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Exhibit 10.9
TULLY’S COFFEE
CORPORATION
SUMMARY OF
EMPLOYMENT
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Name:
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Kristopher S.
Galvin (“Employee”)
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Position:
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Vice President,
Chief Financial Officer
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Reports To:
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President,
Chief Executive officer
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Responsibilities:
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Responsibilities include all aspects of the
financial affairs of the Tully’s Coffee Corporation
(“Company”), including the Retail, Wholesale and
International business units. Officer of the Company. Member of
Executive Leadership Team. Secretary to the Board of
Directors.
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Base
Salary:
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$150,000.00
annually. Employee shall receive an annual performance appraisal
and be eligible for salary adjustments.
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Car Allowance:
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$600.00/month
and subject to statutory tax withholdings.
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Bonus Potential:
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Employee shall
be eligible for an annual bonus award (percentage of base salary)
based on a Board approved EBITDA target for each fiscal year. The
annual bonus award and payout is at the sole discretion of the
Board. The payout targets will be as follows:
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% EBITDA
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% Bonus
(% Base Salary)
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Less than 100%
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Discretionary
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100%
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35.0% payout
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100% + $1.0 million
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50.0% payout
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100% + $1.8 million
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75.0% payout
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