Attached files
file | filename |
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8-K - FORM 8-K - PROFESSIONAL VETERINARY PRODUCTS LTD /NE/ | c60018e8vk.htm |
EX-10.1 - EX-10.1 - PROFESSIONAL VETERINARY PRODUCTS LTD /NE/ | c60018exv10w1.htm |
EX-10.3 - EX-10.3 - PROFESSIONAL VETERINARY PRODUCTS LTD /NE/ | c60018exv10w3.htm |
EX-10.2 - EX-10.2 - PROFESSIONAL VETERINARY PRODUCTS LTD /NE/ | c60018exv10w2.htm |
Exhibit 10.4
KEY EXECUTIVE EMPLOYEE INCENTIVE AGREEMENT
This Key Executive Employee Incentive Agreement (Agreement) is made by Vicky Winkler
(Employee) and Professional Veterinary Products, Ltd. (PVPL) on this 19th day of
August, 2010.
Recitals
Employee is employed by PVPL as its Director of Finance. The parties recognize that the sale
of substantially all of PVPLs inventory to a buyer under a 11 U.S.C. § 363 sale is beneficial to
PVPL and its bankruptcy estate. The parties further recognize that shareholders and creditors of
PVPL are more likely to receive a greater return on their interests and claims if PVPLs bankruptcy
case is efficiently administered.
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained
in this Agreement, and for other good and valuable consideration, the parties, intending to be
legally bound, agree as follows:
1. Payment of Sale Incentive Bonus. To the extent the Employee is employed by PVPL on the
date the bankruptcy court confirms a sale of substantially all of PVPLs inventory to a purchaser
under a 11 U.S.C. § 363 sale (the Sale), the Employee will receive a bonus of twenty-two thousand
dollars ($22,000), payable as an administrative expense claim in PVPLs bankruptcy case.
2. Payment of Wind-down Incentive Bonus. To the extent the Employee is employed by PVPL on
(i) November 30, 2010, or (ii) the date a distribution is made to general unsecured creditors,
other than a distribution from the Sale, whichever comes first, the Employee will receive a bonus
of fourteen thousand ($14,000), payable as an administrative expense claim in PVPLs bankruptcy
case.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.
PROFESSIONAL VETERINARY PRODUCTS, LTD. |
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By: | /s/ Steve Price | |||
Steve Price, President | ||||
/s/ Vicky Winkler | ||||
Vicky Winkler, Employee | ||||