Little Tykes Bikes Case Study

599 Words2 Pages

Jared Stofflet, Sean Sutton

Little Tykes Bikes Contract for CEO Sean Sutton
This agreement is complete and becomes effective on 4/13/2017 between Little Tykes Bikes., a Wisconsin corporation, hereafter called "LTB" and Sean Sutton.
In consideration of the promises and other good and valuable consideration the parties agree as follows:

I. LTB hereby employs Sean Sutton as CEO of Little Tykes Bikes for a term beginning on the date of April 13th, 2017 and Sean Sutton hereby accepts such employment.

II. During Sean Sutton’s employment he will:

A) Devote his presence inside the office for two-hundred days per year and appear at twenty company events per year.

B) Not be involved with any other employment or business activity without the written …show more content…

III. For services rendered by Sean Sutton, Little Tykes Bikes shall compensate his as follows:

A) The annual sum of $250,000 for the first three contractual years. Following the first three years, annual salaries will be negotiated and may be tied to company performance.

B) A bonus of $15,000 payable annually based upon an 8% growth rate at the end of each fiscal year.

C) Benefits are to include: health insurance, travel expenditures, business costs, entertainment expenses, and a scholarship of $10,000 per college semester for each of his biological children. Children must obtain a cumulative GPA of 2.8 or higher in order to keep scholarship.

D) A position as Chairperson on the Board and control over the R&D program.

E) Ability to pick his personalized list of potential CFO candidates.

IV. Sean Sutton agrees that during his time of employment by Little Tykes Bikes. and for a period of six months after termination of such employment, he will not act as an employee, agent, broker, shareholder, or otherwise engage in any business selling products similar to those typically sold by LTB within the States of California, Wisconsin, Illinois, Michigan, Minnesota, and

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