EMPLOYMENT AGREEMENT
This Employment Agreement (this "Agreement") is made as of
January 23, 1997 to be effective as of December 11, 1996, by and
between Sport Supply Group, Inc., a Delaware corporation
("Employer"), and Xxxx X. Xxxxxx ("Employee").
RECITALS:
WHEREAS, Employer desires to obtain the services of Employee,
and Employee desires to provide services to Employer in accordance
with the terms, conditions, and provisions of this Agreement;
NOW, THEREFORE, in consideration of the covenants and agreements
of the parties herein contained, the parties to this Agreement agree
as follows:
1. Term. Subject to the terms and conditions set forth in
this Agreement, Employer hereby employs Employee, and Employee hereby
accepts such employment from Employer, for a period commencing on
December 11, 1996 (the "Effective Date") and expiring on March 31,
2000, except as otherwise provided herein. Employer and Employee
agree that any extension of this Agreement shall be negotiated during
the period from July 1, 1998 through December 31, 1998, to be
effective after March 31, 2000.
2. Duties. Employee will be employed as an Executive Vice
President and the Chief Financial Officer of Employer, and in such
capacity will perform the normal duties associated with such position
and such other reasonable duties as may be assigned from time to time
by the Board of Directors of Employer consistent with that of an
Executive Vice President or a Chief Financial Officer. Employer
acknowledges that Employee currently is an Executive Vice President
and Chief Financial Officer of Xxxxxxx Radio Corp. ("Xxxxxxx"), and
that Employee will devote certain of his time, attention, and
energies, not to exceed 50% of his working time during the term of
this Agreement, to such responsibilities. During the term of this
Agreement, Employee shall devote his full time, attention, and
energies (except for those devoted to the business of Xxxxxxx as
contemplated in the immediately preceding sentence hereto) to the
business of Employer to discharge his duties faithfully, diligently,
to the best of his abilities, and in a manner consistent with any and
all policies and guidelines as may be established by Employer from
time to time. Employee shall report solely to the Board of
Directors, Chairman, and Chief Executive Officer of Employer.
3. Compensation.
(a) Subject to the terms and conditions of this Agreement
and as compensation for the performance of his services
hereunder, Employer will pay Employee a fixed salary at a
minimum annual rate of $190,000 (such initial rate is referred
to herein as the "Initial Salary," and as it may be adjusted
upward from time to time as provided by the Board of Directors
of Employer, is referred to herein as "Salary"). Employee's
Salary will accrue and be payable to Employee in accordance with
the payroll practices of Employer for senior executives in
effect from time to time during the term of this Agreement.
Employer hereby acknowledges that Employee is being separately
compensated by Xxxxxxx for his services to be rendered on
Xxxxxxx'x behalf.
(b) On or before the date of execution hereof, Employee
shall be paid a one-time bonus of $50,000. In addition,
Employee shall be entitled to receive an annual formula bonus
equal to an amount up to thirty percent (30%) of the Salary
based upon attainment of objectives identified in a business
plan for Employer to be adopted by the Board of Employer no
later than March 31, 1997. The annual formula bonus as
described above for the fiscal year ending September 1997 shall,
in any event, and irrespective of attainment of the objectives
described above for such period, be thirty percent (30%) of the
Salary and shall be payable on or before the first anniversary
of the Effective Date. At its sole discretion the Board of
Directors of Employer may develop such other incentive
compensation arrangements, including but not limited to
additional bonus incentives, as may be determined to be
appropriate for the conduct of Employer's business and
Employee's duties in connection therewith.
(c) Employer also will grant to Employee a non-qualified
stock option (the "Option") to purchase 100,000 shares (the
"Option Shares") of Employer's common stock, par value $.01 per
share (the "Common Stock"), at a price per share of $7.50, which
will be granted on or before January 23, 1997 (the "Date of
Grant"), pursuant to the terms and conditions of the stock
option agreement issued in respect of such Option (the "Stock
Option Agreement"). The Option shall be exercisable for a
period of ten (10) years from the Date of Grant, for so long as
Employee is employed by Employer and for a six-month period
thereafter. The Option and the Option Shares shall be subject
to the terms and conditions set forth in the Stock Option
Agreement and shall vest annually in equal installments on the
first three anniversaries of the Date of Grant, if Employee
remains in the employ of Employer through the respective dates.
