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Exhibit 10.24
INDEPENDENT
CONTRACTOR AGREEMENT
THIS AGREEMENT,
made effective this 1st day of October, 2003, is by and between
WESTERN BRANDS, LLC, a Colorado Limited Liability Company
(hereinafter referred to as "Western Brands"), and RONALD SNYDER
(hereinafter referred to as "Snyder").
WHEREAS,
Western Brands is a Colorado Limited Liability Company engaged in
part in the business of manufacturing and marketing CROCS footwear;
and
WHEREAS, Snyder
is in the business of performing consulting services;
and
WHEREAS,
Western Brands desires to utilize Snyder's services, and Snyder is
willing to provide such services;
NOW THEREFORE,
in consideration of the mutual promises set forth herein, it is
agreed as follows:
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1. Snyder
will provide consulting services on behalf of Western Brands on the
terms and conditions set forth herein.
2. Western
Brands shall determine the scope of Snyder's services, but Snyder
may perform such services at such times and at such locations as
Snyder determines, provided service can be performed in a timely
and competent manner.
3. Snyder's
obligations under this agreement shall commence October 1,
2003. Snyder shall be compensated in the form of Class B
membership interests issued to Snyder as set forth in
paragraph 4 below.
4. Snyder
shall keep a record of hours spent in furtherance of his
obligations under this Agreement and provide Western Brands with a
detail of hours worked for any month in which his hours exceed
fifty (50). At such time as Snyder has provided one hundred
sixty-six and two-thirds (166 2 / 3 )
hours of consulting services in furtherance of this agreement or
six-months have elapsed since the effective date of this Agreement,
whichever occurs first, Western Brands shall issue to Snyder
Class B membership interests equal to one-half ( 1
/ 2 ) of one percent (1%) of all outstanding
membership interests. For each additional 166.67 hours of
service or expiration of additional six-month periods, whichever
occur first, Snyder will be issued an additional one-half percent (
1 / 2 %) membership interest until such
time as Snyder has provided six hundred and sixty-six and
two-thirds (666 2 / 3 ) hours of service,
or two years have elapsed since the effective date of this
Agreement, whichever occurs first, and Western Brands has delivered
Class B membership interests equal to two percent (2%) of the
outstanding membership interests. At such time neither party shall
have any further obligations under this agreement unless a new
agreement is
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