Nautilus 2005 Annual Report Download - page 143

Exhibit 10.22
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is entered into as of June 30, 2005, by and between Nautilus, Inc., a Washington
corporation (the “Company” or “Employer”), and Juergen Eckmann (“Employee”). In consideration of the premises and the mutual covenants
and agreements hereinafter set forth, the Company and Employee hereby agree as follows:
1. Employment . Employee is being hired as Vice President and Chief of Staff, Apparel Division. Employee shall (a) devote his professional
entire time, attention, and energies to his position, (b) use his best efforts to promote the interests of Employer; (c) perform faithfully and
efficiently his responsibilities and duties, and (d) refrain from any endeavor outside of his employment which interferes with his ability to
perform his obligations hereunder. Employee shall report to the President, Apparel Division, and/or such other persons as may be designated by
Employer, and perform his job duties subject to his general supervision, orders, advice and direction. Employee shall perform the duties
normally associated with the position and/or such duties as delegated and assigned by the Company. The Company retains the sole discretion to
change Employee’s position and/or duties as it deems appropriate.
Employee additionally agrees to abide by any general employment guidelines or policies adopted by Employer such as those detailed in
an employer’s handbook, as such guidelines or policies may be implemented and/or amended from time to time.
2. Salary . As compensation for services to be rendered hereunder, the Company shall pay Employee an initial annual salary in the gross
amount of US$195,000. Said salary will be paid in accordance with the Company’s existing payroll policies, and shall be subject to normal
and/or authorized deductions and withholdings. In addition, the Company will pay to Employee a one time bonus in the amount of $30,000
payable on August 1, 2005, which bonus will vest in 1/12 increments over a 12 month period of time beginning August 1, 2005. Should
employee voluntarily resign from the Company prior to August 1, 2006 he will re-pay a pro rata amount of that unvested bonus for any
remaining time that he is not employed prior to August 1, 2006.
3. Bonus . Employee will be eligible to receive an annual bonus up to the target range of thirty percent (30%) of Employee’
s base salary earned
in 2005 while employed by the Company and in each year thereafter. Employee will also be eligible for a bonus of an additional 50% above the
target range (i.e., a total of 45% of salary earned in 2005) should the Company and individual reach certain additional goals established by the
President, Apparel Division and the Board of Directors. The amount of such bonus (if any) is determined at the discretion of the Company and
based on the accomplishment of individual and Company objectives. To be eligible to receive this bonus Employee must be employed on the
date the bonus is actually paid and no partial or pro
-
rata bonus will be paid if Employee is not employed on the day the bonus is actually paid.