Agreement entered into effective as of the 1st day of July, 2015 by and between J. William
Séccombe (the "Employee")and The Florida Tourism lndustry Marketing Corporation, d.b.a,
VISIT FLORIDA, a not-for-profit corporation (the "Employer"),
WITNESSETH:

WHEREAS, the Employer is a Florida not-for-profit corporation and is engaged in the business
of destination marketing, and
WHEREAS, the Employee has been appointed by the Board of Directors as the President and
Chief Executive Officer; and served in that capacity since November 1 ,2012, and
WHEREAS, the Employer wishes to retain the seruices of the Employee throughthis Employment
Agreement with appropriate compensation and incentives,
NOW, THEREFORE, in consideration of the premises and mutualpromises herein contained,
the Employer and the Employee covenant and agree as follows:

1.

TERM:

The parties agree that the term of this Agreement shall be for a three (3) year period (the
"Employment Period"), commencing July 1,2015, unless terminated as provided in Section 11,
and the Employment Period shall cnd three( 3) years later; provided, however, that the
Employment Period shall be automatically renewed one year later on the anniversary date of the
commencement of the Employment Period (the "Renewal Date") for a period ending three (3)
years from the Renewal Date unless either party shall give written notice of non-renewal to the
other party at least thirty (30) days prior to the Renewal Date, in which event this Agreement
shall terminate at the end of the Employment Period.

2.

DUTIES AND RESPONSIBILITIES:

During the term, Employee shall perform the duties and responsibilities of the PresidenVChief
Executive Officer ("CEO") in accordance with the Employer's bylaws, policies and procedures,
and agrees to devote Employee's full þusiness time, effort, skilland attention to the best interest
of the Employer. ln addition to such other duties as may from time to time be assigned at the
discretion of the Board of Directors or Executive Committee, Employee's job duties and
responsibilities include but are not limited to those specified in the Job description adopted by
the Employer for the position of President and CEO. Employee shall perform those duties
faithfully, diligently, competently, and in a manner consistent with the policies of the Employer,
which may be amended from time to time. Employee shall report and be responsible to the
Chairman of the Board of Directors, the Executive Committee and the Board of Directors of the
Employer. ln addition the Employee shall:
staff within tho framework of
the Board of Directors approved budget and annual Business Plan of the Employer

2.1 Have full authority to hire, compensate and terminate

1

 2.2. Recommend to the Executive Committee

for its approval the selection

of outside

legal counsel, and CPAs.

2.3.

Have the right to be present at all meetings of the Board of Directors,

Executive Committee and all other Çounciland committee meetings.

3.

COMPENSATION

Gompensation: Employee shall be paid Base
Compensation for FY 2015-2016 in the amount of $293,000 per annum (the
"Base Compensation"), less applicable tax withholding and otherappropriate or
customary deductions, payable in installments inaccordance with the
Employer's regular payroll. Employee's Base Compensation may be subject to
increases in future fiscal years, but such increase shall not exceed 15% over any
one year. ln addition to the BaseCompensation, the Ëmployee shall be eligible to
receive annual Performance Compensation of up to 4Ùo/o of Base Compensation
for each fiscal year ofthe Employer during the term of this Agreement. Any
increase in the Base Compensation in future flscal will depend upon the
Employee's annualperformance, in accordance with section 3.2 hereof.
It is understood and agreed by the parties hereto that the Employer shall have
absolute and sole discretion to evaluate and rate the Employee's attainment of annual

3.1 Base and Performance

objectives and to decide the amount of any increase in the Base Compensation and
Performance Compensation to award the Employee, if any'

for a period of
be a
Compensationshall
year,
Performance
then
the
fiscal
less than a complete
period
Performance
which
the
(based
for
pro-rata amount
upon the
Compensation is being determined compared to twelve months)of the
Performance Compensation that would be payable based on the actual
performance criteria results and management review for the full fiscalyear, The
Chairman of the Board shall cause the Performance Compensationto be paid
within thirty (30) days after the end of the fiscal year of the corporation.
lf the amor¡nt of the Performance Compensation is being determined

3.2

Performance Appraisal: During the last quarter of each year of the term, the
Employee shall receive a performance appraisal from the Chairof the VISIT
FLORIDA Board of Directors. At the Chai/s discretion, a committeecomprised of
up to five (5) members of the VISIT FLORIDA Board of Directors may be appointed by
the Chair to assist in providing the Employee with a review of the Employee's
pedormance for the past fiscal year. The Chair or the Committees" review
shall include the following areas of perfonnance:

