IWERKS ENTERTAINMENT INC.
BONUS AGREEMENT
This Bonus Agreement (the "Agreement") is made and entered into effective
as of March 22, 2000 by and between IWERKS ENTERTAINMENT, INC., a Delaware
corporation (the "Company"), and XXXX X. XXXX ("Employee").
AS APPROVED BY THE BOARD OF DIRECTORS, THE PARTIES AGREE AS FOLLOWS:
1. BONUS. The company shall pay to Employee a one-time cash bonus of One
Hundred Thousand Dollars ($100,000) if either (or both) of the
following occurs: (i) a Change in Control, or (ii) the Company engages in
an equity financing transaction (or series of related transactions) whereby
the Company issues Company stock, preferred stock or other equity
securities, or options, warrants or other rights to acquire the same and
receives gross proceeds from the financing of not less than Three Million
Dollars ($3,00,000). Any payment owing under this Section shall be made by
the Company within 10 business days after the occurrence of the triggering
event specified in clause (i) or (ii), as applicable.
2. GENERAL PROVISIONS. This Agreement shall be governed by and construed in
accordance with the laws of the State of California applicable to contracts
entered into in California between California residents. If any provision
of this Agreement is for any reason found by a court of competent
jurisdiction to be unenforceable, the remainder of this Agreement shall
continue in full force and effect. This Agreement embodies the entire
agreement between parties and supersedes all prior agreements and
understanding between the parties with respect to its subject matter. This
Agreement may not be changed unless mutually agreed upon in writing by both
parties.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
set forth above.
COMPANY: Iwerks Entertainment Inc., a Delaware Corporation
By: /s/ Xxx Xxxxxx
-----------------------------------------
Title: Chairman, Interim CEO
By: /s/ Xxxx Xxxxx
-----------------------------------------
Title: Board Director
EMPLOYEE: /s/ Xxxx X. Xxxx
-------------------------------------------------
Xxxx X. Xxxx
Chief Financial Officer
