Executive Employment Agreement Employer's version by JaapGeleijns

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									                       EXECUTIVE EMPLOYMENT AGREEMENT
                                Employer’s Version

This employment agreement (“Agreement”) is made and entered into by and between Kingsley
Advisors Corp., a Minnesota corporation (“Company”), and Bryan A. Black, (“Employee”). The
effective date of this Agreement shall be listed by the last party to sign the Agreement on the
final page (“Effective Date”).

                                              RECITAL

The Company desires to employ the Employee from the Effective Date until expiration of the
term of this Agreement, and Employee is willing to be employed by Company during that
period, on the terms and subject to the conditions set forth in this Agreement

                                          AGREEMENT

In consideration of the mutual covenants and promises of the parties, the Company and
Employee covenant and agree as follows:

ARTICLE 1: EMPLOYMENT AND DUTIES

1.1    Term. Employee’s term of employment (“Employment Term”) under this Agreement
       shall be two (2) years, commencing on December 1, 2009, and shall continue for a period
       through and including December 1, 2010, and shall expire after December 1, 2010, unless
       extended in writing by both the Company and Employee or earlier terminated pursuant to
       the terms and conditions set forth in this Agreement.

1.2    Duties. Employee shall perform all duties incident to the position of Vice President, as
       well as any other duties as may from time to time be assigned by the President of the
       Company or his designee, and agrees to abide by all bylaws, policies, practices,
       procedures, or rules of the Company. Employee may be reassigned or transferred to
       another management position, as designated by the President of the Company, which may
       or may not provide the same level of responsibility as the initial assignment, in
       accordance with the terms and conditions of this Agreement.

1.3    Exclusive Services and Best Efforts.
       (a)Employee agrees to devote his best efforts, energies, and skill to the discharge of the
       duties and responsibilities attributable to his position, and to this end will devote his full
       time and attention exclusively to the business and affairs of the Company. Employee also
       agrees that he shall not take personal advantage of any business opportunities that arise
       during employment that may benefit the Company. All material facts regarding such
       opportunities must be promptly reported to the President for consideration by the
       Company.
       (b) This Agreement is to be construed as prohibiting Employee from continuing to serve
       as a director, officer or member of various professional, charitable and civic
       organizations in the same manner as immediately prior to the execution of this
       Agreement.

1.4    Location. The initial location at which Employee shall perform services for the company shall
       be 1400 Smith Street Minneapolis, Minnesota.

ARTICLE 2:    COMPENSATION

2.1    Base Salary. During the Employment Term, the Company shall pay the Employee a
       salary at the rate of $215,000 per annum, payable in equal installments at such payment
       intervals as are the usual custom of the Company, but not less often than monthly.

2.2    Payment. Payment of all compensation to Employee under this Agreement shall be made
       in accordance, with the relevant Company policies in effect from time to time, including
       normal payroll practices, and shall be subject to all applicable employment and
       withholding taxes.
2.3   Bonus. Employee shall be entitled to receive a bonus and/or other incentive
      compensation in an amount to be determined by the Company; provided, however, that
      the failure of the Company to award any such bonus and/or other incentive compensation
      shall not give rise to any claim against the Company. The amount, if any, and timing of
      such bonus shall be determined by the Company in its sole discretion.

2.4   Incentive Compensation. Employee shall be eligible to participate in the Company
      Executive Incentive Plan on the same basis as other Vice Presidents and pursuant to the
      terms of the plan in effect on the date eligibility for a bonus is determined.

ARTICLE 3:   OTHER EMPLOYMENT BENEFITS

3.1   Benefit Plans. During the Employment Term, and as otherwise provided in this section,
      Employee shall be entitled to participate in any and all employee welfare and health
      benefit plans (including, but not limited to, life insurance, health and medical, dental, and
      disability plans) and other employee benefit plans, including, but not limited to, qualified
      pension plans, established by the Company from time to time for the benefit of all
      executives of the Company. Employee shall be required to comply with the conditions
      attendant to coverage by such plans and shall comply with and be entitled to benefits only
      in accordance with the terms and conditions of such plans as they may be amended from
      time to time. Nothing in this Agreement contained shall be construed as requiring the
      Company to establish or continue any particular benefit plan in discharge of its
      obligations under this Agreement.

3.2   Vacation and Other Benefits. The Employee shall be entitled to not less than five (5)
      weeks of paid vacation each year of his employment under this Agreement, as well as to
      such other employment benefits extended or provided to executives of comparable status,
      including, but not limited to, payment or reimbursement of all reasonable, ordinary, and
      necessary business expenses incurred by the Employee in the performance of his
      responsibilities and the promotion of the Company’s businesses, including, without
      limitation, first-class air travel and lodging, an automobile and related expenses, cellular
      phone charges, one club membership and dues, and travel expenses of the Employee’s
 
								
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