Annual Report — [x] Reg. S-K Item 405 — Form 10-K
Filing Table of Contents
Document/Exhibit Description Pages Size
1: 10-K405 Form 10-K Filed Pursuant to Item 405 14 120K
3: EX-10.31 Third Amendment to the Restated Credit Agreement 21 71K
4: EX-10.32 Fourth Amendment to Teh Restated Credit Agreement 9 27K
5: EX-10.33 5th Amend to 1st Amended & Restated Credit Agmt 6 25K
6: EX-10.34 Promissory Note 2 15K
7: EX-10.36 Employment Agreement - Sheldon Goldman 12 47K
8: EX-10.37 Royalty Agreement - Sungold Enterprises, Ltd. 4 23K
9: EX-10.38 Nondisclosure & Noncompetition Agreement 4 21K
10: EX-10.39 Amended & Restated License Agreement 13 57K
11: EX-10.41 Contingent Price Agreement 5 25K
12: EX-10.42 License Agreement 33 85K
13: EX-10.43 Exclusive Distributorship Agreement 19 63K
14: EX-10.44 Lease Dated March 1, 1989 12 45K
15: EX-10.45 Lease Dated May 15, 1989 11 43K
16: EX-10.46 Second Amendment to Lease Dated June 8, 1996 4 19K
17: EX-10.47 Settlement Agreement Dated as of May 30, 1997 5 21K
18: EX-10.48 License Agreement Dated as of June 30, 1997 4 22K
19: EX-10.49 Settlement Agreement and Mutual Release 3 22K
20: EX-10.50 Promissory Note Dated March 11, 1998 2 15K
21: EX-10.51 Separation & Release Agreement - Travis Worth 6 34K
22: EX-10.52 Separation & Release Agreement - G. Travis Worth 5 30K
23: EX-10.53 Separation & Release Agreement - David Jobe 7 33K
24: EX-10.54 Separation & Release Agreement - Douglas B. Hauff 8 41K
25: EX-10.55 Employment Agreement - Richard W. Hammel, Sr. 2 19K
26: EX-10.56 Employment Agreement With Patricia Lynch 2 19K
27: EX-10.57 Mutual General Release & Payment Agreement 3 20K
28: EX-10.58 Employment Agreement - Leo Rosenberger 8 41K
29: EX-10.59 Lease Agreement Dated November 27,1996 16± 70K
30: EX-10.60 $16,470,000 Renewal Term Note 2 15K
31: EX-10.61 $14,000,000 Renewal Revolving Note 3 15K
32: EX-10.62 $3,650,000 Renewal Revolving Note 2 15K
33: EX-10.63 $250,000 Renewal Equipment Note 2 15K
34: EX-10.64 Security Agreement 21 62K
35: EX-10.65 Security Agreement 22 65K
2: EX-10.8 Employment Agreement, Bruce Meckling 15 54K
36: EX-21.1 Subsidiaries of the Registrant 1 10K
EX-10.55 — Employment Agreement – Richard W. Hammel, Sr.
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EXHIBIT 10.55
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT ("Agreement") as of March 2, 1998 between
GARGOYLES, INC., a Washington corporation with offices at 5866 South 194th
Street, Kent, Washington 98032 ("Gargoyles") and RICHARD W. HAMMEL, SR., an
individual with a principal residence at 44 Fox Lane, Milton, Massachusetts
02186 ("Richard")
WHEREAS, Richard and Gargoyles Acquisition Corporation 11, a/k/a Private
Eye Sunglass Corporation ("GAC"), a wholly-owned subsidiary of Gargoyles have
terminated their prior Employment Agreement dated as of May 14, 1997 ("PEA"),
and have settled all disputes arising therefrom, but wish to enter into this
Agreement which, for convenience, may incorporate by reference certain
provisions of the PEA (substituting Gargoyles for GAC); in consideration of the
mutual covenants and conditions set forth herein, the parties agree as follows:
1. Employment Duties. Subject to the terms and conditions hereof,
Gargoyles hereby employs Richard to perform the following duties: Richard will
continue to render executive level services at GAC under the direct supervision
of Mr. Leo Rosenberger, Chief Executive Officer of Gargoyles, and shall not be
obligated to report to any other person.
2. Term, Termination. This Agreement commences as of March 2, 1998 and
will terminate on May 1, 1998, unless sooner terminated by either party by
written notice, which may be given at any time. The effective date of
termination by written notice shall be fifteen (15) days from the date of such
notice; except that, if Gargoyles fails to pay the salary due to Richard on
April 1, 1998, termination by written notice shall be effective on such date.
Termination by written notice may be for any reason and shall be without
liability of either party to the other (except for Richard's refund obligations
as stated below).
3. Salary. Upon execution hereof, Gargoyles shall pay Richard in gross
wages, subject to withholdings, the first monthly salary of $14,584. If no
notice of termination has been given, Gargoyles shall pay Richard on April 1,
1998 in gross wages, subject to withholdings, the second monthly salary of
$14,584. If notice of termination is given by Richard at any time after he has
received a salary payment, Richard will refund on a per diem basis any amounts
applicable to the period after the effective date of termination. If Gargoyles
gives notice that is effective within the period of April 1 through April 15,
1998, the second month salary payment shall be pro rated on a per diem basis for
the period from April 1, 1998 through the effective date of termination.
Notwithstanding anything herein to the contrary, in the event that Richard dies
or is disabled such that he is unable to perform his duties hereunder for the
balance of the term, neither he nor his legal representative shall be obligated
to make any refunds of salary, and any unearned amounts shall be deemed
nonrefundable severance benefits.
4. Benefits, Etc.. The following Sections of the PEA are hereby
incorporated herein by reference: 5.1 ("Expenses"), 5.4 ("Company Benefits") and
5.5 ("Vacation; Sick Leave").
5. Noncompetition Restrictions. Notwithstanding anything that may be
construed herein to the contrary (or be deemed in any way to have survived the
termination of the PEA), Gargoyles hereby acknowledges and agrees that Richard
is subject to no restrictions on his rights to be employed or engaged by, or an
investor or participant of any kind in, or a provider of services of any kind
to, any person, entity or agency that offers or provides services or products
that compete in any way with any products or services of Gargoyles or any of its
subsidiaries, affiliates or licensees, after the effective date of termination
hereof.
6. Non-Disclosure Obligations. Subject to Section 5 hereof, Richard
acknowledges that his obligations under the PEA concerning confidential
information and inventions survive the termination of the PEA and remain in full
force and effect.
7. Support. Gargoyles agrees that Mr. Robert Hammel and Ms. Annette
Hammel will work under Richard's supervision during the term of this Agreement
(as well as under the supervision of Ms. Patricia Lynch) and neither Gargoyles
nor any of its subsidiaries or affiliates will terminate their employment during
the term hereof. Mr. Robert Hammel and Ms. Annette Hammel are deemed intended
third party beneficiaries of this obligation.
8. Miscellaneous. The following sections of the PEA are incorporated
herein by reference: Sections 10 through 18.
EXECUTED as an instrument under seal as of the date first written above.
GARGOYLES, INC.
/S/ RICHARD W. HAMMEL, SR. By: /S/ LEO ROSENBERGER
-------------------------- ---------------------------
Richard W. Hammel, Sr. Leo Rosenberger,
its Chief Executive Officer
Dates Referenced Herein and Documents Incorporated by Reference
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