DAVID R. SCHRODER
MACC PRIVATE EQUITIES INC.
This Employment Agreement (the "Employment Agreement"), dated as of March
1, 2004, between MACC Private Equities Inc., a Delaware corporation (the
"Company"), and David R. Schroder, a resident of Iowa (the "Executive"):
WHEREAS, the Executive has served as President of the Company for a number
of years; and
WHEREAS, the Company wishes to continue to employ the Executive in the
capacities and on the terms and conditions set out below, and the Executive
desires to continue such employment, in the capacities and on the terms and
conditions set forth below.
NOW, THEREFORE, the Company and the Executive, in consideration of the
respective covenants set out below, hereby agree as follows:
(a) POSITIONS. The Executive shall be employed by the Company as its
Chief Financial Officer.
(b) DUTIES. The Executive's principal employment duties and
responsibilities shall be those duties and responsibilities customary for
the position of Chief Financial Officer and as are set forth in the
Company's Bylaws applying to the Chief Financial Officer.
(c) EXTENT OF SERVICES. Executive shall devote the time, attention and
best efforts reasonably necessary to the performance of his business duties
and responsibilities under this Employment Agreement.
2. AT-WILL EMPLOYMENT. Executive is employed at-will under this
Employment Agreement, and nothing in this Employment Agreement shall change this
at-will status or confer any right with respect to continuation of employment by
the Company, and either Executive or Company may terminate Executive's
employment at any time, with or w