KEY EXECUTIVE EMPLOYEE INCENTIVE AGREEMENT
Exhibit 10.3
This Key Executive Employee Incentive Agreement (“Agreement”) is made by Xxxxx Xxxxxxx
(“Employee”) and Professional Veterinary Products, Ltd. (“PVPL”) on this 19th day of
August, 2010.
Recitals
Employee is employed by PVPL as its Chief Operating Officer. The parties recognize that the
sale of substantially all of PVPL’s inventory to a buyer under a 11 U.S.C. § 363 sale is beneficial
to PVPL and its bankruptcy estate.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained
in this Agreement, and for other good and valuable consideration, the parties, intending to be
legally bound, agree as follows:
1. Payment of Sale Incentive Bonus. To the extent the Employee is employed by PVPL on the
date the bankruptcy court confirms a sale of substantially all of PVPL’s inventory to a purchaser
under a 11 U.S.C. § 363 sale (the “Sale”), the Employee will receive a bonus of thirty-five
thousand dollars ($35,000), payable as an administrative expense claim in PVPL’s bankruptcy case.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.
| PROFESSIONAL VETERINARY PRODUCTS, LTD. |
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| By: | /s/ Xxxxx Xxxxx | |||
| Xxxxx Xxxxx, President | ||||
| /s/ Xxxxx Xxxxxxx | ||||
| Xxxxx Xxxxxxx, Employee | ||||
