Employment Agreement Summary with Matthew F. MacFarlane as Vice President and Chief Accounting Officer

Summary

This agreement outlines the terms of employment for Matthew F. MacFarlane as Vice President and Chief Accounting Officer at GS. He will receive a base salary of $145,000 per year, a 25% bonus potential, a $10,000 sign-on bonus, stock options for 25,000 shares vesting over four years, and standard healthcare and 401K benefits. Additional benefits include a car allowance, $500,000 term life insurance (subject to a physical), and three weeks of vacation. If the company is sold or merged, all stock options vest, and a $75,000 payment is provided if a comparable position is not offered.

EX-10.21 23 y12717exv10w21.txt EX-10.21: SUMMARY OF EMPLOYMENT AGREEMENT WITH MATTHEW F. MACFARLANE Exhibit 10.21 SUMMARY OF AGREEMENT WITH MATTHEW MACFARLANE 1. Title: Vice President and Chief Accounting Officer 2. Base Salary: $145,000 per year 3. Bonus Potential: 25% 4. GS will provide a 401K program, initially without company contribution. 5. GS will provide a car allowance in line with our discussion. 6. GS will provide a term Life Insurance Policy in the amount of $500,000, subject to satisfactory physical examination. 7. Stock Options: GS will provide options to purchase 25,000 shares at a price of $6 per share. These options will vest over a 4-year period from date of hire. 8. Change of Control: In the event the company is sold or merged, and there is a change of control, all of your options will vest; and, in the event that you do not receive a comparable position with the new company, you will receive a payment of $75,000. 9. GS will provide you our standard Healthcare Benefits program. Robin Godfrey, our Controller, will provide you with the details and help you get signed up. 10. Sign on Bonus: $10,000. 11. Vacation: 3 weeks Agreed /s/ Matthew MacFarlane ---------------------------------------- 12-17-03