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<br />Economic Development Corporation and report on industrial development <br /> <br />activities and related matters; and, <br /> <br />B. VEST will devote the remainder of his time, attention and energies to the <br /> <br />business of the CHAMBER, or PEDC, where they coincide, as permitted by the <br /> <br />CHAMBER; and, <br />C. VEST will use his best effort to promote the interests of PEDC and CHAMBER; <br /> <br />and, <br /> <br />D. VEST will perform such other duties as CHAMBER may from time to time <br /> <br />assign to him. <br /> <br />SECTION 3. Cornoensations <br /> <br /> <br />PEDC and CHAMBER shall pay VEST a salary, before required deductions, of not less <br /> <br /> <br />than $5,416.67 per month, payable monthly. All such compensation shall be subject to the <br /> <br /> <br />customary withholding tax, Social Security tax, and other employment or payroll taxes as may <br /> <br /> <br />be required and provided by the United States of America or the State of Texas. <br /> <br /> <br />SECTION 4. Term <br /> <br /> <br />Except to the extent otherwise stated in this Paragraph, VEST serves at the will of PEDC <br />and CHAMBER. <br /> <br />In the event that VEST is terminated from his employment for any reason other than for <br /> <br />cause, in accordance with Section 13, PEDC and CHAMBER agree to continue to pay and <br /> <br />provide to VEST all salary and benefits due hereunder for a period of 180 days from the <br /> <br /> <br />effective date of termination. Should VEST's employment be terminated for cause, in <br /> <br /> <br />accordance with Section 13, then this Agreement shall automatically cease and be of no further <br /> <br />Din"clOT of Economic Devdoomenl of the PEDe and Ch:unbrT CEO CONTRACT. Page 2 <br />