Incentive Bonus Letter Agreement between Ampex Corporation and Robert L. Atchison (March 16, 2007)
This agreement between Ampex Corporation and Robert L. Atchison outlines an incentive bonus program for the years 2007 and 2008. Mr. Atchison is eligible to receive annual bonuses based on Ampex Data Systems Corporation's income before taxes, with specific bonus amounts tied to various income thresholds. If the income falls between set levels, the bonus is calculated proportionally. The agreement sets clear financial targets and corresponding rewards for Mr. Atchison's performance during the specified years.
EXHIBIT 10.1
March 16, 2007
Mr. Robert L. Atchison
Ampex Corporation
1228 Douglas Avenue
Redwood City, CA 94063
Dear Bob,
This letter is to confirm our discussion concerning your incentive program for the years ending Dec. 31, 2007 and 2008.
For each calendar year you will be entitled to receive a bonus calculated as follows:
| Ampex Data Systems Corporation | |||||
| Income before income taxes | 43% of Data Systems Annual Financial Plan | $ | 100,000 | ||
| 62% “ | $ | 175,000 | |||
| 81% “ | $ | 250,000 | |||
| 100% “ | $ | 350,000 | |||
| 119% “ | $ | 500,000 | |||
| 138% “ | $ | 700,000 |
For income levels between any two of the above bands payments will be pro-rated on a straight line basis.
I wish you the greatest success in achieving your incentive targets.
Yours Sincerely,
| /s/ D. Gordon Strickland |
| D. Gordon Strickland |
DGS:vrm
