{"id":42437,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/letter-agreement-windmere-corp-and-salton-maxim-housewares.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"letter-agreement-windmere-corp-and-salton-maxim-housewares","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/operations\/letter-agreement-windmere-corp-and-salton-maxim-housewares.html","title":{"rendered":"Letter Agreement &#8211; Windmere Corp. and Salton\/Maxim Housewares Inc."},"content":{"rendered":"<pre>\n\n             LETTER AGREEMENT DATED APRIL 30, 1997 ('AGREEMENT')\n                                   BETWEEN\n                      WINDMERE CORPORATION ('WINDMERE')\n                                     AND\n                   SALTON\/MAXIM HOUSEWARES, INC. ('SALTON')\n\nWHEREAS, Windmere, with its main office in Miami Lakes, Florida, and Salton,\nwith its main office in Mt. Prospect, Illinois, have worked together to obtain\nthe benefits of significant sales of products under the White-Westinghouse\nbrand to K-Mart Corporation ('K-Mart'), and have signed a multi-year contract\nbetween Salton and K-Mart documenting said relationship.\n\nWHEREAS, the distribution profits on the sales to K-Mart of the\nWhite-Westinghouse brand of appliances will all be received and recorded on the\nbooks of Salton (the 'White-Westinghouse Profits').\n\nNOW, THEREFORE, following K-Mart's execution of the aforesaid contract and in\nconsideration of Windmere's marketing cooperation efforts in connection with\nthe Company's supply contract with Kmart and Windmere's guarantee of the\nCompany's obligations under such contract, this Letter Agreement documents the\nobligation of Salton to pay a fee as described herein to Windmere as\ncompensation for its efforts on Salton's behalf in obtaining said\nWhite-Westinghouse Profits.\n\nFEE: Salton shall pay Windmere a fee equal to 50% of the White-Westinghouse\nprofits (the '50% Fee'). The 50% Fee shall be paid within 60 days of the close\nof each calendar quarter based on the transactions in said quarter, accompanied\nby a sales report transmitted by facsimile, which will provide such sales \ninformation and other data as Windmere may reasonably require to describe the \ncalculation of the 50% fee.\n\nFor purposes of this Agreement, the 'White-Westinghouse Profits' shall be\ncomputed based on all White-Westinghouse sales (net of actual returns) to\nK-Mart less direct costs of sales and direct expenses, such as the Detroit\noffice selling expenses, inspection fees, warehousing costs, freight out,\nroyalties and cooperative advertising. Direct Expenses shall not include taxes\nwhether based on income or property, data processing and\/or other selling,\ngeneral and administrative costs except those identified in the preceding\nsentence or mutally agreed upon.\n\nPAYMENT: Payment shall be by wire transfer to Windmere's bank account.\n\nTERM: This Agreement shall not be cancelable during the term of that\ndefinitive contract between Salton and K-Mart, including any extensions or\nmodifications thereof. The term of this agreement shall coincide with the\ncontract term as specified in that said contract between Salton and K-Mart.\n\nJURISDICTION: This Agreement shall be interpreted under the laws of the State\nof Florida.\n\nWindmere Corporation                              Salton\/Maxim Housewares, Inc.\n\nBy:  \/s\/ Harry D. Schulman                        By: \/s\/ Leonhard Dreimann\n   ----------------------------                     --------------------------\n       Harry D. Schulman                             Leonhard Dreimann\n       Senior Vice President                         President \n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6726,7994,8750],"corporate_contracts_industries":[9495,9393],"corporate_contracts_types":[9613,9619],"class_list":["post-42437","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-applica-inc","corporate_contracts_companies-kmart-corp","corporate_contracts_companies-salton-inc","corporate_contracts_industries-retail__department","corporate_contracts_industries-consumer__appliances","corporate_contracts_types-operations","corporate_contracts_types-operations__sales"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/42437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=42437"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=42437"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=42437"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=42437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}