Exhibit 10.1
November 14, 2014
Mr. Jeffrey S. Girdner
C/O 101 Aupuni Street, Suite 139
Hilo, HI 96720
Dear Jeffrey,
I am pleased to offer you employment with Royal Hawaiian Resources, Inc. (“Company”). This offer is contingent upon your passing a drug screening, physical examination and satisfactory clearance of our standard background check.
Position
Your title will beDirector of Finance. You will be responsible for managing all areas of the accounting and finance departments and will report to me, President/CEO.
Commencement Date
Your employment will start once all post offer screenings are completed satisfactorily and upon mutual agreement.
Responsibilities
Your job description and goals have been discussed in general during the interview process and will be formally documented and provided before your commencement date.
Base Salary
Your initial base compensation will be$120,000 per annum. This will be paid in semi-monthly installments and is subject to tax withholdings as required by law. You will receive performance evaluations and salary reviews at least annually.
Annual Bonus Plan
The Company has an Annual Bonus Plan (“Bonus”). The Bonus payout will be based upon your actual performance as compared with the goals we have mutually agreed upon. Individual awards are also based upon the guideline percentage of the participant. Your guideline percent will be20% of your base compensation for the applicable period. The actual payout of bonus awards is at the sole discretion of the Board of Directors. Incentive plans may be subject to change from time to time without notice.
Benefits
You will be entitled to the standard Company benefits listed below:
Including medical, dental, vision and drug insurance, life and disability insurance, holidays and 401(k) participation. These benefits are in accordance with the Company’s employee benefits policies and practices. A summary of these benefits will be provided under separate cover.
Vacation
As of your date of employment you will be entitled to four weeks of paid vacation annually, which will be earned on a pro-rata basis. General provisions of the Company’s vacation policy are also applicable.
Sick Leave
As of your date of employment you will be entitled to three weeks of paid sick leave per year.
At-Will Employment
This means that either you or the Company are free to end the employment relationship at any time, with or without notice or cause. And nothing in this letter or the Company policies, either now or in the future, is intended to change the at-will nature of your employment. As such, neither this letter nor any other oral or written representations may be considered a contract for any specified period of time.
I am looking forward to working with you and will be happy to discuss any questions you may have.
If this employment offer is acceptable to you, please indicate your acceptance by signing in the area noted below.
Sincerely,
/s/ Scott Wallace
Scott Wallace
President and CEO
Royal Hawaiian Orchards, L.P.
Royal Hawaiian Resources, Inc.
Royal Hawaiian Services, LLC
Royal Hawaiian Macadamia Nut, Inc.
Accepted and Agreed:
/s/ Jeffrey S. Girdner Date:12-1-2014
Jeffrey S. Girdner
Xc: Personnel file
