HomeMy WebLinkAbout2nd Amendment 07/29/2025 2ND AMENDMENT TO AGREEMENT OF EMPLOYMENT
This Amendment is made on this 29th of July 2025 to the
Agreement of Employment dated August 8, 2024 by and between the 3406 North
Roosevelt Boulevard Corporation d/b/a Visit Florida Keys, a Florida Not For Profit
corporation duly created, organized, and existing under and by virtue of the laws of
Florida, and having its principal place of business at 1201 White Street, 102, Key West,
FL 33040, which is hereinafter called Company, and Kara Franker, who is hereinafter
called the Employee.
WHEREAS, the parties entered into an agreement of employment on August 8,
2024 (Agreement); and
WHEREAS, there was an Amendment to Agreement entered into on February 5,
2024 to extend the employee housing allowance to September 10, 2025 and to revise the
Evaluation/Review section of the Agreement; and
WHEREAS, Visit Florida Keys at their meeting of July 29, 2025 approved
extending the employee housing allowance through the end of the contract term to
September 9, 2027; and
NOW, THEREFORE, in consideration of the mutual promises of the parties and the
mutual benefits they will gain by the performance thereof, Company and the Employee
mutually agree as follows:
1. Paragraph 3 COMPENSATION of the Agreement will be revised to read as follows.
Employee shall be paid an annual salary of$250,000, evaluated by the Company Board
annually, and payable in bimonthly installments. The Board of Directors may award an
Annual Performance Incentive of up to 5% of base salary. The Annual Performance
Incentive will be based on measurable criteria as set forth by the Board of Directors after
consultation with the Employee. Establishment of the criteria for the first Annual
Performance Incentive will be deferred to November,2024. Employee shall earn a
Revenue Growth Incentive of 3% of the incremental revenue growth above the prior year's
actual revenue. In addition to the above Annual Performance Incentive, the Employee will
have a 3-month review after employment begins in accordance with the VFK Personnel
Policies and Procedures. Employee will be eligible for the same annual cost of living
allowances as Company staff, as determined by the Board of Directors.
The Employee shall receive $7,000 per month for a housing allowance for the period of
December 10, 2024- January 9, 2025, and January 10, 2025- February 9, 2025.
Employee shall receive $5,000 per month for a housing allowance beginning February
107 2025, and ending September 9, 2027.
No additional housing allowance will be authorized without approval of the Company's
Board of Directors and an amendment to this Agreement.
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