1. This Agreement sets forth the terms of employment of Deitch by Foxy.
2. Deitch shall be employed as Creative Director of FoxyWoxyFilms for a two year period beginning January 1, ----, and ending December 31, ----
3. During the term of this Agreement, Deitch shall act as creator and/or director of any cartoons or cartoon productions selected by Foxy. Deitch agrees to devote his full time and efforts to such assignments for Foxy, and to perform his assignments as such places in the United States or Europe as may be selected from time to time by Foxy. His expenses in connection with any travel made at Foxy's request shall be paid by Foxy.
4. Deitch's functions as creator and/or director of cartoons and cartoon projects for Foxy shall be substantially similar to the functions previously performed by him during the two year period preceding this Agreement.
5. Foxy shall pay Deitch as a minimum consideration for his services during the term of this Agreement, a salary of $000000 per annum. This sum shall be paid at the rate of $0000 per week for 50 weeks during each of the two years of this Agreement.
6. As additional compensation for Deitch's services hereunder, Foxy shall pay to Deitch 25% of Foxy's net profits on each cartoon created and/or directed by Deitch for Foxy, after first deducting the $0000000 annual salary payable in Paragraph 5 of this Agreement. Foxy's net profits shall be as determined by its accountants after deducting all production costs, salaries, travel expenses, and a fixed 30% for overhead costs. Payment of Deitch's share of the net profits shall be made at the end of each calendar year during the term of this Agreement, and shall be accompanied by a statement of Foxys accountants.
7. This Agreement supercedes all prior Agreements between the parties hereto, except that nothing contained in the Agreement shall affect Deitch's share of profits in [LIST FILMS] series or any other cartoon films in which Deitch has any interest, under the terms of the original Agreement between Foxy and Deitch.
8. Foxy shall have the option, exercisable by written notice given to Deitch not later than November 15, ----, to renew this Agreement on the same terms and conditions as contained in this Agreement for an additional period of two years, commencing on January 1st, ----, and ending on December 31st, ----, provided that Deitch's minimum guaranteed salary during the two-year renewal period shall be increased from the $000000 provided for in Paragraph 6 herein, to $000000 per year.
9. If Foxy does not exercise its option to renew this agreement, except that he shall continue to receive his share in the net profits subsequently realized by Foxy on all cartoons theretofore created and/or directed by Deitch and in which he has a continuing share of said profits.
10. It is agreed that in all cartoons created or directed by Deitch, screen credits given to Deitch shall be given equal prominence to the credit given to Foxy Grandpa.
11. This Agreement, being personal in nature, may not be assigned by either party hereto, except that Foxy may assign its rights hereunder to any partnership or corporation with which Foxy Grandpa shall be connected as a principal.
12. All notices under this Agreement shall be given in writing by registered or certified mail addressed to the respective parties pat their addresses as hereinabove set forth, unless notice of change of address is given.
13. This Agreement shall be construed under and be governed by the laws of the State of --------, and may not be changed orally.
14. The signatures of both contracting parties affixed hereto shall constitute this a valid Agreement.

I signed this contract in a weak position. It is chock full of holes and meaningless promises. Here are the main points:

Paragraph 3. The terms "cartoons" and "cartoon films" are imprecise, and today we would say "animated films" or whatever type of films or other work is involved. This paragraph put my location at the discretion of Foxy.

Paragraph 4. This contract was a renewal of an earlier one.

Paragraph 5. The amount of Your salary is of course a crucial issue, and usually requires delicate research, and the ability to feel out your prospective employer, balancing the sum against Your needs or wants, what you think is realistically sustainable, and best of all, relating it to any other offers you might have. There is such a thing ask getting too much money. If you can't produce enough value for your employer to make you worthwhile, you will certainly be out at his earliest option. I signed at a lower salary than I was actually worth to Foxy, because of other overriding personal considerations. There are always other considerations!