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Employment Agreement

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Title:

Employment Agreement

Entities:

Moto Photo, Inc.

Date:

2000

Size:

Preview shows 5KB of 26KB total

Price:

$39

ID:

#855833

► Consumer ► Photography

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EXHIBIT 10.28

EMPLOYMENT AGREEMENT

This Employment Agreement (the "Agreement") is made as of the first day of April, 1999, by and between MOTO PHOTO, INC., a Delaware corporation ("Employer"), and Paul Pieschel ("Employee"). This Agreement is based on the following understandings:

The parties desire to enter into an employment relationship on the terms and conditions set forth in this Agreement.
During the term of his employment, Employee will receive access to proprietary information and/or trade secrets relating to Employer's business, its franchisees, and its business contacts which are of a highly confidential, unique, and valuable nature. In addition, Employee may be adding to confidential information of Employer.
The parties acknowledge that Employer would suffer great loss and damage if any Confidential Information (as defined in Section 5.3 of this Agreement) is divulged at any time other than for the benefit of Employer.
The parties further acknowledge that Employee may establish close working relationships with valued employees of Employer and its franchisees and that Employer's business may suffer substantial harm if, upon the termination of Employee's employment with Employer, Employee should thereafter employ or attempt to employ, directly or indirectly, certain personnel of Employer, its franchisees, or their employees.

Accordingly, the parties agree as follows:

1. Duties. Employer hereby employs Employee, for the term of this Agreement, as Senior Vice President of Franchise Sales. Employee accepts such employment upon the terms and conditions specified in this Agreement. During the term of his employment with Employer, Employee shall report to the Chairman and Chief Executive Officer and shall have the following duties:

1.1 Employee shall serve as head of Employer's Franchise Sales Department, directing other Franchise Sales staff.

1.2 Employee shall have responsibility for franchise sales and devising programs to increase the number of new franchises sold within the MotoPhoto^sm system ("the System").

1.3 Employee shall supervise area developers, franchise brokers, and other franchise sales personnel of Employer.

1.4 Employee will perform such other duties as directed from time to time by the Chairman and Chief Executive Officer of Employer or other senior executive to whom Employee may report and/or by the Board of Directors of Employer.

1.5 If Employee's responsibilities change, Employer and Employee shall amend this Agreement to provide for such new or changed responsibilities and to adjust Employee's compensation, if appropriate.

2. Annual Compensation

2.1 Base Compensation. As base compensation for Employee's services to Employer during the period April 1, 1999 through March 31, 2000, Employer shall pay Employee a regular salary at the rate of Ninety-One Thousand Nine Hundred Seventy-One Dollars ($91,971) per employment year (April 1 to March 31), payable in such manner as Employer pays its other executives. Thereafter, Employer shall pay Employee a salary determined as provided in Section 2.3 of this Agreement.

2.2 Bonus. Employee's bonus for fiscal year 1999, if any, shall be determined by the Chairman and Chief Executive Officer of Employer and Employee's supervisor if it is other than the Chairman and Chief Executive Officer, after consultation with the Compensation Committee of the Board of Directors of Employer. Thereafter, Employee's bonus, if any, shall be determined as provided in Section 2.3 of this Agreement. To the extent that Employee's bonus is calculated as a function of pre-tax income of Employer, the following shall apply: Not later than March 30 of each year, Employer's independent CPA firm shall calculate pre-tax income and its determination shall be binding. In calculating pre-tax income, the CPA firm shall include gains or losses from the sale of Employer-owned stores and shall add back to the pre-tax income of Employer any bonuses of Employer's executives (including Employee) who have a bonus based on pre-tax income of Employer. Any bonus, to the extent due according to the calculation in this Section, will be paid by March 30 of the following year.

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