EX-10.13 4 g73809ex10-13.txt EMPLOYMENT AGREEMENT (RICHARD S. MARTIN) EXHIBIT 10.13 MAXXIM MEDICAL, INC. SUMMARY TERMS OF EMPLOYMENT AS OF 09-20-2000 KEY EMPLOYEE PLAN EXECUTIVE NAME: RICHARD S. MARTIN ("EXECUTIVE") POSITION & TITLE: CORPORATE VICE PRESIDENT FINANCE AND TAX, TREASURER AND ASSISTANT SECRETARY OF MAXXIM MEDICAL, INC. ("MAXXIM") START DATE: SEPTEMBER 01, 2000 AS AN EMPLOYEE. PAY EFFECTIVE DATE IS SEPTEMBER 18, 2000. TERM OF AGREEMENT: TWO YEARS ANNUAL CASH COMPENSATION TARGET: $180,000 AVERAGE ANNUAL (FOUR YEARS) CASH COMPENSATION TARGET INCLUDING KEY EMPLOYEE PLAN & SIGNING BONUS: $215,250 ANNUAL BASE SALARY COMPENSATION: $120,000 PERFORMANCE & RETENTION BONUS PLAN: KEY EMPLOYEE PLAN. BONUS POTENTIAL ON AN ANNUAL BASIS WILL BE 50%. 25% POTENTIAL EACH FISCAL QUARTER (ONE-FOURTH EACH QUARTER) AND AN ADDITIONAL 25% AT THE END OF THE FISCAL YEAR. IN ADDITION THE KEY EMPLOYEE PLAN PROVIDES A GUARANTEED 50% OF SALARY RETENTION PAYMENT PAID AT THE END OF FOUR YEARS AND AN ADDITIONAL 50% (EARNED ONE-FOURTH EACH YEAR BASED ON COMPANY AND INDIVIDUAL PERFORMANCE). TOTAL EQUITY PACKAGE: $200,000 - STOCK OPTIONS: $200,000 - 40,000 MAXXIM STOCK OPTIONS @ $5.00 STRIKE PRICE. FOUR YEAR VESTING, ONE FOURTH PER YEAR. Other considerations: Sign on bonus of $25,000 prorated over the first twelve months of employment, paid one-twelfth per month. COMPANY BENEFITS: COMMENSURATE WITH CORPORATE VP LEVEL TO INCLUDE MEDICAL, LIFE, LTD, VACATION, HOLIDAYS AND EXPENSE ACCOUNT REIMBURSEMENT PER COMPANY POLICIES. ALL COMPANY BENEFITS ARE EFFECTIVE AS OF SEPTEMBER 18, 2000. RELOCATION & COMMUTING EXPENSES: COMMUTING, BUSINESS & OTHER TRAVEL EXPENSES TO BE PAID INCLUDING WEEKLY AIRFARE, AUTOMOBILE EXPENSES, HOTEL OR APARTMENT, LAUNDRY, TELEPHONE COSTS, ETC. ALL INCREMENTAL EXPENSES AS THEY APPLY TO TAMPA OR OTHER DESIGNATED HEADQUARTERS OR FACILITIES. /s/ AKBAR NADERI ----------------------------------- AKBAR NADERI VICE CHAIRMAN & PRESIDENT /s/ MARK S. SELLERS ----------------------------------- MARK S. SELLERS VIVE CHAIRMAN & CFO /s/ RICHARD S. MARTIN ----------------------------------- RICHARD S. MARTIN