Summary of Terms of Employment for R. Edward Anderson as Chief Executive Officer
This agreement outlines the employment terms for R. Edward Anderson as Chief Executive Officer, effective January 24, 2012. Mr. Anderson will receive a base salary of $700,000 and is eligible for an annual performance bonus equal to his base salary, contingent on the company meeting certain performance goals. He will also receive a $3,000 monthly allowance for travel and lodging expenses, which is separate from his base salary and not subject to additional tax gross-up.
Exhibit 10.34
SUMMARY OF TERMS OF EMPLOYMENT FOR
R. EDWARD ANDERSON, CHIEF EXECUTIVE OFFICER
As of January 24, 2012, Ed Anderson returned to the position of CEO of the Company. Pursuant to the terms of his employment arrangement, Mr. Anderson’s base salary is $700,000 and his targeted annual performance bonus is 100% of base salary, based on the achievement of certain performance targets by the Company. His employment arrangement also provides for a $3,000 monthly travel and lodging expense allowance. This allowance will not be grossed up and is not part of Mr. Anderson’s base salary.
