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EXHIBIT 1 <br /> <br /> EMPLOYMENT AGREEMENT <br /> <br /> THIS AGREEMENT, made and entered into this the <br />10th day of February, 1992, by and between the CITY OF <br />MARTINSVILLE, STATE OF VIRGINIA, a municipal corporation, <br /> <br />hereinafter called "Employer", as party of the first part, <br />=.and EARL B. REYNOLDS, JR., hereinafter called "Employee", as <br /> <br /> iPartY of the second part, both of whom understand and agree <br />!ias follows: <br /> <br /> WITNESSETH: <br /> <br /> WHEREAS, Employer desires to employ the services <br /> of said Earl B. Reynolds, Jr. as City Manager ofthe City of <br /> Martinsville, yirginia as provided by Chapter 5 of the City <br /> Charter, and <br /> <br /> WHEREAS, it is the desire of the Martinsville City <br /> Council to provide certain benefits, establish certain <br /> conditions of employment and to set working conditions of <br /> said Employee, and <br /> <br /> WHEREAS, it is the desire of said Council to (1) <br /> secure and obtain the services of Employee and to provide <br /> inducement for him to remain in such employment, (2) to make <br /> possible full work productivity by assuring Employee's <br /> morale and peace of mind by spelling out herein the terms <br /> and conditions of his employment, (3) to act as a deterrent <br /> against malfeasance or dishonesty for personal gain on the <br /> part of Employee, and (4) to provide a just means for <br /> <br /> <br />