Back to top

EXECUTION COPY TUG CHINA BONUS AGREEMENT

Employee Bonus Plan Agreement

EXECUTION COPY TUG CHINA BONUS AGREEMENT You are currently viewing:
This Employee Bonus Plan Agreement involves

AEROBIC CREATIONS, INC. | Sea Master Logistics (Holdings) Limited | Robert Lee | Robert Wu

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: EXECUTION COPY TUG CHINA BONUS AGREEMENT
Governing Law: New York     Date: 1/12/2007

Search Employee Bonus Plan Agreement by:

Document Title:

Entire Document: (optional)

50 of the Top 250 law firms use our Products every day
Exhibit 10

                                                                   Exhibit 10.19

                                                                  EXECUTION COPY





                            TUG CHINA BONUS AGREEMENT

                                  by and among

                    Sea Master Logistics (Holdings) Limited.

                                       and

                            Robert Lee and Robert Wu




                                 October 2, 2006




<PAGE>

                            TUG CHINA BONUS AGREEMENT

         THIS TUG CHINA BONUS  AGREEMENT (the  "Agreement")  is dated October 2,
2006  by  and  among  SEA  MASTER  LOGISTICS  (HOLDING)  LIMITED,  a  Hong  Kong
corporation  (the  "SeaMaster"),  and  each of  Robert  Lee and  Robert  Wu (the
"Executives").

                                   WITNESSETH:

         WHEREAS, SeaMaster is engaged or will engage in, the business of
providing ocean, air and land transportation intermediary services in China to
major retailers, wholesalers, importers, and domestic manufacturers in the
Transpacific trade lanes as an international freight agency (collectively, the
"Logistics Business");

         WHEREAS, the Executives historically conducted Logistic Business in
China through Shanghai Pudong International Transportation Co., Ltd. with a pro
forma revenue of US$25,000,000 in 2005, and desire to conduct that business
through SeaMaster or SeaMaster (China) Logistics, Ltd., and SeaMaster desires to
handle this business.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein set forth, the parties hereby agree as follows:

                                    ARTICLE I

                            EXECUTIVES COMPENSATION

         1.1 COMPENSATION:

         Cash Payment: SeaMaster will pay the Executives a cash payment based
upon the achievement of specific EBITDA Targets (as defined in the SeaMaster
Sale and Purchase Agreement) of the Executive's Logistic Business (as defined
below) per annum ("Cash Payments"). It is understood that the revenue
contributed to the EBITDA Targets by the Executives' Logistic Business is in
addition to the Seller's Logistic Business (as defined in the SeaMaster Sale and
Purchase Agreement). The EBITDA Target shall be calculated using funds received
by SeaMaster free and clear of any encumbrance. The estimated Cash Payment in
each of the following years is: Year 1 is US$550,000, Year 2 is US$550,000, Year
3 is US$550,000, Year 4 is US$550,000, and Year 5 is US$550,000. The Cash
Payments would be paid forty-five (45) days after the first quarter of each
calendar year (the "Payment Date"), subject to the availability of sufficient
cash flow and the Credit Agreement. If the Cash Payment is not paid within the
period of forty-five (45) days after the Payment Date, it will be paid
subsequently in full with accrued interest at an agreed money market rate
subject to the terms of the Credit Agreement. "Executives' Logistics Business"
means: the net revenue received from any co-load business and agent business of
the Executives, and the Executives' controlled business (excluding business
controlled by Peter Stone and SeaMaster) evidenced by written agreement for the
Transpacific trade lanes originating from any offices previously used by the
Executives pre-Closing in China, and excludes a

This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more