Material Contract - Employment Agreement of Xxxxxxx Xxxxxxx,
Executive Vice President and CFO
o Xx. Xxxxxxx'x Employment Agreement is recapped as follows:
o Xxxxxxx Xxxxxxx will be the Executive Vice President and CFO
of Park City Group with a base salary of $225,000 per year.
o Xx. Xxxxxxx will receive each year, a bonus payable in cash
and stock,(half and half) based on Year-Over-Year Fiscal Sales
Growth where the minimum sales growth necessary to achieve a
bonus is twenty-five (25)percent. In addition, profitability,
measured by EBITDA must increase by at least the same rate as
sales.
o For over the 25% growth in sales and so long as the
profitability
o measure is at least the same as the sales growth, the bonus
will be that growth in sales times the base salary.
o Xx. Xxxxxxx may purchase stock in a formula where for each
share which o is paid in cash in the first year of employment,
he will be given three o options for shares at the same price
as the purchased stock.
o Xx. Xxxxxxx will be eligible to receive the benefits and
options and any other offering made to the senior management
team.
This agreement does not supersede Xx. Xxxxxxx'x agreement that entitles him to
5% of Fresh Market Manager LLC.
