Employment Agreement and Compensatory Plan for Randy N. McCullough as President and CEO of Samuels Jewelers, Inc.

Contract Categories: Human Resources › Employment Agreements
Summary

Samuels Jewelers, Inc. entered into an employment agreement with Randy N. McCullough, appointing him as President and CEO. The agreement, effective October 2, 1998, provided Mr. McCullough with a $325,000 annual salary, a guaranteed bonus equal to his base salary, 100,000 shares of restricted stock, and an option to purchase 75,000 company shares at $6.67 each. The agreement expired on October 3, 2001. After expiration, Mr. McCullough continues to receive a $325,000 base salary, but no guaranteed bonus.

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EX-10.13 6 d99567exv10w13.txt COMPENSATORY ARRANGEMENT - RANDY N. MCCULLOUGH EXHIBIT 10.13 Written Description of Compensatory Plan for Randy N. McCullough Samuels Jewelers, Inc.'s President and Chief Executive Officer On October 2, 1998, the Company entered into an employment agreement with Randy McCullough making him President and Chief Executive Officer. This contract called for an annual salary of $325,000, a guaranteed bonus of 100% of base salary, the granting of 100,000 shares of restricted stock and the issuance of an option to purchase 75,000 shares of the Company's stock for $6.67. The employment agreement expired on October 3, 2001. Mr. McCullough currently receives a base salary of $325,000 with no guaranteed bonus.