Compensation Agreement
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EX-10.3 17 dex103.htm COMPENSATION AGREEMENT, DATED SEPTEMBER 7, 2004...JOHN S. HICKEY Compensation Agreement, dated September 7, 2004...John S. Hickey
Exhibit 10.3
APPLIANCES & ELECTRONICS
Compensation Agreement
Employee Name: John Hickey
Position: Vice President - Commercial Business Development
Promotion: —
Effective Date:
Wages
Salary:
| — | 2004-2005 Year 1: $125,000 annual — $4,807.69 per two-week pay period |
| — | 2006 Year 2: $135,000 annual — $5,192.30 per two-week pay period |
| — | 2007 Year 3: $145,000 annual — $5,576.92 per two-week pay period |
Bonus:
| — | 2004 Year-End: $100,000 |
| — | thereafter - $100,000 potential based on targets payable end of Fiscal year ($50,000 guaranteed for 2005) |
Commission:
| — | 50% of profit on HH Gregg Distribution & Sales not to HH Gregg—split 3 ways; (J. Hickey to receive 1/3) |
Long-Term Compensation:
| — | Stay on incentive of $375,000 payable at end of 5 years employment |
| — | Stock options same as other management level plans |
[Involuntary termination of employment prior to 5 years will result in early payout of Stay On Incentive; Voluntary termination will result in forfeiture]
Incentive Benefits:
| — | Participation in Non-Qualified Pension |
| — | 401(k) |
| — | 3 weeks vacation beginning 2005 |
Other
Company provided cellular phone/plan
Car Allowance of $500 per month
As agreed this 10th day of September, 2004:
| /s/ John S. Hickey | /s/ Jerry W. Throgmartin | |||
| Signature | Signature | |||
| John S. Hickey | Jerry W. Throgmartin | |||
| Printed Name | Printed Name | |||
| September 7, 2004 | September 7, 2004 | |||
| Date | Date | |||
