Business
Tix Corporation Enters Into New Employment Agreement With Its Chief Executive Officer
Tix Corporation Enters Into New Employment Agreement With Its Chief Executive Officer.
About this update from Tix Corporation
[{"type":"text","content":"\n STUDIO CITY, CA, Feb. 28, 2020 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today reported it entered into a new employment agreement, effective March 1, 2020, with its existing Chief Executive Officer, Mitch Francis.     The new employment agreement with Mitch Francis, the Company’s Chief Executive Officer (the “Francis Employment Agreement”), replaces his prior employment agreement expiring on February 28, 2020.  The Francis Employment Agreement has a four-year term through February 28, 2024, and provides for the following: An initial base salary to be $495,000 per year, subject to annual increases based on the greater of three percent and the one year percentage increase in the Federal Cost of Living Index, Southern California District consumer price index, which in no event shall exceed ten percent.An annual incentive bonus for each fiscal year ended December 31, which shall equal the product of consolidated free cash flow per share for that year based on the outstanding shares of the Company Common Stock as of December 31 for such year multiplied by one million five hundred thousand dollars ($1,500,000). Consolidated free cash flow is calculated by subtracting the sum of non-cash extraordinary gains, to the extent such gains are reflected in net income (loss), cash, securities, assets or other property received in connection with or pursuant to any legal settlements entered into by the Company, to the extent such gains are reflected in net income (loss), asset disposition proceeds to the extent such gains are reflected in net income (loss), capital expenditures, minus any indebtedness incurred in connection with any such capital expenditures, scheduled principal payments on indebtedness of the Company and its consolidated entities during such period, other than in connection with a refinancing of such indebtedness or debt incurred in connection with repurchase of the Company’s shares, and any gains minus any losses, in either case, in connection with the repurchase of any debt or equity of the Company or any of its consolidated entities, discontinued operations or inventory sales/obsolescence, from net income (loss), depreciation and amortization, federal and state income taxes, non-cash execut...