IHT » Topics » 12. ADVISORY AGREEMENT/EMPLOYMENT AGREEMENTS

This excerpt taken from the IHT 10-K filed May 16, 2005.

12.  ADVISORY AGREEMENT/EMPLOYMENT AGREEMENTS

 

Mr. Wirth has an employment agreement with the Trust that expires in December 2007.  The employment agreement provides that Mr. Wirth received no compensation from the Trust as long as a previously enforceable advisory agreement was in effect.  However, pursuant to the terms of the employment agreement, since the Advisor (as defined in the advisory agreement) no longer provides services to the Partnership or the Trust, Mr. Wirth is to be compensated at an amount up to the same annual basis as the Advisor would have been compensated under the terms of the advisory agreement had it remained in effect.  Mr. Wirth is currently being compensated, however, at a lesser rate of $130,000 a year.

 

This excerpt taken from the IHT 10-K filed May 4, 2005.

12.  ADVISORY AGREEMENT/EMPLOYMENT AGREEMENTS

 

Mr. Wirth has an employment agreement with the Trust that expires in December 2007.  The employment agreement provides that Mr. Wirth received no compensation from the Trust as long as a previously enforceable advisory agreement was in effect.  However, pursuant to the terms of the employment agreement, since the Advisor (as defined in the advisory agreement) no longer provides services to the Partnership or the Trust, Mr. Wirth is to be compensated at an amount up to the same annual basis as the Advisor would have been compensated under the terms of the advisory agreement had it remained in effect.  Mr. Wirth is currently being compensated, however, at a lesser rate of $126,000 a year.

 

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EXCERPTS ON THIS PAGE:

10-K
May 16, 2005
10-K
May 4, 2005
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