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Title: |
Executive Employment Agreement |
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Date: |
2004 |
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Preview shows 4KB of 24KB total |
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Price: |
$40 |
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ID: |
#1149845 |
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EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE EMPLOYMENT AGREEMENT (this "AGREEMENT") is made and
entered into and is effective as of June 1, 2003, by and between BRILLIANT
DIGITAL ENTERTAINMENT, INC., a Delaware corporation (the "COMPANY"), located at
6355 Topanga Canyon Boulevard, Woodland Hills, CA 91367, and KEVIN BERMEISTER,
an individual ("EXECUTIVE"), of 10A Dalley Avenue, Vaucluse. NSW 2030 Australia.
R E C I T A L
Whereas, the Company and Executive desire to assure that the Company
retains the services of Executive, whose experience, knowledge and abilities are
extremely valuable to the Company.
NOW, THEREFORE, in consideration of the terms, conditions, covenants,
representations, warranties and promises contained in this Agreement, the
Parties agree as follows:
1. EMPLOYMENT. The Company hereby employs Executive and Executive
hereby accepts employment with the Company on the terms and conditions set forth
herein.
2. DUTIES. Throughout the Term (as defined below), Executive
shall faithfully and diligently perform Executive's duties in conformity with
the directions of the Board of Directors of the Company (the "BOARD") and serve
the Company to the best of Executive's ability. Executive shall devote as much
of Executive's working time, attention and energies to the business and affairs
of the Company as Executive determines, in his sole and absolute discretion,
appropriate. Executive shall have the title of Chief Executive Officer and
President, and shall report to the Board, and at all times during the Term.
Executive shall also be a member of the Board. Executive shall have at a minimum
the duties and responsibilities commonly incident to the position of a
President. At all times while Executive is an employee of the company, Executive
shall be headquartered in Sydney Australia or California. Executive is expressly
permitted to, directly or indirectly, be employed by, participate in, or be
connected in any manner with the ownership, management, operation or control of
any business, including, but not limited to, a business similar to, or
competitive with, the business of the Company in which the Company is presently
involved or becomes engaged during the Term. In this respect, Executive agrees
to comply with requests for disclosure made by the Board from time to time.
3. TERM. The initial term of this Agreement (the "TERM") shall
commence upon the date hereof and shall terminate two (2) years thereafter (the
"SECOND ANNIVERSARY DATE"), unless sooner terminated as provided herein (the
"TERMINATION DATE").
4. COMPENSATION.
4.1. ANNUAL BASE SALARY. For Executive's services hereunder, the
Company shall initially pay Executive an annual salary of two hundred fifty
thousand dollars ($275,000) (the "BASE SALARY"). The Base Salary shall be paid
in accordance with the Company's normal procedures for paying salaried
employees, but in no event less frequently than semi-monthly.
<PAGE>
4.2. MANDATORY BASE SALARY INCREASES. The Base Salary shall be
increased each January 1st (the "ADJUSTMENT DATE"), commencing with July 1,
2003, pursuant to the Consumer Price Index-U.S. City Average, or any
substantially equivalent successor thereto, for the month of the then current
Adjustment Date, as published by the Bureau of Labor Statistics of the United
States Department of Labor.
4.3. BONUSES. Each year of the Term hereof, the Company shall award
to Executive a bonus of three percent (3%) of the Company's EBITDA (as defined
below) as reported in the Company's audited financial statements (the " BONUS").
The Bonus shall be payable on or within a reasonable time after each December
31st, commencing with December 31, 2003.
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