Executive Employment Agreement between Reading International, Inc. and Wayne Smith (Australia & New Zealand Operations)
Reading Australia and Reading New Zealand, subsidiaries of Reading International, Inc., are offering Wayne Smith a three-year contract as Executive Director for their Australia and New Zealand operations, starting April 1, 2004. Smith will oversee all operations and personnel in these regions, report directly to the CEO, and be based in Melbourne. Compensation starts at A$250,000 per year, increasing annually, with an optional car allowance and potential bonuses. The agreement allows for termination with six months' salary if performance standards are not met, and minor additional provisions may be added within three weeks.
EXHIBIT 10.52
March 6, 2004
Mr. Wayne Smith
New South Wales, Australia
Dear Wayne,
Reading Australia and Reading New Zealand, two major subsidiaries of Reading International, Inc., are pleased to offer you a three (3) year contract as the Executive Director of its New Zealand and Australia operations. This position subordinates all operations and personnel in New Zealand and Australia to your office and you will directly report to myself as the C.E.O. and Chairman.
You will officially commence in that position on April 1, 2004, and will be officed in Melbourne. Timing of the transfer from Sydney to Melbourne will be mutually agreed upon.
Your annual compensation shall be $A250,000 all inclusive in the first year, $A275,000 in the second year and $A300,000 in the third year. An automobile expense allowance of $A20,000 is optional at your election. In addition, you will be entitled to the opportunity to earn a bonus of $A50,000 a year. Economic targets and goals will be set in the first 60 days beginning each April 1 by the Reading International Board and yourself. Naturally, the Board, in its discretion, reserves the right to award an additional bonus should the particular circumstances so warrant.
Shall the Reading International Board determine that your services are not meeting the standards of anticipated performance, your executive agreement may be immediately terminated and you will be entitled to six (6) months salary.
In the event that you or Reading should determine in the next 3 weeks that certain additional provisions be added to this agreement, without such provisions altering or modifying the aforementioned salient terms, we agree to accommodate each other.
Sincerely,
/s/ James J. Cotter
Acknowledged and agreed to:
/s/ Wayne D. Smith
