Key Executive Employee Incentive Agreement between Professional Veterinary Products, Ltd. and Jamie Meadows

Summary

This agreement is between Professional Veterinary Products, Ltd. (PVPL) and Jamie Meadows, its Chief Operating Officer. It states that if Jamie Meadows is still employed by PVPL when the bankruptcy court approves the sale of most of PVPL's inventory, he will receive a $35,000 bonus. The bonus will be paid as an administrative expense in PVPL's bankruptcy case.

EX-10.3 4 c60018exv10w3.htm EX-10.3 exv10w3

Exhibit 10.3

KEY EXECUTIVE EMPLOYEE INCENTIVE AGREEMENT

This Key Executive Employee Incentive Agreement (“Agreement”) is made by Jamie Meadows (“Employee”) and Professional Veterinary Products, Ltd. (“PVPL”) on this 19^th day of August, 2010.

Recitals

Employee is employed by PVPL as its Chief Operating Officer. The parties recognize that the sale of substantially all of PVPL’s inventory to a buyer under a 11 U.S.C. § 363 sale is beneficial to PVPL and its bankruptcy estate.

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the parties, intending to be legally bound, agree as follows:

1. Payment of Sale Incentive Bonus. To the extent the Employee is employed by PVPL on the date the bankruptcy court confirms a sale of substantially all of PVPL’s inventory to a purchaser under a 11 U.S.C. § 363 sale (the “Sale”), the Employee will receive a bonus of thirty-five thousand dollars ($35,000), payable as an administrative expense claim in PVPL’s bankruptcy case.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.


	PROFESSIONAL VETERINARY PRODUCTS, LTD.
	By:	/s/ Steve Price
		Steve Price, President



		/s/ Jamie Meadows
		Jamie Meadows, Employee