2

 t

Advocacy and influence with the Executive Office of the Governor and both
chambers of the Florida Legislature toward favorable public policy through the
legislative process and the state of Florida's ongoing public/private partnershíp
with VISIT FLORIDA and the statewidetourism industry'

¡

Strategic Direction, which shall include the implementation of the VISIT
FLORLDA Strategic Plan and the development and implementation of annual
strategies and tactics to accomplish the Mission, Vision, Values, Goals and
Objectives set out in the Strategic Plan.
Management, which shall include: fiscal management of the corporationi
develõpment and implementation of the Business Plan; staff development; and
ability to react to unforeseen circumstances.

4.

I

Communications, which shallinclude: Board and Florida Commission on
Tourism communications; communications with elected officials and key
government staff; communications with the Florida tourism industry and VISIT
flOntOR Partners; and communications with VISIT FLORIDA employees,

I

Achievement of specific goals which may be set by agreement at the annual
performance review for the following fiscal year or of statutorily mandated or
Employees goals delineated with the Four Year Marketing Plan.

OTHER ACTIVITIES:

Except as otherwise agreed by the Employee and Executive Committee, Employee shallnot
during the term of this Agreement work with or accept any compensation or consideration from
any olher organization, firm, association, society, person, corporation or othenuise, for seryices
to be performed, or having been performed by the Employee. However, with written prior
consent of the Chairman of the Board of Directors, Employee may serve for compensation as
lecturer, member of the Board of Directors of abank or any other non-tourist related entity;
provided, however, that none of the activities provided in this Section 4 shall interfere with
Þmployee's ability to perform his responsibilities under this Agreement, The intent of this
seci¡on is that Employee shall devote substantially all of Employee's time and energies to the
performance of Employee's employment under this Agreement.

5.

BENEFITS:
5.1. GroW Benêfits. During the period this agreement is in effect, the Employer shall provide
ifle-Employee wlth life, medical, disability, dental and vision insurance and retirement
benefits wfiich the Company provides to employees, subject to the provisions of the
various benefit plans, programs or policies in effectfrom time to time.
5.2 Automoblle. During the term of this agreement, the Employer shall prwide the Employee
w¡ift e.r(clusive use of an automobile mutually agreed upon by the Employee and
Employer. The supplied vehicle will be purchased new at the-beg_innlng of the
fmþloyment Period'and on every 3'd anniversary date th,ereof, unleos Employqe elects to
puròtrase the vehicle at the end of the three year period for fair market value. The
Êmployer shall be responsible and shall pay for all costs associated with the operation

 and maintenance of such automobile, including without limitation, insurance coverage,
repairs, maintenance, and other operating and incidental expenses, including registration,
fueland oil.
5.3. Within ninety (90) days of the execution of this agreelrtent, tlre Employer's Chairman of
the Board and Employee agree to negotiate in good faith the establishment of a
Supplemental Executive Rétirement Plan including the funding plan and level of Employer
coniributions for additional retirement benefits to the Employee, a member of a select
group of management or highly compensated employees of the Employer.. Such plan
õtratt'ne develoþed for Empioyee to encourage his continued employment and to provide

the Employee with additional incentive to achieve corporate objectives. The Employer .
and Enìpdyee intend that the Supplemental Executive Retirement Plan will at alltimes be
adminisieréd and interpreted in compliance with the lnternal Revenue Code, the
Employee Retirement lncome Security Act of 1974, and any other applicable federal or
state law or regulation.

5.4. Within ninety (90) days of the execution of this agreement, the Employer's Chairman of

the Board a-nd emplóyee agree to negotiate in good faith the amount and schedule of
payments (based òn iength of service milestones) of a Retention Bonus to induce the
Employee to remain employed with the Employer.

5.5. Employer shall provide Employee a whole life insurance policy at no co_st to the Employee
in the âmount, ierms and conditions approved by the Chairman of the Board of Directors
of the Employer.

6

EXPENSE REIMBURSEMENT:

6.1. In Çegerq!:The Employer shall reimburse or pay the

Employee for all
performance
of his duties
the
in
Employee
the
by
incurred
reasonable expenses
procedures
policies,
approved
and
with
the
and
in
accordance
under this agreement
budget of the EmPloYer.-

6.2.

