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EXHIBIT 10.13
EMPLOYMENT AGREEMENT WITH XXXX XXXXXXXX
January 23, 1997
As of January 20, 1997
Xx. Xxxx Xxxxxxxx
000 Xxxxx Xxxxxxxxxx Xxxxxx #000
Xxx Xxxxxxx XX 00000
Dear Xx. Xxxxxxxx:
The following is to confirm the terms of your new employment agreement with TEAM
Communications Group, Inc. ("TEAM"). This agreement is intended to replace in
its entirety any and all preexisting such agreements. The new terms are as
follows:
1. Your title will be Executive Vice President; second in command, second in
overall salary; reporting to Xxxx Xxxxx and the Board of Directors. You will be
first in line for an "inside" seat as member of the board of directors of TEAM.
2. Your services will be exclusive to TEAM, excepting only such custodial
services as are required to oversee the following projects:
A) The Literary Trust of the Xxxx X. Xxxxx Estate
B) The works of Xxxxx X'Xxxxxxx
C) The works of Xxxx Xxxxxxxx
D) The Estate of Xxxxxxx Xxxxxxxx
E) Black Sparrow Press
You will use your best efforts to bring any appropriate viable projects from the
above to TEAM for a first look and right of first refusal. When appropriate, you
will serve in an Executive Consultant or Executive Producer capacity on the
above mentioned projects, but your services on such will not materially
interfere with the performance of your services for TEAM or any of its
subsidiaries pursuant to this agreement. Additionally, your attachment to any
theatrical motion picture projects are excluded, subject to the same requirement
that such attachment will not materially interfere with the performance of your
services for TEAM or any of its subsidiaries pursuant to this agreement.
3. You will serve as head of all production divisions and operations. Your
responsibilities will include, but not be limited to, the development of
properties for long form television, acquiring existing or outside production
material, and assistance in the sale and placement of television and miniseries
projects at the networks, cable systems and syndicator.
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Xx. Xxxx Xxxxxxxx
January 23, 1997
as of January 20, 1997
4. Compensation: Base Salary to be as follows:
a) From January 20th, 1997 - June 30th, 1997 at the annual rate of
$150,000
b) From July 1st, 1997 - December 31st, 1997 at the annual rate of
$175,000
c) From January 1st, 1998 - June 20th, 1999 at the annual rate of
$200,000
plus, as a bonus:
d) Two and a half percent (2 1/2%) of the company's pre-tax profits up
to 3 Million dollars;
e) Four percent (4%) thereafter with the same definition of pre-tax
profits as Xxxx Xxxxx'x, annually with the year ending December 31 of
each year.
5. Twenty thousand (20,000) stock options each year for the first two (2) year
of this agreement, at $1.00 per option. Such stock options will vest over the
course of employment with terms no less favorable than granted to any other
employees.
6. You will receive an assistant at a salary in a range of $40,000 per year,
office space (decorated conservatively and pre-approved by Xxxx Xxxxx.), a
reserved parking space, reimbursement of all reasonable pre-approved business
expenses, three (3) weeks vacation per year for the first year of this
agreement, and four (4) weeks vacation per year thereafter, and health insurance
as it is provided to other comparable executives.
7. Term: January 20, 1997 to June 20, 1999.
8. Subject to third party veto, your on-air credit for movies produced under
your auspices will be co-executive producer, with size and placement to be
determined by TEAM.
9. All other points not discussed shall be negotiated in good faith at the
appropriate time.
Please indicate your acceptance of, and agreement with, all of the above terms
and conditions by signing the attached copy of this letter and returning it to
me. We will thereafter prepare a more formal agreement incorporating the above
and other usual and customary terms and conditions.
Thank you.
Best Regards,
/s/ Xxxx X. Xxxxx
_____________________________
Xxxx X. Xxxxx
DSL/ee
Agreed to and accepted:
/s/ Xxxx Xxxxxxxx
Dated: January 31, 1997. ______________________________
Xxxx Xxxxxxxx
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AMENDMENT TO THE AGREEMENT WITH XXXX XXXXXXXX
October 4, 1997
Xx. Xxxx Xxxxxxxx
000 Xxxxx Xxxxxxxxxx Xxxxxx #000
Xxx Xxxxxxx XX 00000
Dear Xx. Xxxxxxxx:
This is to confirm the following change to your employment agreement dated
January 23, 1997, as of January 20, 1997.
Paragraph 4 is now amended to read as follows:
4. Compensation: Base Salary to be as follows:
a) From January 20th, 1997 - June 30th, 1997 at the annual rate of
$125,000 plus a performance bonus at an annual rate of up to $25,000, to be paid
weekly
b) From July 1st, 1997 - December 31st, 1997 at the annual rate of
$125,000 plus a performance bonus at an annual rate of up to $50,000, to be paid
weekly
c) From January 1st, 1998 - June 20th, 1999 at the annual rate of
$200,000 plus, in addition to (a)(b) and (c) above, as a further bonus:
d) Two and a half percent (2 1/2%) of the company's pre-tax profits up
to 3 Million dollars;
e) Four percent (4%) thereafter with the same definition of pre-tax
profits as Xxxx Xxxxx'x, payable annually with the year ending December 31 of
each year.
All other terms and conditions will remain the same. Please indicate your
understanding and acceptance of the above by signing and returning a copy of
this letter amendment as soon as possible. Thank you.
Sincerely,
/s/ XXXX X. XXXXX
Xxxx X. Xxxxx
Business Affairs
Agreed to and accepted:
/s/ XXXX XXXXXXXX Date: October 4, 1997
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Xxxx Xxxxxxxx
