Exhibit 10.15
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XXXXXX X. XXXXXX
Employment Agreement
December 17, 1997
To: X. Xxxxxxxx
X. Xxxxxxxx
From: X.X. Xxxxxx
Re: Employment Terms
1. Position: Chief Executive Officer of General Media International, Inc.
2. Authority; Responsibilities: Day-to-day business operations of GMI,
including, but not limited to, financing, administration, acquisition,
disposition, licensing, franchising, electronic media development in terms
of financing, structure, licensing and contracts (not including creative
and magazine content).
3. Reporting Responsibilities: To the Chairman of the Board
4. Term: Two years, renewable on terms mutually agreeable.
5. Compensation:
a. "Sign-on" one time payment of $150,000 payable on initialing of this
memorandum of employment
b. Base salary - $400,000
c. Bonus-Participation in all executive bonus plans in existence or
formed hereafter.
d. Benefits-Participation in GMI medical, dental, disability etc. plans
in existence or formed hereafter.
e. Life Insurance - $1,000,000 term insurance or split-dollar life
insurance.
f. Vacation - four (4) weeks per annum.
g. Business expense reimbursement - upon presentation of proper
receipts and only if deductible by GMI as a business expense.
h. Luncheon club dues and initiation fees - food etc. charges
reimbursed only if incurred in business activities on behalf of GMI.
x. Xxxxxxxxx: One year base salary plus earned bonus to date of
termination. Not applicable if terminated for proven theft,
substance abuse, breach of terms of this memorandum or proven
dishonesty ("cause").
j. Change of Control, Sale- Base salary plus previous year's bonus and
then earned bonus multiplied by two. Not applicable if terminated
for cause.
6. Success bonuses:
a. Refinancing of long term debt and redemption of current bond issue
-- $450,000.
b. Restructuring, reorganization and sale or public offering of
automotive group -- $250,000.
c. Public offering of Internet and/or electronic media group --
$300,000.
7. Implement Directors and Officers Liability Insurance in coverage of at
least $10 million as soon as practicable.
Agreed In Principle
/s/ X. Xxxxxxxx
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