Special Bonus Agreement between Russ Berrie and Company, Inc. and Curts Cooke (July 2, 2003)
Russ Berrie and Company, Inc. offers Curts Cooke a special $150,000 bonus if he remains employed through the completion of a potential sale of the company to an unaffiliated buyer by December 31, 2003. The bonus is contingent on the sale occurring and Cooke's continued employment until the transaction is finalized. This agreement does not change any other employment terms or guarantee continued employment.
Exhibit 10.74
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| July 2, 2003 |
| A. Curts Cooke |
Dear Curts:
As you know, the Board of Directors of the Company has authorized the exploration of a possible sale of the Company, although no decision to effect a sale has been made and there can be no assurance that it will occur or as to the timing thereof.
The Board of Directors believes that your continued service as an executive and effective participation in the exploration of a possible sale is important to the Company. Accordingly, the Board of Directors has determined that if an unaffiliated purchaser acquires substantially all of the Company’s outstanding stock or assets through a negotiated transaction on or before December 31, 2003, and you remain employed by the Company through the consummation of that transaction, you will be awarded a special bonus of One Hundred and Fifty Thousand Dollars ($150,000). (If for any reason you are not employed by the Company when the sale is consummated, you will not be entitled to any payment under this letter.)
The bonus contemplated above is in addition to any other compensation to which you may be entitled from the Company. Nothing in this letter alters any of the terms of your employment with the Company or creates any obligation on the part of the Company to retain you as an employee.
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| Very truly yours, | |
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| /s/ Angelica Berrie |
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| Angelica Berrie | |
