EXTENSION AGREEMENT
EX-10.16 6 dex1016.htm EXTENSION AGREEMENT WITH JEFFREY B. DECILLIA, DATED MAY 23, 2003 Extension Agreement with Jeffrey B. deCillia, dated May 23, 2003
EXHIBIT 10.16
EXTENSION AGREEMENT
This EXTENSION AGREEMENT (this “Agreement”) is made and entered into as of May 23, 2003 by and between Captaris, Inc. (herein “Company”) and Jeffrey B. deCillia (herein “Executive”).
The Company desires to retain the services of Executive to continue in the role of Chief Financial Officer and assist in the transition of the role of Chief Financial Officer (herein “CFO”).
The Executive is agreeable to such extension in exchange for the compensation detailed below.
Timing:
| • | The Executive agrees to make himself available beginning July 1, 2003 to assist the Company in this transition. |
| • | Company recognizes that Executive was taking out of town vacation from August 4 to August 14, 2003. Given that Executive will need to be available to aid in the preparation and filing of the second quarter 2003 10Q, Company will consider this time period as Executive working remotely in recognition of Executive making himself available to assist in this filing effort. |
| • | The extension period continues until terminated by either party with two weeks notice. |
Extension compensation:
| • | Executive to receive compensation at the rate of $22,917 per month (his last current base pay rate plus one twelfth of his annual variable pay opportunity) for the time period worked subsequent to June 30, 2003, paid with normal Company payroll processing. |
| • | Executive shall be considered a full time employee during this extension period and shall be entitled to receive any and all benefits afforded full-time employees, and specifically those afforded Corporate Officers (to include, but not meant to be a complete listing, medical, dental, disability, and life insurances, coverage under the Company’s Directors and Officers insurance policy, cell phone, as well as accruing PTO benefits and vesting of stock options up to last date of employment). |
Other:
| • | Terms of this agreement shall continue to any successor corporation of the Company. |
| • | Governing law is the State of Washington. |
| • | Both parties agree to settle disputes via Commercial Arbitration Rules of the American Arbitration Association to be conducted in King County, Washington. |
| • | Amendments to this agreement must be in writing and mutually accepted. |
Agreed to by:
| Captaris, Inc. | Executive | |
| /s/ David P. Anastasi | /s/ Jeffrey B. deCillia | |
| David P. Anastasi | Jeffrey B. deCillia | |
| President and CEO | ||
| 5/27/03 | 5/27/03 | |
| Date | Date | |
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