House Lease Reimbursement Agreement between Steve Estes and John McGrath
This agreement is between Steve Estes (on behalf of the company) and employee John McGrath. It states that if the company is sold and John McGrath is terminated without cause before December 31, 2020, the company will reimburse him for his monthly house lease payments of $4,550 for the remainder of his lease, which runs through June 2021. The agreement is intended to protect the employee from financial loss if his employment ends under these specific circumstances.
Exhibit 10.12
| TO: | JOHN McGRATH | |
| FROM: | STEVE ESTES | |
| DATE: | July 16, 2019 | |
| SUBJECT: | HOUSE LEASE | |
This memo reflects the agreement reached between employee and company regarding your home lease in the Lake Forest, IL area.
Employee has signed a 2-year lease for a residence in Lake Forest, IL. The lease payment is $4,550 per month. Should there be a sale of the business and employee’s employment is terminated by the Company for reasons other than cause prior to December 31, 2020, the company agrees to reimburse employee for lease payments ($4,550 per month) for the remainder of the lease term through June 2021.
| By: | /s/ Steve Estes |
