Employment Term Sheet between Retail Opportunity Investments Corp. and Richard K. Schoebel (COO)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement outlines the employment terms for Richard K. Schoebel as Chief Operating Officer of Retail Opportunity Investments Corp., starting November 30, 2009. He will receive a $275,000 base salary, an annual bonus up to 100% of salary, stock grants and options vesting over five years, and a monthly automobile allowance. The contract includes benefits, relocation expenses, and provisions for termination, death, or disability, largely mirroring those of another executive. The initial term is three years, with specific conditions if Mr. Schoebel leaves within the first 24 months.

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EX-10.1 2 c59473_ex10-1.htm c59473_ex10-1.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 10.1

Employment Term Sheet
Richard K. Schoebel
November 17, 2009

 

Employee: Richard K. Schoebel
 
Title: Chief Operating Officer
 
Start Date: November 30, 2009
 
Base Salary: $275,000.00
 
Bonus: Annual bonus between 0% and 100% of the annual Base Salary
 
Restricted Stock: 35,000 share grant – vesting over 5-years
 
Stock Options: 35,000 share grant – vesting over 5-years
 
Automobile Allowance: $1,500 / per month
 
Benefits: Entitled to participate in all of the Company’s employee benefit plans and programs on substantially the same terms and conditions as other senior executives.
 
Death / Disability: Substantially consistent with the terms and conditions of the death and disability provisions of John Roche’s employment contract.
 
Termination / Non-Renewal /
Change of Control:		 Substantially consistent with the terms and conditions of the termination / non-renewal / change of control provisions of John Roche’s employment contract.
 
Employment Contract:

Initial term of 3 years.
Terms and conditions of Employment Contract to be substantially consistent with the terms and conditions of the employment contract entered into between John Roche and the Company.
 
Relocation Expenses:

Six months of living expenses at $5,000/ per month.
$20,000 reimbursement of moving and travel expenses to relocate to New York metro area. In the event Richard Schoebel voluntarily terminates his employment during the initial 24-months of employment he will be obligated to refund to the Company the unamortized portion of the Relocation Expenses.

Agreed to and accepted this 17 day of November, 2009.

Retail Opportunity Investments Corp.

/s/ Stuart A. Tanz                               /s/ Richard K. Schoebel                              
By: Stuart A. Tanz Richard K. Schoebel
Its: Chief Executive Officer  

Retail Opportunity Investments Corp.
Ph: (914) 272-8080 3 Manhattanville Road, 2nd Floor, Purchase, NY 10577 Fax: (914) 272-8088
Ph: (760) 599-7000 1750 La Costa Meadows Drive, San Marcos, CA 92078 Fax: (760) 599-7007