Nautilus 2004 Annual Report Download - page 74

will include reasonable and customary relocation services including the movement of household goods and a buyer value option program
which will certain contain benefits in connection with the sale of his primary residence in Wisconsin and purchase of a residence in the
Portland/Vancouver area.
18. Miscellaneous Benefits. Employee will be granted 5 weeks vacation upon assuming employment. Employee will also be entitled to a one
time allowance of $10,000.00 (Ten Thousand dollars) to be used solely for the purchase of products manufactured and distributed by the
Company.
Employee understands that this offer is contingent upon Employee satisfying the Company
’s standard reference/background check. The
reference/background check varies depending on the position, but may include such items as a reference check, a background check, and/or a
drug test.
IN WITNESS WHEREOF , the parties hereto have executed this Agreement as of the date first written above.
Employer: THE NAUTILUS GROUP, INC.
6
EXHIBIT 10.12
/s/ Gregg Hammann 3-3-04
By
Gregg Hammann
Date
Its
C.E.O
/s/ Tim Hawkins 1-29-04
Employee
Date
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is entered into as of September 24, 2002, by and between The Nautilus Group, Inc., a
Washington corporation (the “Company” or “Employer”), and Stephen Eichen (“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 of Information Technology. Employee shall (a) devote his/her professional entire
time, attention, and energies to his/her position, (b) use his/her best efforts to promote the interests of Employer; (c) perform faithfully and
efficiently his/her responsibilities and duties, and (d) refrain from any endeavor outside of his/her employment which interferes with his/her
ability to perform his/her obligations hereunder. Employee shall initially report to the President of the Direct Division, and/or such other
persons as may be designated by Employer, and perform his/her job duties subject to his/her 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 one hundred, ninety-five thousand dollars ($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. At the sole discretion of the Company, Employee may
also be granted bonuses and/or options to purchase Employer’s stock from time to time. The amount of such bonus (if any) is determined at the
discretion of The Nautilus Group.
Employee will receive an annual bonus of $45,000.00 at completion of one-year of employment. Or, Employee may receive relocation
payment of $22,500 at the time of the sale of Bellevue residence and an additional $22,500.00 at the time of a new purchase of residence within
50-miles of The Nautilus Group, Inc. in Vancouver, WA. Employee may also receive up to $10,000.00 bonus upon successful completion of
Dot-Corp before 2003 as defined by utilizing IP (Epiphanies Interaction Platform) in the call center for Bowflex.
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 10,000 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.