EX-10.14 5 g73809ex10-14.txt EMPLOYMENT AGREEMENT (PHILIP SEETIN) EXHIBIT 10.14 MAXXIM MEDICAL, INC. SUMMARY TERMS OF EMPLOYMENT AS OF 11-06-2000 KEY EMPLOYEE PLAN EXECUTIVE NAME: PHILIP C. SEETIN ("EXECUTIVE") POSITION & TITLE: CORPORATE VICE PRESIDENT RISK MANAGEMENT, REAL ESTATE, LOSS PREVENTION & SAFETY PROGRAMS, FACILITY MANAGEMENT. START DATE: NOVEMBER 20, 2000 TERM OF AGREEMENT: TWO YEARS ANNUAL CASH COMPENSATION TARGET: $180,000 AVERAGE ANNUAL (FOUR YEARS) CASH COMPENSATION TARGET INCLUDING KEY EMPLOYEE PLAN: $210,000 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 A ONE-TIME BONUS OF $24,000 WILL BE PAID. ONE HALF ($12,000) UPON STARTING AT MAXXIM AND $12,000 ALLOCATED OVER THE FIRST TWELVE MONTHS PAYABLE ONE TWELFTH PER MONTH. 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% BONUS (EARNED ONE-FOURTH EACH YEAR BASED ON COMPANY AND INDIVIDUAL PERFORMANCE. EQUITY PACKAGE: $200,000. - STOCK OPTIONS: $200,000 - 40,000 MAXXIM STOCK OPTIONS @ $5.00 STRIKE PRICE. FOUR YEAR VESTING, ONE-FOURTH PER YEAR. COMPANY BENEFITS: COMMENSURATE WITH CORPORATE VP LEVEL TO INCLUDE MEDICAL, LIFE, LTD, VACATION (THREE WEEKS), HOLIDAYS AND EXPENSE ACCOUNT REIMBURSEMENT PER COMPANY POLICIES. IN ADDITION A MINIMUM OF THREE MONTHS SEVERANCE WILL BE IN PLACE. THREE MONTHS COBRA WILL BE PAID IF NEEDED FOR COVERAGE. RELOCATION & COMMUTING EXPENSES: ALL COMMUTING EXPENSES WILL BE REIMBURSED; AIR FARE ON A WEEKLY BASIS, RENTAL CAR OR CAR ALLOWANCE ($500.00 PER MONTH), DINNER, MEALS, LAUNDRY, HOTEL / APARTMENT, BUSINESS AND REMOTE TELEPHONE EXPENSE, ETC. /s/ AKBAR NADERI ----------------------------------- AKBAR NADERI VICE CHAIRMAN & PRESIDENT /s/ MARK S. SELLERS ----------------------------------- MARK S. SELLERS VIVE CHAIRMAN & CFO /s/ PHILIP C. SEETIN ----------------------------------- PHILIP C. SEETIN