The Employer
service
al,
societies,
shall pay or re imburse the Employee for appropriate
be
agreed
may
organizations an d social or membership clubs dues a nd fees as
appropriate, reasona ble or necessary by the Employe e and Chairman of the Board of
Directors. I n addition, Employee shal be reimbursed for all reasonable
othenryise participating in the
expenses incurred by Employee in attending
prógrams of such organizations in accordance with the policies, procedures and

or

approved budget of the EmPloYer.

6.3. Verification: Employee shall be reimbursed for expenses, as provided in sections 6.1, 6.2
mJ, provided, that the Employee shall, as a condition of reimbursement, submit
verification of the nature and amount of such expenses in accordance with
reimbursement policies from time to time adopted by the Employer and in sufficient detail
to comply with rules and regulations promulgated bythe lnternal Revenue Service.
7

OTHER BENEFITS:
4

 Employee shall be entitled to 15 business days paid time off (PTO) each fiscal year and
holidays as provided by the Employer's policies and procedures, subject only tothe
Employer's business needs and at the discretion of the Board of Directors. PTO not taken in
anyfisbal year will be converted to sick leave consistent with the policies and procedures of
the Employer.
8.

RESTRICTIVE COVENANTS

8.1

0onfidênti4l ¡nfôrrnati'on

Employee understands, acknowledges, and agrees that during the course of his
employment with the Employer he has gained or will gain, as a key employee of the
Employer, substantial information regarding and competitive knowledge of and familiarity
with the Employer's Confidential lnformation (as defined below) and that if the Confidential
lnformation were disclosed by Employee or if Employee engaged in competition against the
Employer, the Employer would suffer irreparable damage and injury. Employee understands,
acknowledges, and agrees that the Confidential lnformation derives substantial economic
value, among other reasons, from not being known or readily ascertainable by proper means
by others who could obtain economic value therefrom upon disclosure. Employee
acknowledges and agrees thatthe Employer uses reasonable means to maintain the secrecy
of the Confidential lnformation.
For purposes of this Agreement, the term "Confidential lnformation" means any and all (a)
mate¡ais, records, data, documents, writings, and information (whether printed, electronic,
computerized, on disk, or otherwisc) relating or roforring in any mqnner to the business,
operations, affairs, assets, liabilities, ilìcome, policies, strategies, techniques, products, or
product developments of the Employer which are not generally known in or available to the
industry of the Employer or which are not otherwise in the public domain, in either case not
through a breach of this Agreement, and (b) trade secrets of the Employer.

8.2

Non-Disclosure and Return of Confidential lnformation

At alltimes while Employee ls employed by the Employer and at all times thereafter,
Employee shall not (a) directly or indirectly disclose, provide, or discuss any Confidential
lnformàtion with or to any Person who is not an employee of the Employer or who is not an
authorized representative or agent of the Employer, and (b) directly or indirectly use any
Confidential lnformation (i) to compete against the Employer, or (ii) for Employee's own
benefit or for the benefit of any Person (as defined below) other than the Employer.
Employee agrees that all Confidential lnformation is the property of the Employer. Employee
covenants and agrees (a) to keep all Confidential lnformation subject to the Employels
custody and control and to surrender to the Employer all Confidential lnformation that is
still in Êmployee's possession or control at the termination of Employee's employment with
the Employer, (b) not to disclose or give possession of any Confidential lnformation to any
Person who is not an employee of the Employer or who is not an authorized
representative or agent of the Employer, and (c) to promptly return to the Employer all
Confidential lnformation and all equipment, computers, and other property of the Employer
promptly upon termination of Employee's employment with the Employer. Employee
5

 agreesthat

the provisions of section I shall survive the

termination of this

Agreement for any reason.

8.3

Remedieç

Employee agrees that there may be no adequate remedy at law for breach by Employee of
Section I of this Agreement and that money damages may not be an adequate remedy for
such breach. Therefore, Employee agrees that the Employer shall have the right, in addition
to any other rights it may have, to injunctive relief without the necessity of having to post a
bond even if otherwise required by law and specific performance of such Section in the event
of any breach bythe Employee. The remedysetforth inthe preceding two sentences is
cumulative and shall in no way limit any otherremedy any party hereto has at law, in equity or
pursuant hereto.

9.

