Summary of Compensation Arrangement with Katherine M. Hudson
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Summary
This agreement outlines the compensation terms for Katherine M. Hudson, the former President and CEO, who will remain an employee until January 19, 2005, at her 2003 base salary. She will receive medical insurance or a payment in lieu, executive benefits at 2003 levels until January 19, 2004, and eligibility for the company's bonus plan. All compensation and benefits end if she takes outside employment, except with an academic institution. While employed, she will perform duties as assigned by the President.
EX-10.32 8 c79778exv10w32.txt SUMMARY OF COMPENSATION ARRANGEMENT - K. HUDSON EXHIBIT 10.32 SUMMARY OF COMPENSATION ARRANGEMENT WITH KATHERINE M. HUDSON The Company's Board of Directors has approved a compensation package for Mrs. Hudson, who served as the Company's President and CEO until March 31, 2003. Mrs. Hudson will remain an employee of the Company for a period up to January 19, 2005, at her annual base salary in effect for fiscal 2003; and will be eligible for coverage under the Company's regular medical insurance plan or a payment in lieu thereof toward similar coverage. Until January 19, 2004, she will also receive other executive benefits at the 2003 level and be eligible to participate in the Company's bonus plan. While employed, Mrs. Hudson will perform such duties as requested of her by the President. All compensation and benefits will terminate if Mrs. Hudson accepts outside employment, other than with an academic entity.
