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EXHIBIT 99.1
EXTENSION AGREEMENT
Agreement dated as of November 15, 2006 between George Foreman
("Foreman") and
Salton, Inc. ("Salton").
Whereas:
A.
Salton and
Foreman are parties to an agreement dated May 28, 2003
("the Service Agreement") requiring Foreman to perform services
for
Salton through November 30, 2006 in order to promote certain
products
of Salton as a spokesperson, a participant in private and
public
meetings and conferences and to make personal appearances on TV
and
act and participate in TV infomercials; and
B.
Salton desires
to continue to have the benefit of Foreman's services
under the Service Agreement for an additional period of time.
Therefore, Foreman and Salton agree to continue the existing
Service
Agreement with the following amendments:
1.
Term. The term
of the Service Agreement shall be extended continue up
to and including December 31, 2007 (the "Additional Term").
2.
Fees for
Services.
2.1 For all of the services described in Section 3 during the
Additional Term,, Foreman shall be paid the sum of two million
dollars
($2,000,000) allocated as follows for the services rendered by
Foreman:
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<S>
<C>
Promotional Appearances including news and information
talk interviews on TV programs
$1,600,000
Attendance at business meetings, conferences, shows
and meetings retailer clients
300,000
Participation in Infomercials and other TV commercials
100,000
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$2,000,000
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2.2 The amounts owed to Foreman shall be paid, at the option of
Salton, in either of the following ways:
a) in 12 equal monthly installments of $166,666.67 each
commencing
January 1, 2007 through December 1, 2007; or
b) in four equal quarterly installments of $500,000.00 each
commencing
with the calendar quarter beginning January 1, 2007.
All payments shall be made on the first day of the applicable month
or
quarter, with the exception of the first payment, which shall be
due
within ten business days of the execution of this Agreement by
Foreman.
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3.
Non
Disparagement. Foreman shall refrain from commenting or taking
actions which might reasonably be determined to be derogatory
to
Salton.
4.
Independent
Agent. Foreman agrees that he is acting as an independent
agent under this Agreement and not as an employee or
