Supercuts 2007 Annual Report Download - page 123

Download and view the complete annual report

Please find page 123 of the 2007 Supercuts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 193

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193

compensation, excluding bonuses, for the sixty (60) months immediately preceding Employee’s termination of employment or
disability, and (ii) [***DOLLARS***] Dollars ($[***#***]).
“Vested Monthly Benefit” shall be a percentage of Employee’s Monthly Benefit determined on the basis of the number of
Employee’s completed years of service during which Employee has been a party to this Agreement or a prior deferred compensation
agreement with the Company:
A year of service for purposes of vesting shall be a consecutive 12-month period.
2. Employment. The Corporation agrees to continue to employ Employee, and Employee agrees to continue to serve the
Corporation, upon the terms and conditions hereinafter set forth.
3. Term. The employment of Employee pursuant to this Agreement has commenced as of the date of this Agreement and
shall continue until terminated by either of the parties hereto. The parties agree and acknowledge that the employment of Employee pursuant to
this Agreement is at will and may be terminated by either party without notice. Notwithstanding the termination of employment of Employee,
this Agreement shall remain in full force and effect during such time as Employee is or may be entitled to any Monthly Benefit under this
Agreement.
4. Duties. Employee agrees to serve the Corporation faithfully and to the best of his or her ability under the direction of the
President and the Board of Directors of the Corporation, devoting his or her entire business time, energy and skill to such employment,
3
Years of Service
Percentage
Less than 7 years
0
%
7 years
5
%
8 years
10
%
9 years
15
%
10 years
20
%
11 years
25
%
12 years
30
%
13 years
35
%
14 years
40
%
15 years
50
%
16 years
60
%
17 years
70
%
18 years
80
%
19 years
90
%
20 or more years
100
%