Coffee People Inc. Contracts
Sample Business Contracts
Summary of Employment Terms - Coffee People Inc., Second Cup Inc. and Kenneth B. Ross
Employment Forms
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SUMMARY OF EMPLOYMENT TERMS BETWEEN COFFEE PEOPLE, INC. AND SECOND CUP INC. AND KENNETH B. ROSS These summary employment terms are effective from the Closing Date of the transaction contemplated by the Acquisition Agreement between Coffee People, Inc. (the "Company") and Second Cup Inc., dated November 13, 1997 (the "Transaction"). All salary and bonus provisions contained herein shall replace any then existing compensation as at the Closing Date. 1. TERM: One year from the Closing Date of the Transaction. The Closing Date is expected to be on or before March 31, 1998. 2. LOCATION: Portland, Oregon with expense paid travel as required. 3. TITLE: Vice President, Finance and Secretary, Coffee People, Inc. 4. DUTIES: Reporting to the CEO of Coffee People, Inc., all duties customarily assigned to this position. 5. COMPENSATION: Annual Salary: Base salary fixed at $115,000.00 per annum. Salary Adjustment: $7,500.00 payable six months following the Closing Date, provided the employee has not voluntarily resigned from the employment of the Company. $7,500.00 payable twelve months following the Closing Date, provided the employee has not voluntarily resigned from the employment of the Company. Should the employee resign subsequent to six months from the Closing Date, this payment shall be "pro rated" for the period between six months after the Closing Date and the last date of employment. Success Fee: $25,000.00 payable six months following the Closing Date, provided the employee has not voluntarily resigned from the employment of the Company prior to this date. Bonus: $16,250.00 payable six months following the Closing Date, provided the employee has not voluntarily resigned from the employment of the Company prior to this date. $16,250.00 payable twelve months following the Closing Date, provided the employee has not voluntarily resigned from the employment of the Company prior to this date. 6. BENEFITS: To be no less favorable than those currently in place. <PAGE> 7. TERMINATION WITH CAUSE: Wages paid through termination date plus one month severance paid. If termination is in the first six months following the Closing Date, then no salary adjustment shall be paid. If termination is after six months following the Closing Date, then the salary adjustment for the second six month period shall be pro rated to the termination date and paid. Bonus and success fee entitlement forfeited, unless termination occurs subsequent to payment dates. There shall be no accrued calculation of bonuses or success fee--these payments vest on a lump sum basis on the payment dates. Employee benefits cancelled at employer's option. 8. TERMINATION WITHOUT CAUSE: Wages paid through termination date and the later of twelve months following the Closing Date or six months following termination, paid as a lump sum less all applicable withholding taxes. Any unpaid salary adjustment to be paid, less all applicable withholding taxes. All outstanding bonus and success fee payments vest upon termination and are to be paid, less applicable withholding taxes. Employee benefits remain in effect for the severance period. 9. VOLUNTARY RESIGNATION: Employee agrees to provide 90 days' written notice of resignation. Wages paid through last date of employment, which shall be 90 days after employee has provided written notice of resignation, unless at its option, the Company determines an earlier effective date of resignation, in which case, wages shall only be paid to the effective date of resignation. No additional bonus or success fee monies paid if not otherwise payable by last date of employment. Employee benefits cease as of last date of employment. These terms of employment, effective from the Closing Date of the Transaction, are hereby agreed by: COFFEE PEOPLE, INC. /s/ Kenneth B. Ross By: /s/ Taylor H. Devine ------------------------ ----------------------- Kenneth B. Ross Coffee People, Inc. /s/ KA Welsh ------------------------ Second Cup Inc.