As promptly as practicable after the Date of Grant, to the
extent not covered by an existing registration on Form S-8,
Employer will file with the Securities and Exchange Commission a
Registration Statement on Form S-8 to register the offer and
sale of the Option Shares under the Securities Act of 1933, as
amended, and cause such Registration Statement to remain
effective until all of the Option Shares have been sold by
Employee, while Employee remains an employee of Employer and for
a six-month period thereafter. The Stock Option Agreement shall
provide that upon a "change in control," as therein defined, or
if Employee is terminated other than for Cause or in the event
of a Constructive Discharge of Employee (as each such term is
hereinafter defined), all Option Shares shall automatically
vest. The Stock Option Agreement shall also permit Employee to
obtain an interest-free loan for up to six months from Employer,
to be secured by the Option Shares being purchased from the
proceeds of such loan, to permit the purchase of any or all of
the Option Shares.
(d) All payments to Employee pursuant to this Agreement
will be subject to deduction and withholding authorized or
required by applicable law. Employee shall also be paid amounts
as shall equal the federal and state, if applicable, income
taxes (i.e., gross-up for income taxes) which will be payable by
Employee relating to the reimbursement of expenses as set forth
in Section 4 hereof.
4. Employee Benefits; Reimbursement of Expenses. During the
term of this Agreement, Employer shall provide such fringe benefits,
including paid sick leave, paid holidays, participation in health,
dental, and life insurance plans, and other employee benefit plans
which are regularly maintained by Employer for its senior executive
officers in accordance with the policies of Employer in effect from
time to time; provided, however, that to the extent permitted by law,
all requirements under any employee benefit plan pertaining to a
waiting period for eligibility under such plan shall be waived, and
Employee shall be deemed to be immediately eligible under each such
plan to be covered thereby. Notwithstanding the foregoing, Employee
shall be entitled to a minimum of four weeks of paid vacation each
year of this Agreement. In addition, during the term of this
Agreement, Employer shall pay Employee an automobile allowance of
$1,000 per month and reimburse Employee for the cost of liability and
collision insurance on such automobile and all gasoline purchases.
Employer will also pay for the costs of initiation fees, not to
exceed $10,000 per year for up to three years or a total of $30,000,
of a country club selected by Employee in the Dallas/Ft. Worth
metropolitan area as well as pay or reimburse Employee for all
monthly dues, not to exceed $400 per month, at such country club
during the term of this Agreement. Employer will also reimburse
Employee for his travel (including, without limitation, the costs of
first class or business class air travel in those instances in which
Employee does not have upgrade certificates, or upgrades are
unavailable, from coach class air travel, estimated by Employee to be
necessary on approximately 10% of all air travel so taken),
entertainment, and other business expenses incurred in connection
with his employment under this Agreement in accordance with the
policies of Employer in effect from time to time.
5. Confidentiality.
(a) From the Effective Date of this Agreement and in
consideration for the promises made by Employee herein,
including promises made by Employee in Section 6 below, Employer
promises and agrees to provide Employee certain confidential
information consistent with the job duties of an individual in
his position including, without limitation, customer, supplier,
product and distributor lists, trade secrets, plans,
manufacturing techniques, sales, marketing and expansion
strategies, financial records (including business plans,
financial statements, etc.), and technology and processes of
Employer and/or its affiliates, as they may exist from time to
time, and information concerning the products, services,
production, development, technology and all technical
information, procurement and sales activities and procedures,
promotion and pricing techniques and credit and financial data
concerning customers of, and suppliers to, Employer and/or its
affiliates (collectively _Confidential Information_). In
consideration for Employer's promises herein, Employee
acknowledges and agrees that all Confidential Information
previously provided or known to Employee in the course of his
employment with Employer and all such Confidential Information
made available and provided to Employee pursuant to the terms of
this Agreement will be received in strict confidence and will be
used only for the purposes of performing his duties pursuant to
this Agreement and that no such Confidential Information will
otherwise be used or disclosed by Employee during or after the
term of this Agreement without the prior written consent of
Employer. Employee acknowledges and agrees that upon
termination of Employee's employment hereunder for any reason,
Employee will leave and/or return all Confidential Information
and other documents, records, notebooks, customer lists, mailing
lists, business proposals, contracts, agreements, and other
repositories containing information concerning Employer or its
financial condition or business (including all copies thereof)
in Employee's possession, whether prepared by Employee or
others, will remain with or be returned to Employer.
