Nautilus 2004 Annual Report Download - page 69

DATE OF GRANT:
Optionee acknowledges receipt of a copy of the Plan, a copy of which is annexed hereto, and represents that Optionee is familiar with the
terms and provisions thereof. Optionee further acknowledges that if the Plan has not been approved by the Company’s shareholders on the date
of grant of the Option, this Option is not exercisable until such approval has been obtained.
Dated:
3
EXHIBIT 10.11
THE NAUTILUS GROUP, INC.
By:
Signature
Print Name
Its:
(Optionee)
Print Name
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is entered into as of January 29, 2004, by and between The Nautilus Group, Inc., a
Washington corporation (the “Company” or “Employer”), and Tim Hawkins (“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 Chief Customer Officer. 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 and Chief Executive Officer, 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. Subject to the provisions of Section 7(b) herein, 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 Two hundred seventy five thousand dollars ($275,000). 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. Employee will be eligible to receive an annual bonus up
to a minimum of forty-percent (40%) of Employee’s base salary. The amount of such bonus (if any) is determined at the discretion of the
Company. Employee shall also be entitled to receive a one-time bonus payment in the gross amount of $150,000, payable to Employee no later
than July 15, 2004, from which normal and/or authorized deductions and withholdings may be made. Said bonus payments will vest in 1/24th
increments over a 2 year period beginning in February 2004. Should employee resign from the Company between February 2004 and February
28, 2006 he will re-pay a pro rata amount of that bonus for any remaining time that he is no longer employed prior to February 28, 2006. For
example, should employee resign after 11 months, he will repay the Company 13/24ths of the gross bonus amount to reflect that fact that he
resigned 13 months before fulfilling the 24 month employment commitment.
3. Stock Options . Pursuant to the Company’s current Stock Option Plan (the “Plan”), the Company shall recommend that Employee receive
options (“Options”) to purchase 50,000 shares of Employer’s stock. The terms of any option grant shall be governed by the Plan and a Stock
Option Agreement (the “Option Agreement”). Employee acknowledges that any stock options granted do not, and will not, constitute wages or
compensation. Unless otherwise provided in the Plan or required by law, the Board of Directors of Employer shall have sole discretion
regarding the grant of options, price of options, the vesting schedule and all other terms and conditions of the option grant.