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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Date: |
2006 |
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Preview shows 7KB of 28KB total |
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Price: |
$36 |
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ID: |
#2549472 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT is effective as of June 20, 2005, 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), THE MIDDLETON DOLL COMPANY, a Wisconsin corporation (the Parent) and KENNETH A. WERNER (the Executive).
RECITAL
A. Each of the Companies (individually a Company) are subsidiaries of the Parent.
B. The Executive, LPI and the Parent are parties to an Employment Agreement dated January 1, 2003 by the terms of which LPI currently employs the executive as its President (the LPI Agreement).
C. LPI desires to continue to employ Executive as its President and LMOD desires to employ the Executive and Executive is willing to make his services available to the Companies on the terns 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 President. 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 June 20, 2007, unless terminated earlier pursuant to paragraph 3 of this Agreement (the Initial Term); provided, however, beginning on June 20, 2006 and on each day thereafter, it shall automatically renew for one additional day, such that it remains evergreen for a one year 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 Board of Directors of the Parent (the Chairman). Executive shall have such duties, responsibility and requisite authority as are reasonably assigned him from time to time by the Chairman.
The Parent agrees to elect the Executive to the Boards of Directors of the Companies as long as he remains an employee of the Companies. Notwithstanding the foregoing, the Executive agrees that the independent members of the Boards of Directors shall have exclusive and independent authority to act on behalf of the Companies with respect to this Agreement, including but not limited to his termination, without any notice to the Executive in his capacity as a Board member and without the deliberation of the Boards as a whole, including the Executive.
2. Compensation and Reimbursement.
(a) Base Salary. During the Term of Employment, Executive shall receive a base salary of Two Hundred Fifty Thousand Dollars ($250,000) per year (Base Salary), or such increased salary as may from time to time be approved by the Board of Directors of the Parent (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.
Effective on July 1 of each year, beginning with July 1, 2006, the amount of the Executives Base Salary shall be adjusted in proportion to the change in the U.S. Department of Labor Bureau of Labor Statistics Consumer Price Index-All Urban Consumer (1984=100) (CPI) over the prior one year period.
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