EXHIBIT 10.3
EMPLOYMENT
AGREEMENT
THIS AGREEMENT is made this the 9th day of June,
2009, by and between Breda Telephone Corp., d/b/a Western Iowa
Networks, an Iowa Corporation, hereinafter referred to as "Breda,"
and Charles J. Deisbeck, the Chief Executive Officer, hereinafter
referred to as "Chuck."
WHEREAS, the parties hereto desire to enter into
a mutual agreement wherein Breda shall employ Chuck as its Chief
Executive Officer.
WHEREAS, the parties hereto desire to enter into
an agreement based upon terms and conditions set forth
below.
NOW, therefore in consideration of the mutual
covenants and obligations hereinafter set forth, the parties agree
as follows:
1.
Employment and Duties. Breda employs Chuck in
the capacity as Chief Executive Officer subject to the control of
the Board of Directors. Chuck shall perform such duties
as shall be assigned to him from time to time by the Board of
Directors.
2.
Term. The term of this Agreement shall begin on
July 1, 2009, and shall terminate on June 30, 2012.
3.
Compensation. During the term of this agreement,
Breda shall pay Chuck a salary and bonus as follows:
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Salary. Chuck's yearly salary for the year
beginning July 1, 2009, to June 30, 2010, shall be
$136,000.00. Chuck's yearly salary for the years
beginning July 1, 2010, and July 1, 2011, shall be set by the Board
of Directors. Chuck's yearly salary for those years will
not be less than $136,000.00. Chuck's yearly salary will
be payable in accordance with Breda's regular payroll
procedures.
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Bonus. If Chuck is employed on June
30 th of the fiscal years of 2010, 2011 and 2012, he
shall be entitled to a bonus for each of those
years. The Board of Directors shall set up a procedure
for the determination of this bonus. The final
determination as to the amount of the bonus rests solely with the
Board of Directors.
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4.
Duties. Chuck shall devote his entire attention
and energy to the business and affairs of Breda and shall not be
engaged in any other business activity, whether or not such
business activity is for the pursuit of gain, profit or other
pecuniary advantages, unless Breda consents to Chuck's involvement
in such business activities. In this capacity, Chuck
shall be responsible for all the affairs and operations of the
company. Breda may, from time to time, extend or curtail
Chuck's precise services.
5.
Employee Benefits. Chuck shall be entitled to
any retirement benefits as offered by Breda to its other
employees. Chuck will receive health insurance for both
he and his wife, and all other employee benefits, a list of said
benefits is attached hereto and made a part hereof.
6.
Vacation. Chuck shall be entitled to four (4)
weeks paid vacation each year of this Agreement.
7.
Expenses. Chuck may incur reasonable expenses
for promoting Breda's business, including expenses for
entertainment, travel and similar items. Breda will
reimburse Chuck for all such expenses upon Chuck's periodic
presentation of the itemized account of such
expenditures.
8.
Termination Without Cause. Breda may, without
cause, terminate this agreement at any time by giving sixty (60)
days written notice to Chuck. In that event, Chuck, if
requested by Breda, shall continue to render his services and shall
be paid his regular compensation up to the date of
termination. In addition, Chuck will be paid on the date
of termination a severance allowance equal to six (6) months of his
regular pay, if he is terminated during the first year of this
Agreement; the equivalent of four (4) months of
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