Notwithstanding the foregoing, this Section shall be inoperative
as to any portion of the Confidential Information which (i) is
or becomes generally available to the public other than as a
result of a disclosure by Employee or (ii) becomes available to
Employee on a non-confidential basis and not in contravention of
Employer's rights or applicable law from a source (other than
Employer) which Employee reasonably believes is entitled to
possess and disclose it.
(b) Employee acknowledges and agrees that all manuals,
drawings, blueprints, letters, notes, notebooks, financial
records (including, without limitation, budgets, business plans
and financial statements), reports, computers, computer
equipment, computer disks, hard drives, electronic storage
devices, books, procedures, forms, documents, records or paper,
or copies thereof, pertaining to the operations or business of
Employer made or received by Employee or made known to him in
any way in connection with his employment activities or
otherwise and any other Confidential Information are and will be
the exclusive property of Employer. Employee agrees not to copy
or remove any of the above from the premises and custody of
Employer, or disclose the contents thereof to any other person
or entity except in the ordinary course of business consistent
with Employer's policies. Employee acknowledges that all such
papers and records will at all times be subject to the control
of Employer, and Employee agrees to surrender the same upon
request of Employer, and will surrender such no later than any
termination or expiration of this Agreement.
6. Noncompetition. Employee covenants and agrees that, during
the period Employee is employed by Employer, and if Employee's
employment is terminated pursuant to Section 8(a) or Employee resigns
for any reason (other than as a result of a Constructive Discharge),
for a period of one year thereafter, Employee will not directly or
indirectly compete with Employer in the United States. For the
purposes of this Section 6, the following terms shall have the
meanings indicated below:
(a) The term "compete" shall mean, with respect to the
business of Employer, engaging in or attempting to engage in the
direct mail marketing with the use of a catalog of sports
related equipment to institutional customers or any other
business which generates more than 10% of Employer's revenues at
the time of termination, either alone or with any individual,
partnership, corporation, or association.
(b) The words "directly or indirectly" as they modify the
word "compete" shall mean: (i) acting as an agent,
representative, consultant, officer, director, or employee of
any entity or enterprise which is competing (as defined in this
Section 6) with the business of Employer; (ii)
participating in any such competing entity or enterprise as an
owner, partner, limited partner, joint venturer, creditor, or
stockholder (except as a stockholder holding less than a five
percent (5%) interest in a corporation whose shares are actively
traded on a regional or national securities exchange or in the
over-the-counter market); (iii) communicating to any such
competing entity or enterprise any competitive non-public
information concerning any past, present, or identified
prospective client or customer of, or supplier to, Employer;
(iv) soliciting the customers, distributors, dealers, or
independent sales persons of Employer or its Affiliates (as
defined below) as of Employee's termination date; or (v)
recruiting, hiring, or assisting others in recruiting or hiring
(collectively referred to as "Recruiting Activity") any person
who is, or within the 12-month period immediately preceding the
date of any such Recruiting Activity was, an employee of
Employer or its Affiliates. For the purposes of this Agreement,
the term "Affiliates" shall mean all subsidiaries of Employer
and each entity in which Employer is an equity investor (or was
an equity investor within the 12-month period preceding the date
Affiliate status is determined) which controls, is controlled
by, or under common control with Employer.
(c) Employee understands and agrees that the scope of this
covenant by Employee contained in this Section is reasonable as
to time, area, and persons and is necessary to protect the
proprietary and legitimate business interest of the Employer,
and but for such covenant by Employee the Employer would not
have agreed to enter into the transactions contemplated by this
Agreement. Employee agrees that this covenant is reasonable in
light of the compensation and other consideration Employer has
agreed to provide Employee pursuant to this Agreement. It is
further agreed that such covenant will be regarded as divisible
and will be operative as to time, area, and persons to the
extent that it may be so operative.
7. Injunctive Relief. If Employee breaches any of the
provisions of Sections 5 or 6 hereof, Employer shall be entitled to
specific performance, injunctive relief, or such other legal and/or
equitable remedies as may be appropriate. Nothing contained herein
shall be construed as prohibiting Employer from pursuing any other
remedies available to it for such breach of any of the terms and
provisions of this Agreement, nor limiting its right to the recovery
of damages from Employee or any other person or entity for the breach
or violation of any provision of this Agreement, whether such remedy
be at law or in equity.
