Employment Agreement between Del Global Technologies Corp. and James A. Risher as CEO and President (FY 2008)

Summary

Del Global Technologies Corp. and James A. Risher have agreed to terms for Risher's employment as CEO and President for fiscal year 2008. Risher will receive a base salary of $320,000, a potential annual bonus based on company performance, and a monthly living allowance of $6,200 (grossed up for taxes). He is also eligible for three weeks of paid vacation. The agreement specifies that employment is at-will, meaning either party can end it at any time. Risher must sign confidentiality agreements as a condition of employment.

EX-10.1 2 ex101to8k05733_09172007.htm sec document

DEL GLOBAL TECHNOLOGIES CORP. 11550 WEST KING STREET FRANKLIN PARK, ILLINOIS 60131 September 19, 2007 Mr. James A. Risher 111 East Chestnut Street Apt. 45A Chicago, IL 60611 Dear Jim: The following sets forth the terms of your fiscal year 2008 employment as Chief Executive Officer ("CEO") and President of Del Global Technologies Corp. (the "Company") The terms set forth herein shall be effective with the Company's next payroll period. Your compensation as CEO and President will include a base salary of $320,000. You will also be eligible to receive an annual bonus ("Annual Bonus") with a target of 70% of your annual base salary based on achieving the Company's annual budget and attaining specific objectives assigned by the Board of Directors of the Company. This Annual Bonus can be anywhere from 0% to 150% of your target. Such additional bonus, if any, shall be based on achieving specific targets to be determined exclusively by the Board of Directors. The bonuses, if any, will be paid following the completion of audited financial results. Therefore, the Bonuses, if any, are not guaranteed. Stock options may be granted in the future based on the Company's performance and Board of Director approval. The Company will provide you with a monthly living allowance during fiscal year 2008 of $6,200.00 per month. This allowance is "grossed up" for tax purposes. This allowance shall be paid for the entire fiscal year 2008 even if your employment is terminated by the Company unless the termination is for "Cause". You are eligible for three weeks of paid vacation during the year. Any vacation day not used cannot be carried forward and will have no cash value. The terms of your employment are not intended to create either an expressed or implied contract of employment for a specified period of time. It is understood that you are voluntarily entering into employment at will with the Company and either you or the Company can terminate the employment relationship at any time with or without prior notice for any reason whatsoever or for no reason at all. Moreover, both you and the Company acknowledge that there is no agreement expressed or implied for any specific period of employment, or for continued employment. During your employment you will be asked to review and sign documents, including but not limited to, those that concern the non-disclosure of confidential information, and if you should leave the Company, the prompt return of all James A. Risher September 19, 2007 Page 2 company property then in your possession. Your execution of these confidentiality agreements and adherence to their terms are a condition of your employment. Please indicate your acceptance of the terms of your fiscal year 2008 compensation by signing below and returning this letter in its entirety to me within two (2) business days of the date of this letter. Please remember to keep one (1) copy for your records. Sincerely, /s/ James Henderson - -------------------------------------------------------------------------------- James Henderson Chairman Cc: Personnel File Agreed and accepted as of the date written above. /s/ James A. Risher - -------------------------------------------------------------------------------- James A. Risher