January
23, 2020
Kevin
McNeill
15202
Dorothy Drive
Austin,
TX 78734
Dear
Kevin:
We are
pleased to offer you a senior leadership position with Pure Cycle
Corporation (“PCYO”). Your position title will be Vice
President | Chief Financial Officer and your employment will begin
on March 23, 2020, or such time as is mutually agreed
upon.
PCYO
offers a competitive package of Benefits, Base Compensation, and
Incentives. Your initial compensation, position and benefits will
be as follows:
●
Annual salary of
$225,000.
●
Pure Cycle’s
compensation structure offers senior manager a base salary plus
incentives which may include a cash bonus of participation in the
company Equity Incentive Plan. Each year the Compensation Committee
of the Board of Directors develops a compensation matrix to
evaluate the CEO and other senior management. The compensation
matrix seeks to include quantitative and qualitative matrices to
evaluate annual performance. Any awards are solely at the
discretion of the Board.
●
Bonuses, if any,
are paid annually following the closing of the fiscal year end
books and approval by the board of directors.
●
A cell phone
allowance of $30 per month.
●
PCYO will pay for
relocation expenses up to $12,500, payable on your first payroll of
employment and subject to the submission of receipts for allowable
moving expenses.
2.
Position
Structure and Responsibilities:
●
You will report to
Mark Harding, President and CEO.
●
Your direct reports
will include all accounting/finance staff, which can be modified as
the business needs change and evolve. You will directly lead and
manage all key accounting/finance activities.
●
As VP/CFO,
you
will lead and be responsible for all financial affairs of PCYO as
well as helping to guide the overall direction of the Company with
the President. Critical components of your role will include, but
not be limited to: financial stewardship of PCYO assets and
capital, expense management, implementation and maintenance of
internal controls, profit maximization, oversight and optimization
of business segments, guiding and oversee projections, assisting
with M&A and growth opportunities of the Company, contract
review/approval, business unit financial review and guidance, human
resources management and overall leadership to the Company . This
role will be a fluid role and not limited to just financial
leadership but taking on an overall executive leadership role for
the company as a whole.
●
Before your
position becomes official, there are certain pre-hire steps that
will be completed which could include but not limited to a
background and/or credit check and your employment is contingent
upon those steps.
34501
E. Quincy Ave, Bldg. 34, Watkins, CO 80137
Tel:
(303) 292-3456 Fax: (303) 292-3475
www.purecyclewater.com
3.
Employment Status: You will be an
employee of PCYO and your employment at all times will be
considered “at-will.” This means you or PCYO can
terminate the employment relationship at any time, for any reason.
To receive any bonus or incentives described above, all employees
must be employed in good standing at the time of
payment.
4.
Expense Reimbursement: Your reasonable
cost of business travel and expenses that are directly related to
your duties will be reimbursed. At all times such reimbursements
are subject to the terms and conditions of PCYO’s expense
reimbursement policies.
5.
Health
Insurance, Supplemental Benefits and Retirement Plan:
●
You will be able to
participate in the PCYO health insurance in the same manner as all
other employees, as well as all other employee benefits and
supplemental insurance programs offered to all full-time employees.
Further details of plans offered and related costs will also be
provided.
●
You will be able to
participate in PCYO’s 401(k) savings plan and receive
qualifying match in the same manner as all other
employees.
Upon
your agreement with the terms of this letter, please sign and
return it to me.
Sincerely,
Pure Cycle Corporation
By:
/s/__Mark
Harding_________________________1-23-2020___
Mark
Harding, President DATE
By:
/s/ Kevin
McNeill__________________________1-23-2020___
Kevin
McNeill DATE
