
Executive for
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