8. Termination.
(a) Employer may terminate Employee's employment for Cause
(as defined herein). Notwithstanding the foregoing and with
respect to Section 8(g)(iv), Employer may terminate Employee's
employment for Cause only if such Cause is not cured within 10
days following Employee's receipt of written notice thereof by
Employer to Employee. If Employee's employment is terminated
for Cause, Employee will be paid Salary to the date of such
termination notice and shall be paid Salary for all accrued but
unused personal, vacation, and sick days (less all amounts
required to be withheld or deducted therefrom and all undisputed
amounts owed or due by Employee to Employer).
(b) If Employer terminates Employee other than for Cause
or in the event of a Constructive Discharge of Employee (as
hereinafter defined) during the term hereof, Employer shall (i)
pay Employee his Initial Salary (A) through the stated term of
this Agreement, if such termination or Constructive Discharge
occurs prior to July 1, 1998, or (B) through a period of 18
months from the date of such termination or Constructive
Discharge, if such termination or Constructive Discharge occurs
on or after July 1, 1998 (in either event Employee shall also
receive all accrued but unused personal, vacation, and sick days
and less all amounts required to be withheld or deducted
therefrom and all amounts owed or due by Employee to Employer),
and (ii) continue to provide Employee, during the period through
which his Initial Salary will be paid, health insurance with
coverage no less than the coverage available during such period
to Employer's senior executive officers, and Employer shall have
no other obligation hereunder. Section 8(b)(i)(B) of this
Agreement shall survive even if this Agreement expires by its
own terms unless Employer and Employee agree in writing to
mutually terminate this Agreement or amend this provision or if
Employer and Employee enter into a new Employment Agreement.
(c) If Employee terminates his employment with Employer
other than as a result of a Constructive Discharge and, if
during the term of this Agreement set forth in Section 1
Employer has not materially breached any provision of this
Agreement, Employee will be paid only Salary as has been earned
to the date of termination and for all accrued but unused
personal, vacation, and sick days (less all amounts required to
be withheld or deducted therefrom and all amounts owed or due by
Employee to Employer).
(d) If no other provision in this Section 8 is applicable
and if this Agreement terminates pursuant to the expiration of
the term set forth in Section 1, Employee will be paid only
Salary as has been earned to the date of termination and for all
accrued but unused personal, vacation, and sick days (less all
amounts required to be withheld or deducted therefrom and all
amounts owed or due by Employee to Employer) or such longer
period as he is entitled pursuant to the provisions of Section
9.
(e) If Employee dies or is disabled, as determined by his
physician, so that he is unable to work for six consecutive
months during the term hereof, this Agreement will terminate,
and Employer will (i) pay to the estate of Employee, or
Employee, as the case may be, the Salary which would otherwise
be payable to Employee up to the end of the month in which his
death or such six-month period occurs and for all accrued but
unused personal, vacation, and sick days (less all amounts
required to be withheld or deducted therefrom and all amounts
owed or due by Employee to Employer), and (ii) provide to
Employee's dependents (including his spouse) and to Employee, in
the case of such a disability, for a period of at least two
years after Employee's death or disability and at no charge to
such dependents or Employee, health and accident insurance with
coverage no less than the coverage available during such time to
Employer's senior executive officers. Notwithstanding the
foregoing, Employer's obligations under this Section shall be
reduced by the amounts obtained by Employee under any applicable
disability insurance policy.
(f) If this Agreement or the employment of Employee is
terminated, except as otherwise specifically set forth herein,
Employee will not be obligated to mitigate his damages nor the
amount of any payment provided for in this Agreement by seeking
other employment or otherwise, and the acceptance of employment
elsewhere after termination shall in no way reduce the amount of
Salary due hereunder.
(g) For the purposes of this Agreement, "Cause" shall mean
that Employee shall have committed:
(i) an intentional material act of fraud or
embezzlement in connection with his duties or in the course
of his employment with Employer;
(ii) an intentional wrongful material damage to
property of Employer;
(iii) an intentional wrongful disclosure of
material secret processes or material confidential
information of Employer; or
(iv) an intentional and continued failure to perform
his duties as Executive Vice President and Chief Financial
Officer (other than any such failure resulting from
incapacity due to physical injury or illness or mental
illness as such is provided for in Section 9).