LIABILITY INSURANCE:

The Employer shall purchase insurance that will indemnify, defend and hold and save
Employee, h¡s heirs, administrators and executors and each of them harmless from and against
any adverse claims or liabilities any of them shall or may at any time, or from time to time,
subsequent to the date of this Agreement, sustain or incur, or become subject to by reason of
carrying out terms and conditions of this Agreement, except for gross negligence, willful
misóonduct, or criminal acts or omissions on the part of the Employee; provided further that
Employee, Employee's heirs, administrators, executors or one of them promptly notifies the
Employer of adverse claims or threatened or actual lawsuits. Employee shall providecomplete
cooperationtothe Employer, its attorneys and agents.

10.

ASSIGNMENT:

Employee shall not assign any part of Employee's rights under this agreement without the written
consent of the Employer. lnthe event of a merger, sale, transfer, consolidation, reorganization, or
other transformation of the Ernployer, this Agreement shall continue in force and become an
obligation of the Employer'ssuccessor.

11. TERMINATION,

DISMISSAL AND RENEWALS:

11.1 Death: Employee's employment shallterminate upon Employee's death. ln the event
that Employee's employment is terminated due to the Employee's death, the Employer
will pay the estate of the Employee through the final day worked.
11.2 Disabllltv: lf, as a result of Employee's incapacity due to physical or mental illness,
Employee shall have been made substantially unable to perform Employee's duties
hereunder, with or without reasonable accommodation for a cumulative period in
excess of 12 work-weeks in the aggregate (which need not be consecutive) in any 12'
month period, the Employer shall have the rightto terminate Employee's employment
as a result of Employee's "Disability," provided such Disability qualifies the Employeefor
disability þenefits as provided in Section 5 ofthis agreement.
11.3 .Bt lhe Emolover:f,or Cause: The Employer reserves the rightto immediately terminate
tne term of this agreement for "Cause." Cause is defined as follows: Employee's failure
6

 to perform, or negligence or neglect in the performance of Employee's dutles and
responsibilities to the Employer; misconduct in connection with the performance of
any of the Employee's duties, including without Iimitation, misappropriation of the
Employer's funds or property; securing or attempting to secure personally any
profit in conncction with any transaction entered ínto on behalf of the
Employer; commission of an act involving moral turpitude, harassment,
discrimination, embezzlement, dishonesty, theft or unethical business conduct; conduct
which the Employer determines, in good faith, impairs or injures the reputation of, or
harms the Employer; failure to devote full business time, effort skill and attention to
the best interests of the Employer; failure to cooperate fully in any investigation by the
Employer; and any breach of this Agreement, The Employer will have authority for any
communications within VISIT FLORIDA with the tourísm industry including VISIT
FLORIDA Partners or to the public regarding the termination.

11.4 Bv the,Emplover \rVithqut Cause: The Employer reserves the right to terminate this
Agreement with Ëmployee as the President and CEO at any time, for any reason.
agree upon any communications
The Employer and the Employee will m u t u a
industry
including VlSlï FLORIDA
the
tourism
FLOR¡DA
with
VISIT
within
public
the
termination.
regarding
Partners or to the

lly

11.5

The Employee may terminate this Agreement for any reason upon at
least sixty (60) days prior written notice to the Executive Committee. The Employer and
the Employee will mutually agree upon any communicatíons within VISIT FLOR¡DA
with the tourism industry including VISIT FLORIDA Partners or to the public
regarding the termination.
BV the Ernplovee:

11.6. Pavfnents Upoi Terrnination of Employrnent:

(i)

that the Employer terminates this Agreement pursuant to Section
then
the Employer shall pay to or for the benefit of the Employee: the
hereof,
11.3
Employee's Base Compensation under Section 3.1 hereof (butnot any
Performance Compensation); and the insurance and retirement benefits under
Section 5 hereof; expense reimbursements under Section 6 hereof; plus
compensation for PTO (not to exceed 15 business days) and sick leave under
Section 7 hereof; if and only to the extent that the foregoingamounts are accrued
or incurred but unpaid as of the date of termination of the term of this Agreement.

