Exhibit 10.66
EMPLOYMENT AGREEMENT
This Employment Agreement (this "Agreement") is entered into as of June 23, 2003
between Media Arts Group, Inc., a Delaware corporation (the "Company") and Eric
Halvorson ("Executive").
WHEREAS, the Company desires to employ Executive as an employee and officer of
the Company, and Executive desires to serve as an employee and officer of the
Company, on the terms and subject to the conditions set forth herein;
NOW, THEREFORE, the parties hereby agree as follows:
1.
EMPLOYMENT AND TERM.
THE COMPANY
HEREBY AGREES TO EMPLOY EXECUTIVE, AND EXECUTIVE HEREBY AGREES TO BE EMPLOYED BY
THE COMPANY, ON THE TERMS AND SUBJECT TO THE CONDITIONS SET FORTH IN THIS
AGREEMENT.
THE PARTIES AGREE THAT THE TERM OF EMPLOYMENT OF EXECUTIVE BY THE
COMPANY PURSUANT TO THIS AGREEMENT (THE "CONTRACT TERM") SHALL COMMENCE ON JUNE
23, 2003 (THE "START DATE") AND SHALL END ON DECEMBER 31, 2005, UNLESS EARLIER
TERMINATED AS PROVIDED HEREIN (THE FINAL DATE OF EXECUTIVE'S EMPLOYMENT, UNDER
ANY CIRCUMSTANCES, SHALL BE REFERRED TO HEREIN AS THE "COMPLETION DATE"; THE
ACTUAL PERIOD OF EXECUTIVE'S EMPLOYMENT FROM THE START DATE UNTIL THE COMPLETION
DATE SHALL BE REFERRED TO HEREIN AS THE "EMPLOYMENT PERIOD").
2.
POSITION AND DUTIES.
DURING THE
EMPLOYMENT PERIOD, THE COMPANY SHALL EMPLOY EXECUTIVE AS PRESIDENT; PROVIDED
THAT IF THE EXECUTIVE SERVING AS CHIEF EXECUTIVE OFFICER ON THE START DATE
CEASES TO SERVE AS THE CHIEF EXECUTIVE OFFICER AT ANY TIME DURING THE EMPLOYMENT
PERIOD, THE COMPANY SHALL EMPLOY EXECUTIVE AS CHIEF EXECUTIVE OFFICER; PROVIDED,
FURTHER, THAT EXECUTIVE MAY HAVE SUCH OTHER TITLES IN ADDITION TO OR IN LIEU
THEREOF AS THE COMPANY AND EXECUTIVE MAY MUTUALLY AGREE.
WHEN EMPLOYED AS
PRESIDENT, EXECUTIVE SHALL REPORT TO THE CHIEF EXECUTIVE OFFICER OF THE COMPANY,
AND WHEN EMPLOYED AS CHIEF EXECUTIVE OFFICER, EXECUTIVE SHALL REPORT TO THE
BOARD OF DIRECTORS.
DURING THE EMPLOYMENT PERIOD, EXECUTIVE SHALL PERFORM
FAITHFULLY AND LOYALLY AND TO THE BEST OF HIS ABILITIES THE DUTIES ASSIGNED TO
HIM HEREUNDER.
EXECUTIVE'S DUTIES SHALL BE SUCH DUTIES AS ARE ASSIGNED TO HIM
BY THE BOARD OF DIRECTORS (AND THE CHIEF EXECUTIVE OFFICER DURING THE PERIOD
EXECUTIVE IS EMPLOYED AS PRESIDENT), CONSISTENT WITH THE POWERS AND DUTIES
PROVIDED FOR THE PRESIDENT OR CHIEF EXECUTIVE OFFICER, AS APPLICABLE, IN THE
COMPANY'S BY-LAWS.
EXECUTIVE SHALL PERFORM HIS DUTIES AT THE COMPANY'S OFFICES
IN MORGAN HILL, CALIFORNIA.
DURING THE EMPLOYMENT PERIOD, EXECUTIVE SHALL
DEVOTE HIS FULL BUSINESS TIME, ATTENTION AND EFFORT TO THE AFFAIRS OF THE
COMPANY AND ITS SUBSIDIARIES; PROVIDED, HOWEVER, THAT EXECUTIVE MAY ENGAGE IN
CHARITABLE, CIVIC OR COMMUNITY ACTIVITIES TO THE EXTENT THAT SUCH ACTIVITIES DO
NOT MATERIALLY INTERFERE WITH HIS DUTIES HEREUNDER, AND EXECUTIVE MAY SERVE AS A
DIRECTOR OF ANY OTHER CORPORATION OR OTHER ENTITY ONLY WITH THE CONSENT OF THE
BOARD OF DIRECTORS AND ON THE CONDITION THAT EXECUTIVE DOES NOT DEVOTE A
MATERIAL AMOUNT OF TIME TO SUCH SERVICE OR PARTICIPATE IN THE MANAGEMENT OR
OPERATION OF SUCH ENTITY; PROVIDED, FURTHER, THAT EXECUTIVE MAY CONTINUE TO
SERVE ON THE BOARDS OF DIRECTORS OF