Jon Stoner Senior Vice President and CTO Compensation Terms Agreement
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Summary
This agreement outlines the compensation terms for Jon Stoner as Senior Vice President and Chief Technical Officer. He will receive a base salary of $200,000, increasing to $210,000 on February 1, 2005, and is eligible for a bonus under the Key Manager Incentive Program. He is granted 50,000 stock options with a specified vesting schedule. Additional benefits include participation in the company's group health insurance, an annual executive physical, and a 401(k) plan with company matching contributions.
EX-10.31 7 v06073exv10w31.txt EXHIBIT 10.31 EXHIBIT 10.31 Terms of Compensation Name: Jon Stoner Title: Senior Vice President and Chief Technical Officer Base Salary: $200,000, increased to $210,000 on February 1, 2005 Bonus Plan: Eligible for participation in the company's Key Manager Incentive Program with a target payout at 50% of base salary and a maximum payout of 150% of base salary Stock Options: 50,000 shares, with an exercise price = fair market value on grant date, vesting 1/4 on the first anniversary of the grant date and an additional 1/48 monthly thereafter Health Benefits: eligible for group insurance program consisting of a hospital, surgical, major medical, life, dependent life, accidental death insurance and dental plan, and an annual executive physical 401K: company match of 50% of the employee's first 6% contribution, not to exceed 50% of the 402(g) limit