(¡¡)

lf in the event that the Employer terminates the term of this Agreement pursuant to
Section'11.1 hereof, the Employer shall payto the Employee orthe personal
representative of the Employee's estate, the amounts specified in paragraph (l) of
this Section 11.6; plus the pro-rata share of earned Pefformance Compensation for
the current fiscal year pursuant to Section 3.1 hereof; and all insurance proceeds will
be due to beneficiaries per the Employee's policies

(iii)

lf in the event that the Employer terminates the term of this Agreement pursuant to

ln the event

Section 11.2 hereof, or the Employee terminates the term of this Agreement
pursuant toSection 1 1,5 hereof, the Employer shall pay to the Employee, the amounts
specified in paragraph (i) of this Section 1 1.6; plus the pro-rata share of earned
Performance Compensation for the current fiscal year pursuant to Section 3.1 hereof.
7

 (iv)

lf the Employer terminates the term of this Agreement pursuant to Section 11.4
hereof, the Employer shall pay to the Employee, contingent on Employee signinga
severance agreement and release of claims, eighteen (18) months subsequent to the

effective date of termination of B a s e Compensation pursuant to Section 3.1
hereof and provide the benefits under Section 5 and Section 6 for a period of
eighteen (18) months subsequent to the effective date of the termination, ln the
event the Employee secures other employment, theEmployer shall continue to be
obligated to pay Employee's Base Compensationas set forth in Section 3.1 hereof,
but any benefits due to the Employee from theEmployer shall terminate upon the
Emptoyee's qualification to participation in such new Employer's benefits plan. The
Employer shall also pay to the Employee the pro-rata share of earned Pedormance
Compensation for thecurrent fiscal year pursuant to Section 3.1 hereof; plus
expense reimbursementsunder Section 6 hereof; plus compensation for PTO (not
to exceed 15 businessdays) and sick leave under Section 7 hereof; if and only to
the extent that theforegoing amounts are accrued or incurred but unpaid as of the

date of termination of the term of this Agreement.

(v)

Except for the payments required pursuant to this Section 11.6 hereof, the
Employer shall have no liability to the Employee under this Agreement in the event of

the termination of the Employee's employment under thisAgreement.

12,

AMENDMENT:

This Agreement shall not be amended modified or supplemented at any time unless by written

agreement executed by both the Employee and the Employer.

13.

STATUSOFAGREEMENT:

This Agreement is the sole document governing the conduct of the parties during its term. The
execution of this Agreement terminates all other oral or written a g re e m e n t between Employer
and Employee.

14.

NOTIGE:

All notices of this Agreement shall be in writing and shall be given by personal delivery, or by
registered or cerlified United States mail, postage prepaid, return receipt requested to the
address set forth below.
lf to the Employee:

Mr. J. William Seccombe
2540 W. Executive Center Circle Suite
2AO

Tallahassee, FL 32301
lf to the Employer:

Chairman of the Board of
B

Directors

 VISIT FLORIDA
2540 W. Executive Center Circle Suite
200
Tallahassee, FL 32301

15.

SEVERABILITY

of this Agreement shall be invalid, illegal, or
unenforceable in añy respect, the validity, legality, and enforceability of the remaining provisions
contained herein shall not in any way be affected.
ln the case that any one or more of the provisions

16.

CONSTRUCTION

and comment upon this
be construed as if
shall
Agreement
that
this
agree
Agreeñrent, Employee and the Employer
interpreted against
be
shall
not
thã parties Jointly prepared it so that any uncertainty or ambiguity
any one party and in favor of the other'
Having had the opportunity to obtain the advice of legal counsel to review

17,

GOVERNING LAW:

This Agreement shall be governed by, and construed and interpreted in accordance with the laws of
the State of Florida.

18.

BENEF¡TS BINDING EFFECT:

This Agreement shall be for the beneflt of, and shall be binding upon, the parties hereto and their
respec-tive heirs, personalrepresentatives, executors, administrators, legal representatives,
successors and assigns.

19.

WAIVER:

The waiver by any party hereto of any other party's prompt and complete .performance of
breach or vioiation of any provisions of this Agreement shall not operate nor be construed as a
waiver of any subsequeñt breach or violation, and the waiver by any party hereto to exercise any
right or remedy which he or it may possess shall not operate nor be construed as the waiver of
süch right or iemedy by such pàrty as a bar to the exercise of sueh right or remedy by such
party upon the occurrence of any subsequentbreach or violation.

20.

ARBITRATION:

lf any dispute arises under the terms of this Agreement, the issue shall be settled by binding

arbitiation in Tallahassee, Florida, in accordance with the rules of the AmericanArbitration
Association

21.

TAX MATTERS:

The Employer makes no representation to the Employee with regard to tax consequencesof any
compenðat¡on or benefits provided by the Employe_r to the Employee whether pursuant to this

I

 Agreement or othenruise, and the Employee shall be fully responsible for any such tax
consequences

22.

