Confidential Treatment has been requested
for portions of this document marked
with asterisks ("[*]").
Redacted Exhibit 10.18
EXECUTION COPY
TUG NEW YORK BONUS AGREEMENT
by and among
TUG USA Inc.
and
The New York employees set out on Exhibit A hereto
October 2, 2006
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TUG NEW YORK BONUS AGREEMENT
THIS TUG
NEW YORK BONUS AGREEMENT (the "Agreement") is dated October 2,
2006 by and among TUG USA, INC. (formerly Dolphin US Logistics,
Inc.), a New
Jersey corporation (the "TUG"), and each of the New York employees
set forth on
Exhibit A hereto (the "Employees").
W I T N E S S E T H:
WHEREAS,
TUG is engaged the business of providing ocean, air and land
transportation intermediary services to major retailers,
wholesalers, importers,
and domestic manufacturers (collectively, the "Logistics
Business");
WHEREAS,
TUG desires to award the Employees up their reaching certain
performance targets as set forth herein.
NOW,
THEREFORE, in consideration of the premises and the mutual
covenants
and agreements herein set forth, the parties hereby agree as
follows:
ARTICLE I
EMPLOYEES COMPENSATION
1.1
COMPENSATION:
Cash
Payment: TUG will pay the Employees a cash payment based upon
the
achievement of specific Targets (as defined below) of the
Employee's Logistic
Business (as defined below) per annum ("Cash Payments"). [*]
1
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[*]
1.2
DISBURSEMENT OF COMPENSATION. The Employees agree that the Cash
Payment shall be disbursed as specified in Schedule 1.2 attached
hereto and made
a part hereof and to the bank accounts set forth therein.
ARTICLE II
COVENANTS
2.1
FURTHER ASSURANCES AND ASSISTANCE. TUG and the Employees shall,
from
time to time, at the request of TUG, do, execute, acknowledge and
deliver or
will cause to be done, executed, acknowledged and delivered all
such further
acts, deeds, assignments, transfers, conveyances, assurances and
take such other
action as TUG may reasonably request and as may be reasonably
necessary in order
to effectuate the terms of this Agreement.
2.2
ACCOUNTS RECEIVABLE. The Employees shall use their reasonable
efforts
to collect and account for all accounts r
