EXHIBIT 10.20
AGREEMENT
This Agreement is made this 21 day of October, 1999, by and between Mackie
Designs Inc. ("Mackie"), a Washington corporation, and Xxxxx Xxxxx ("Xxxxx").
RECITALS
X. Xxxxx is the Chief Operating Officer of Mackie, having moved to Seattle from
Vancouver, British Columbia to assume this position.
X. Xxxxxx wishes to defray certain expenses incurred by Engen in such move and
to assist Engen in relocating his family from Vancouver to the Woodinville,
Washington area.
Based upon the above recitals, the parties promise and agree as follows:
1. COST REIMBURSEMENT: Engen has incurred out-of-pocket expenses with respect to
the sale of his home in Vancouver totaling US$52,925. Mackie shall reimburse
Engen for such costs upon execution and delivery of this Agreement.
2. LOAN: Mackie hereby loans the sum of $250,000 to Engen upon the following
terms and conditions:
2.1 Subject to the provisions of Section 2.4, the principal amount of
the loan shall become due and payable in full on or before October 31,
2004, or upon the termination of Xxxxx'x employment with Mackie,
whichever shall first occur;
2.2 The loan shall bear no interest; and,
2.3 The loan shall be secured by a deed of trust in a form satisfactory
to Mackie upon any residence purchased by Engen in the United States,
which deed of trust shall be not less than second in priority as to all
other encumbrances upon the residence.
3. WASHINGTON LAW: This Agreement shall be construed under the laws of the State
of Washington.
4. BINDING EFFECT: This Agreement shall inure to the benefit of, and be binding
upon, the parties hereto and their respective successors, personal
representatives, heirs and/or assigns.
5. ATTORNEY'S FEES: In the event of any litigation arising out of this Agreement
or any claimed breach thereof, the prevailing party in such litigation shall be
entitled to
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recover his or its reasonable attorney's fees and reasonable costs of litigation
(including on appeal thereof), in addition to any other award or decree granted
or given by the court.
6. TIME: Time is of the essence of this Agreement.
MACKIE DESIGNS INC.
By: /s/ Xxxx Xxxxxxxx /s/ Xxxxx Xxxxx
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Title: Director Xxxxx Xxxxx
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