Employment Arrangement Description between Phoenix Footwear Group, Inc. and Dennis Nelson
Phoenix Footwear Group, Inc. employs Dennis Nelson as Chief Financial Officer and Secretary. He receives standard employee benefits, a $175,000 annual base salary, and may earn a performance-based bonus under the company's 2010 Cash Bonus Plan. Mr. Nelson is an at-will employee, meaning either party can end the employment at any time. If the company terminates him without cause in connection with a change of control, he is entitled to six months of continued salary and benefits.
Exhibit 10.4
Description of Employment Agreement with Dennis Nelson
The following is a description of the material terms of the employment arrangement with Dennis Nelson. Mr. Nelson is the Chief Financial Officer and Secretary of Phoenix Footwear Group, Inc., (the “Company”). His employment arrangement is not contained in any formal document. Mr. Nelson’s employment with the Company provides for standard employee benefits and an annual base salary of $175,000 and a performance-based bonus as prescribed by the Compensation Committee—under the Company’s 2010 Cash Bonus Plan.
Mr. Nelson is an “at will” employee, and we can terminate his employment at any time, with or without cause. Similarly, Mr. Nelson may terminate his employment at any time. In March 2009, the Compensation Committee of the Company’s Board of Directors approved a “change in control” benefit for Mr. Nelson which provides that if the Company terminates Mr. Nelson’s employment other than for cause in connection with a “change of control,” the Company is obligated to pay him 6 months of salary continuation and benefits.
