Part-Time Employment Agreement between Anacomp, Inc. and Edward P. Smoot
Anacomp, Inc. has entered into a part-time employment agreement with Edward P. Smoot for fiscal year 2003. Mr. Smoot will work ten hours per pay period on special projects assigned by the President and CEO, such as acquisitions, divestitures, and banking matters, and will be paid $1,923.06 bi-weekly ($50,000 annually). He will not receive vacation, holiday pay, or other benefits and is subject to company policies. Any changes to the agreement must be in writing and agreed upon by both parties. The agreement is governed by California law.
Exhibit 10.12
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| memorandum |
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| Date |
| November 12, 2002 |
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| Edward P. Smoot |
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| David Orr, Chairman of the Compensation Committee |
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| Subject |
| Part-Time Employment Agreement |
As approved by the Compensation Committee of the Board of Directors, you will be a part-time employee of Anacomp, Inc. for fiscal year 2003. You have agreed to work ten (10) hours per pay period and be paid $1923.06 bi-weekly ($50,000.00 per year). You will work on special projects assigned by the President and Chief Executive Officer, including matters such as: acquisitions and divestures, banking and investor issues. In the event that you work in excess of ten (10) hours in a pay period, you will be paid at an hourly rate commensurate with your bi-weekly pay. You will not be eligible for vacation accrual, holiday pay or any other employee benefits. You will be subject to all policies contained in Anacomp’s Employee Handbook.
This letter agreement may only be modified by mutual written agreement between the Compensation Committee of the Board of Directors and yourself. This letter agreement shall be governed by the laws of the State of California, without regard to its conflict of laws.
Please sign below to indicate your acceptance of the terms and conditions of this letter agreement.
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| Best regards, | |
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| /s/ Jeffrey R. Cramer |
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| Jeffrey R. Cramer |
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| President and CEO | |
AGREED TO AND ACCEPTED:
| Reply | (858) 848-5701 | Fax: (858) 679-8359 | E-mail: ***@*** |
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| /s/ Edward P. Smoot |
| Nov 12, 02 |
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| Edward P. Smoot |
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