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EXECUTIVE EMPLOYMENT AGREEMENT
EXECUTIVE
EMPLOYMENT AGREEMENT (this "Agreement") is effective as of
1
st day
of January, 2007, between Mendocino Brewing Company, Inc., 1601,
Airport Road, Ukiah, CA 95482 ("Company") and Mr.Yashpal Singh
("Executive")
WITNESSETH
WHEREAS,
Executive possesses professional qualifications, experience
and detailed knowledge of the company's business;
and
WHEREAS,
company recognizes Executive's importance to the growth and
success of Company and desires to assure Executives
contributions and to compensate him in a manner which it has
determined will reinforce and encourage his continued
attention and dedication; and
WHEREAS
Company is desirous of extending the employment agreement
entered as of May 1, 1999 with the Executive; and
WHEREAS
Executive is desirous of committing himself to continue to
serve Company on the terms herein provided; and
NOW,
THEREFORE, in consideration of forgoing and of the respective
covenants and agreements of the parties herein contained, the
parties hereto hereby agree as follows:
1)
EMPLOYMENT
| a)
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Company
hereby continues to employ Executive for the further period
commencing on January 1, 2007 for a period of four years, unless
such employment is sooner terminated as provided in this
Agreement.
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| b) |
Executive
hereby accepts employment under this Agreement and agrees to devote
all his best efforts and his full time and attention exclusively to
the business and affairs of Company. During the term of this
Agreement, Executive shall report to, and shall perform such duties
and responsibilities as may be assigned to him by the Board of
Directors of the Company (“Board”) or such other person
as the Board or Chairman may designate. Company shall retain full
direction and control of the manner, means and methods by which
Executive performs the services for which he is employed hereunder
and of the places at which such services shall be
rendered.
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| c) |
Executive shall observe and
comply with Company's rules and regulations. |
2)
DESIGNATION AND COMPENSATION
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a) |
Designation and Base Salary
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The
Board in their meeting held on January 14, 2005 unanimously
passed a resolution designating the Executive as President and
Chief Executive Officer. The base salary of the Executive
shall be at the annual rate of $189,000 with effect from
January 1, 2007.The salary is payable in accordance with the
Company's standard payoff practices as in effect from time to
time, prorated in any partial year of employment.
Executive
shall be entitled for an annual salary increase, based on a
review of performance and such increases will be determined by
the Board of Directors of the company in its sole
discretion.
Executive
shall be entitled to reimbursement for reasonable travel and
other business expenses incurred in the performance of his
duties under this Agreement in accordance with the general
policy of Company, as it may change from time to time,
provided the Executive provides an itemized account together
with supporting receipts for such ex
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