This Twenty-first Amendment to Employment Agreement is made and entered into effective as of the 1st day of January 2020, by and between WATSCO, INC., a Florida corporation (hereinafter called the Company), and ALBERT H. NAHMAD (hereinafter called the Employee).
WHEREAS, the Company and the Employee entered into an Employment Agreement effective as of January 31, 1996 (the Employment Agreement) pursuant to which the Employee renders certain services to the Company; and
WHEREAS, the Compensation Committee of the Companys Board of Directors amended the Employment Agreement effective as of January 1, for each of 2001 through 2019; and
WHEREAS, the Compensation Committee of the Companys Board of Directors has determined that the Employees Base Salary will be $600,000 for calendar year 2020; and
WHEREAS, the Compensation Committee of the Companys Board of Directors has determined the Employees use of the Companys airplane for personal purposes for up to seventy (70) hours during the calendar year 2020. The Company shall pay all fuel and operational costs incident thereto. The value of the Employees usage of the Companys airplane shall be treated as compensation for tax purposes; and
WHEREAS, the Compensation Committee of the Companys Board of Directors has set the targets for the long-term performance-based compensation payable in the form of restricted shares by the Company to the Employee for the year 2020; and
WHEREAS, the long-term performance-based compensation payable by the Company to the Employee for the calendar year 2020 shall not exceed $10 million.
NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Twenty-first Amendment, and other good and valuable consideration, the parties to this Twenty-first Amendment agree as follows:
1. All capitalized terms in this Twenty-first Amendment shall have the same meaning as in the Employment Agreement, unless otherwise specified.
2. The Employment Agreement is hereby amended by replacing Exhibit A-1 2019 Performance Goals and Long-term Performance Based Compensation with the attached Exhibit A-1 2020 Performance Goals and Long-term Performance Based Compensation thereto.
3. All other terms and conditions of the Employment Agreement shall remain the same.
IN WITNESS WHEREOF, the parties have caused this Twenty-first Amendment to be duly executed effective as of the day and year first above written.