SECTION HEADINGSI

The section orother headings contained in this Agreementarefor reference p u rposes onlyand
shall not affect in any way the meaning or interpretation of any or all of the provisions of this
Agreement.

23.

TERMINOLOGY:

References in this agreement to any gender shall refer to any and allgenders as required properly
to interpret the intent of this Agreement. Words that employ the singularconstruction shall also
be construed to employ the plural, and words that employ the plural construction shall also be
interpreted to imply tire singular, as required to properly interpret the intent of this Agreement.

24,

NO TH1RD PARTY BENEFICIARY:

Nothing expressed or implied in this Agreement is intended, or shall be construed , to confer
upon oi give any person, firm, corporation, partnership, association or other entity, other than
the partiãs hereto, Êmployee's spouse and their respective heirs, personal representatives, legal
repiesentatives, $uccessors and assigns, any rights or remedies under or by reason of this
Agreement.

10

 25.

EXECUTION OF AGREËMENT:

Tho parties agroe that the exeoution of this Agreement may be by electronic signature and
maintained and transacted by electronic record.

lN WITNESS WHEREOF, the parties hereto have signed this Agreement on this 30th day of June,

2015.
FLORIDATOURISM INDUSTRY
MARKETING CORPORATION
¡ndrow

tu*{

ffic¡a

Ùl¡n 30, 201õ)

BY: Andrew Hertz, Chairman
T-^r.

BY:

11

J. William Seccombe

 AMENDMENT NO.

'fo

1

EMPLOYMEN'  AGREEMENT

The Florida Tourism Industry Marketing Corporation, d.b.a. VISIT FLORIDA (the
"Employer") and J. William Seccombe (the "Employee") wish to amend the Employment
Agreemerrt dated as gf July I,2Aï5 between the [mploycr and the Employeo (the "Agreement").
WHEREAS, any severance benefits provided under the Agreement are intended to be
exempt from Code section 409^as separation pay due to an involuntary separation from service
pursuant to Treasury Regulation section 1.4094-1(bxgxiii) and as separation pay pursuant to
1.40e4-1(bXeXv).
11.6(iv) to clarify the
'WHEREAS, the Employer and Employee wish to amend Section
type of severance benefits intended to be provided upon Employee's separation from service as a
result of the Employer's termination of the Agreement without câuse and to clarify that any
severance benefits provided are to be paid to the Employee in a single lurnp sum.

Accordingly, effective July 1,2015, Section 11.6(iv) is deleted in its entirety and is
replaced with the following new Section 11.6(iv):

Upon the Employee's involuntary separation from service due to the
Employei's termlnation of this Agreement without cause pursuant to Section 11.4, the
Emptoyer shall pay to the Employee, contingent on Employee signing a severance

"(iv)

agteement ancl release of claims, a single lump sum payment equal to:

(a) eighteen (1S) months of Base Compensation (determined in accordance with
Section 3.1 as of the date of the Employee's separation from service), plus

(b) eighteen (1S) months of the monthly premium charged to the Employer for
,ou"tuge'of the Employee under the Employer's life, medical, disability, dental and
vision-inr**r. (deiermined under the Employer's group policies for each benefit in
which the Employee is participating as of the date of the Employee's separation from
service).

The Employer shall also PaY to the Employee the pro-rata share of any eamed
from
Performance Compensation for the fiscal year in which the
se.r-vice.,occws, in- accordzuroe with. and. subjeot.,to. fhe' tarurs
expenso reimbursements under Section 6 hereof; plus compensation for PTO (not to
exceed 15 business daYs) and sick leave under Section 7 hereof; ifand only to the extent
that the foregoing expense reimbursements, PTO and sick leave amounts are accrued or
incurred but unpaid as of the date of the Employee's separation f¡om service.

Any lump sum payment under this Section 11.6(iv) shall be paid to the Employee
within 35 ãays following the date of the Employee's separation from service, provided a
severance agreement anã release of claims must be executed by the Employee, and the
statutory p.iiod during which the Employee is entitled to revoke the release must expire,
Page

I of2

 or the
on or before the 35th day after the date of the Employee's separation from service,
Employee will forfeit the right to any payment under this Section."

IN WITNESS WHEREOF, this Amendment No. 1 is executed by the parties and is
effective as of the date specified above.

i.

s
Seccombe

FLORIDATOURISM INDUSTRY MARKETING
'l:

By:

Page2

of?