- 5 - under which Harmony Foods purchased all of the assets of Washington Chocolate and certain other specified assets of petitioner. Harmony Foods' primary interest in this transaction was obtaining Washington Chocolate's customer base. Pursuant to paragraph 2.1 of the purchase agreement, Harmony Foods paid $600,000 to Washington Chocolate for its assets and an additional $71,000 to petitioner for those assets he owned personally. Paragraph 10.4 of the purchase agreement provided that as a condition precedent, petitioner was to execute an employment agreement with Harmony Foods. Consistent with the requirements of paragraph 10.4 of the purchase agreement, petitioner entered into an employment agreement with Harmony Foods on May 26, 1989, which provided for the employment of petitioner by Harmony Foods. Paragraph 2 of the employment agreement defined petitioner as an at-will employee. Paragraph 3 of the employment agreement defined the term of employment as commencing on the date of signing the employment agreement and continuing until either party terminated the employment agreement with 30 days' written notice. Paragraph 4.A of the employment agreement provided petitioner with an annual base salary of at least $100,000. As additional compensation, paragraph 4.B of the employment agreement provided petitioner with a commission over a 7-yearPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011