HomeMy WebLinkAbout1st Amendment 02/05/2025 AMENDMENT ONE TO AGREEMENT OF EMPLOYMENT
This Amendment is made on this 5th day of February, 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, Employee's housing situation is still under development; and
WHEREAS, Employee spent less than 30% of the funds available in the first 3-month
period under the Agreement:
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.
i
Employee shall receive $5,000 per month for a housing allowance beginning February
10, 2025, and ending September 9, 2025.
i
The housing allowance may be reviewed by the Company's Board of Directors at
Employee's annual review date of September 9, 2025. No additional housing allowance
will be authorized without approval of the Company's Board of Directors and an
amendment to this Agreement.
2. Paragraph 7 EVALUATION/REVIEWS of the Agreement will be revised to read as j
follows:
1
I
i
i
The Company and Employee shall periodically define goals, performance objectives,
relative priorities, and timelines for performance which the Company and Employee
mutually agree are minimally necessary for the proper operation of a company that
contract with county government for services and achievement of the Company's policy
objectives and goals. A review and performance evaluation of the Employee shall be
conducted after Ninety (90) days of employment under this Agreement and may be
conducted as often as the Company may deem appropriate.
No later than September 1 of each calendar year during which this Agreement is in effect,
Company shall evaluate and assess the performance of Employee. Such evaluation shall
relate to the duties and responsibilities of the President and CEO under this Agreement,
the working relationship between President and CEO, the staff and the membership, and
other factors relevant to Employee's performance. Employee's evaluation shall be
undertaken by the Company's Board .of Directors, which shall meet in, and thereafter
discuss its evaluation with Employee. The Employee may hire a contractor at the Board
of Directors discretion to help facilitate the review process.
The Board of Directors shall also make written recommendations for mutually agreed
upon goals and objectives to be considered in the President and CEO's next performance
evaluation. In the event that the Employee's performance as President and CEO is
deemed unsatisfactory in any respect, the Board of Directors shall describe in writing, in
reasonable detail, specific instances of unsatisfactory performance.The evaluation shall
also include recommendations as to areas for improvement in all instances where
Company deems performance to be unsatisfactory. If Employee disagrees with the Board
of Directors' evaluation, he/she may respond in writing to the Chairman of the Board. Any
evaluation and response shall be made a part of the Employee's personnel file. A copy of
the written evaluation shall also be provided to Employee.
1. All other provisions of the Agreement, except as amendment herein remain in full
force and effect.
IN WITNESS WHEREOF, the parties to this Agreement have signed it on the day and
date first written above.
Employee
By: Date: 9/5/95
Kara Franker
r
Company
BY: Date:.
Diane Schmidt
2 f