Exhibit 10.8
EMPLOYMENT CONTRACT
This Employment
Agreement, made and entered into as of the 28
th day of February, 2004 by and between Educational
Development Corporation (“EDC”) and Randall W. White
(“White”);
WITNESSETH:
WHEREAS, EDC
wishes to employ White as its President and Chief Executive Office
to serve during EDC’s fiscal year (“FY”) 2005 on
the terms and conditions herinafter set forth; and
WHEREAS, White
wishes to accept such employment and use his best skills,
experience and effort as EDC’s President and Chief Executive
Office to enhance the profitability and performance of
EDC.
NOW, THEREFORE, in
consideration of the mutual promises, covenants and agreements
contained herein, EDC and White agree as follows:
1.
Term. The term of this Agreement commences March 1,
2004 and terminates March 1, 2007.
2.
Position and Duties. White shall serve EDC in an executive
capacity as President and Chief Executive Officer of EDC and shall
report to the EDC Board of Directors. Subject to the general
direction and control of the Board of Directors of EDC (the
“Board”) and its Executive Committee, if any, White
shall have full authority and responsibility for formulating and
implementing goals, budgets and policies and administering the
personnel, financial and business affairs of EDC in all respects
and shall have such other responsibilities and authority shall be
superior to those of any officer or employee of EDC or any
subsidiary thereof.
3. Extent
of Services. White shall devote his best efforts and full
business time (with allowances for vacations and sick leave) and
attention to furthering the business of EDC. White is not
prohibited from maintaining or making investments, or engaging,
in
1
Exhibit 10.8
other business or enterprises,
provided such investments, business or enterprises do not require
services on the part of White which would materially impair the
performance of his duties under this Agreement or which, by virtue
of White’s investments or participation, would result in such
business or enterprise engaging in material competition with the
Company.
4. FY
2005 Compensation. EDC shall compensate White as follows during
FY 2005:
a. Base
Salary. EDC shall pay White a base salary of $150,000, payable
in twelve equal monthly installments, commencing March 1,
2004; provided, however, that said base salary shall be
reviewed by the Board of Directors of EDC annually and may be
adjusted upward at the discretion of said Board at that
time.
b.
Additional Salary. EDC shall pay White additional salary
equal to $22,000 if profit before taxes (“PBT”) exceeds
$3,200,000 in each fiscal year. PBT as used in this Agreement means
net operating income before taxes, excluding extraordinary gains
or