(h) For the purposes of this Agreement, "Constructive
Discharge" means a change in office, title, or position from
that reasonably associated with being an Executive Vice
President and Chief Financial Officer, other than a promotion; a
change in reporting of Employee to any person other than the
Chairman, Chief Executive Officer, or the Board of Directors of
Employer; a required relocation to a location in excess of
thirty (30) miles of Employer's current principal location; a
reduced Salary; a material diminution in responsibilities; or
any other material breach of this Agreement by Employer.
(i) The provisions of this Section 8 shall survive
the termination of this Agreement.
9. Disability. If Employee is unable to perform his assigned
duties by reason of illness, injury, or incapacity (other than as a
result of abuse of drugs, alcohol, or other substances), he will be
entitled to receive such disability benefits as are provided by
Employer's disability policies for its other senior executive
officers.
10. Relocation Expenses. Employee shall permanently relocate
his residence to the location of the Employer's principal office no
later than July 1, 1997. To the extent not covered by existing
policies of Employer and as a supplement to such existing policies,
Employer shall provide the following to Employee:
(a) Temporary residence in the location of Employer's
principal business office pending relocation;
(b) Reasonable round-trip air travel and related expenses
between Dallas, Texas, and Employee's existing principal
residence on a semi-monthly basis, and the reasonable round-trip
air travel and related expenses to Dallas, Texas, for up to two
(2) trips by Employee's wife and child for the purpose of
obtaining a residence, pending final relocation;
(c) Reimbursement of principal, interest, taxes, and
insurance and maintenance on Employee's existing residence for a
period not to exceed six (6) months from the date of Employee's
final relocation pending sale of such property; and
(d) If Employee's existing residence is not sold prior to
closing on Employee's new residence, Employer will either
provide or guarantee an interim bridge loan secured by a lien
against either Employee's existing residence or, if permitted by
applicable law, Employee's new residence, interest-free for the
lesser of twelve (12) months or through the date of sale of
Employee's existing residence. Employee shall also be
reimbursed for all closing, sales, and mortgage related fees and
expenses (including points and real estate commissions) with
respect to the sale of Employee's existing residence and
purchase by Employee of a new residence, but in no event in
excess of $30,000. In addition, Employee will be reimbursed for
all reasonable moving expenses. The amount of the bridge loan
will be no more than the lesser of $75,000 or 100% of the equity
in Employee's existing or new residence, as applicable, and may
be utilized solely for the purpose of acquiring a new residence
at the location of Employer's principal place of business.
11. Binding Nature.
(a) Employer will require any successor and any
corporation or other legal person which is in control of such
successor (as "control" is defined in Regulation 230.405 or any
successor rule or regulation promulgated under the Securities
Act of 1933, as amended) to all or substantially all of the
business and/or assets of Employer (by purchase, merger,
consolidation, or otherwise), by agreement in form and substance
reasonably satisfactory to Employee, to expressly assume and
agree to perform this Agreement in the same manner and to the
same extent that Employer would be required to perform it if no
such succession had taken place. Failure of Employer to obtain
such agreement prior to the effectiveness of any such succession
will be a material breach of this Agreement by Employer.
Notwithstanding the foregoing, any such assumption shall not, in
any way, affect or limit the liability of the Employer under the
terms of this Agreement or release the Employer from any
obligations hereunder. As used in this Agreement, "Employer"
shall mean Employer as hereinbefore defined and any successor to
its business and/or all or part of its assets as aforesaid which
executes and delivers the agreement provided for in this Section
11 or which otherwise becomes bound by all the terms and
provisions of this Agreement by operation of law.
(b) This Agreement and all the rights of Employee under
this Agreement will inure to the benefit of and will be
enforceable by Employee's personal or legal representatives,
executors, administrators, successors, heirs, distributees,
devisees, and legatees.
(c) Except as set forth above, neither this Agreement, nor
any of the rights, interests or obligations hereunder shall be
assigned by either party hereto, whether by operation of law or
otherwise, without the prior written consent of the other party,
nor is this Agreement intended to confer upon any other person
other than the parties hereto any rights or remedies hereunder.
