Exhibit 10.4
EMPLOYMENT AGREEMENT
This Employment Agreement dated as of May 7th, 2002 (this "Agreement
"), by and between Xxxxxx Xxxxxx, Ltd., a Delaware corporation (the "Company") &
Adesso Madden, Inc., and Xxxxxx X. Xxxxxxx & T.J. M. Sales Corporation.
WITNESSETH:
Whereas, the Executive and the Company desire to this Original
Agreement.
Now, Therefore, in consideration of the premises and mutual convenants
contained herein, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
Effective as of the June 1st, 2002, this Original Agreement is hereby
as follows:
Title: You will remain as an officer of Xxxxxx Xxxxxx, Ltd and its
subsidiaries with new titles as follows: Executive Vice President of
Adesso Madden, Inc. Executive Chairman of LEI (Division of Xxxxxx
Xxxxxx, Ltd) & Stevies, Inc.
Term: From June 1st, 2002 thru December 31st, 2004
Adesso Madden Inc. (A-M. Inc.,)
1) Commissions on the following sales by Xxxxxx X. Xxxxxxx:
A. Up to 8 Million Sales - 2%
B. 8 to 10 Million Sales - 1%
C. 10 to 23.5 Million Sales - 1/2%
D. 23.5 to 34 Million Sales - 3%
E. Over 34 Million Sales - 4%
2) Biweekly Draw (guaranteed by Xxxxxx Xxxxxx, Ltd.) payable to T.J.M.
Sales Corporation in the amount of $16,000.00 (Sixteen Thousand
Dollars) against commission earned on Sales of A.M. Inc. and Lei
Footwear. $416,000 yearly income guaranteed by Xxxxxx Xxxxxx, Ltd
through length of agreement.
L.e.i. Footwear (Division of Xxxxxx Xxxxxx, Ltd.)
Commission: 2% Commission on Sales to Famous Footwear payable within 45
days after the closing of each quarter which will be payable to T.J.M. Sales
Corporation.
Xxxxxx Xxxxxx, Ltd
Options: 25,000 options of common stock with a xxxxx xxxxx base on the
fair market value on June 30th. Options will be granted yearly once contract is
in effect beginning with the year 2003. These options shall vest quarterly
beginning from 9/30/03.
Convenant Not to Compete: Executive recognizes that the services to be
performed by him hereunder are special and unique. In consideration of the
compensation granted herein, the Executive agrees that, in the event he either
terminates his employment of his own accord or is terminated by the Company for
cause prior to the expiration of this agreement, for a period of 12 months
following such termination, he shall not engage in or accept employment with any
competitive business for his special and unique services.
If you terminate your relationship with the Company prior to the
expiration of the term, you agree to forfeit and surrender any unearned
commissions from the date of such termination forward.
ACCEPTED & AGREED BY:
/s/ XXXXXX X. XXXXXXX
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XXXXXX X. XXXXXXX
/s/ XXXXXXXX X. XXXXXX
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XXXXXXXX X. XXXXXX
CHIEF EXECUTIVE OFFICER
XXXXXX XXXXXX, LTD
/s/ XXXXXX XXXXXX
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XXXXXX XXXXXX
CHIEF FINANCIAL OFFICER
XXXXXX XXXXXX, LTD
