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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 7KB of 26KB total |
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Price: |
$40 |
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ID: |
#2549471 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is effective as of January 1, 2006, by and among LICENSE PRODUCTS, INC., a Wisconsin corporation (LPI), LEE MIDDLETON ORIGINAL DOLLS, INC., a Wisconsin corporation (LMOD and together with LPI, the Companies), and CRAIG BALD (the Executive).
RECITAL
A. Each of the Companies (individually a Company) are subsidiaries of The Middleton Doll Company, a Wisconsin corporation (the Parent).
B. Each of the Companies desires to continue to employ Executive as its Chief Financial Officer (CFO) and Executive is willing to make his services available to the Companies on the terms and conditions set forth in this Agreement.
AGREEMENTS
In consideration of the mutual covenants and agreements set forth in this Agreement, the parties agree as follows:
1. Employment. LPI and LMOD shall each employ Executive as its CFO. Executive agrees to serve in such capacities on the terms and conditions hereinafter set forth.
(a) Term. The term of this Agreement shall commence upon the date hereof and continue until December 31, 2006, unless terminated earlier pursuant to paragraph 3 of this Agreement (the Initial Term); provided, however, beginning on June 30, 2006 and on each day thereafter, it shall automatically renew for one additional day, such that it remains evergreen for a six month period, unless either party gives written notice to the other to cease such renewals, in which case employment shall cease as of the end of the then current term (the Term of Employment).
(b) Duties and Responsibilities. During the period of Executives employment hereunder, except for periods of illness, vacation periods and reasonable leaves of absence, Executive shall devote his full business time, attention, skill and best efforts to the business and affairs of the Companies. Executive shall report directly to the President of the Companies (the President) and the Board of Directors of the Parent (the Board), with the Board having ultimate authority. Executive shall have such duties, responsibility and requisite authority as are reasonably assigned him from time to time by the Board and the President.
2. Compensation and Reimbursement.
(a) Base Salary. During the Term of Employment, Executive shall receive a base salary of One Hundred Twenty Thousand Dollars ($120,000) per year (Base Salary), or such increased salary as may from time to time be approved by the Board. Executives Base Salary shall be paid in accordance with the Companies regular payroll practices. The Base Salary shall be divided between the Companies as the Board may determine.
(b) Performance Bonuses.
(i) If the Companies achieve $1,000,000 of consolidated EBITDA in any fiscal year and the Executive remains an employee of the Companies at the end of such year, within 30 days after the completion of the Companies audits for such year, the Companies shall pay to the Executive a cash bonus equal to 2.5% of his Base Salary for such year.
(ii) At such time as the Companies achieve $5,000,000 of EBITDA on a consolidated basis in any fiscal year and the Executive remains an employee of the Companies at the end of such year, within 30 days after the completion of the Companies audits for such year, the Companies shall pay to the Executive a cash bonus of $25,000.
(iii) For purposes of the foregoing sections, EBITDA means, at the time of any determination, the consolidated sum of the following items for Companies during the relevant fiscal year period determined in accordance with GAAP:
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