12. Severability. If any provision of this Agreement is
declared or found to be illegal, unenforceable, or void, in whole or
in part, then both parties will be relieved of all obligations
arising under such provision, but only to the extent of the portion
of the provision which is illegal, unenforceable, or void. The
intent and agreement of the parties to this Agreement is that this
Agreement will be deemed amended by modifying and/or reforming any
such illegal, unenforceable, or void provision to the extent
necessary to make it legal and enforceable while preserving its
intent, or if such is not possible, by substituting therefor another
provision which is legal and enforceable and achieves the same
objectives. Notwithstanding the foregoing, if the remainder of this
Agreement will not be affected by such declaration or finding and is
capable of substantial performance, then each provision not so
affected will be enforced to the extent permitted by law.
13. Waiver. No delay or omission by either party to this
Agreement to exercise any right or power under this Agreement will
impair such right or power or be construed as a waiver thereof. A
waiver by either of the parties to this Agreement of any of the
covenants to be performed by the other or any breach thereof will not
be construed to be a waiver of any succeeding breach thereof or of
any other covenant contained in this Agreement. All remedies
provided for in this Agreement will be cumulative and in addition to
and not in lieu of any other remedies available to either party at
law, in equity, or otherwise.
14. Governing Law. This Agreement will be governed by and
construed in accordance with the laws of the State of Texas without
giving effect to any principle of conflict-of-laws which would
require the application of the law of any other jurisdiction. All
parties hereto hereby irrevocably submit to the nonexclusive
jurisdiction of the state and federal courts of the State of Texas
and agree and consent that service of process may be made upon it in
any proceeding arising out of this Agreement by service of process as
provided by Texas law. All parties hereto agree that the venue for
any and all suits, actions or proceedings arising out of or relating
to this Agreement shall be brought solely in a Court of competent
jurisdiction sitting in Dallas, Dallas County, Texas. All parties
hereto hereby irrevocably waive, to the fullest extent permitted by
law, any objection which such party may now or hereafter have to the
laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement brought in the District Court of Dallas
County, State of Texas, or in the United States District Court for
the Northern District of Texas, and hereby further irrevocably waive
any claims that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum.
15. Notices. For purposes of this Agreement, notices and all
other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when delivered or
mailed by United States registered mail, return receipt requested,
postage prepaid, addressed as follows:
If to Employee: Sport Supply Group, Inc.
Attention: Xxxx X. Xxxxxx
0000 Xxxxxxxx Xxxxx
Xxxxxxx Xxxxxx, Xxxxx 00000
If to Employer: Sport Supply Group, Inc.
Attention: Chief Executive Officer
0000 Xxxxxxxx Xxxxx
Xxxxxxx Xxxxxx, Xxxxx 00000
or to such other address as either party may have furnished to the
other in writing in accordance herewith, except that notices of
change of address shall be effective only upon receipt.
16. Attorneys' Fees. If any arbitration or civil action,
whether at law or in equity, is necessary to enforce or interpret any
of the terms of this Agreement, the prevailing party will be entitled
to reasonable attorneys' fees, court costs, and other reasonable
expenses of litigation, in addition to any other relief to which such
party may be entitled.
17. Arbitration. Any dispute arising under this Agreement
shall be submitted to arbitration in Dallas, Texas, in accordance
with the rules of the American Arbitration Association. The decision
of the arbitrator(s) will be binding, conclusive, and nonappealable.
18. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instrument.
19. Entire Agreement. This Agreement constitutes the entire
agreement between the parties to this Agreement with respect to the
subject matter of this Agreement and there are no understandings or
agreements relative to this Agreement which are not fully expressed
in this Agreement. All prior agreements between the parties with
respect to the subject matter of this Agreement, whether oral or
written, are expressly superseded by this Agreement. No change,
waiver, or discharge of this Agreement will be valid unless in
writing and signed by the party against which such change, waiver, or
discharge is to be enforced. In addition, the parties hereto
expressly acknowledge and agree that no other agreement nor any
breach of or default under any other agreement shall have any effect
on the rights and obligations of the parties hereto, including,
without limitation, under any employment or other agreement between
Employee and Xxxxxxx.
IN WITNESS WHEREOF, the parties of this Agreement have executed
and delivered this Agreement on the date first above written.
EMPLOYER:
SPORT SUPPLY GROUP, INC.
By: /s/ Xxxxxxxx X. Xxxxxx
Xxxxxxxx X. Xxxxxx,
Chief Executive Officer
EMPLOYEE:
/s/ Xxxx X. Xxxxxx
Xxxx X. Xxxxxx
