Retention Bonus Pool Agreement for Key Management Employees upon Change in Control
The Board of Directors has approved a $135,000 retention bonus pool for key management employees, payable only if there is a change in control of the company. The bonus aims to encourage key managers to remain focused on the company's business. Employees who leave voluntarily or are terminated for cause before the payout date will not receive any bonus. The specific amounts and other payout terms require further Board approval.
Exhibit 10.17
As approved on February 16, 2005, the Board of Directors has established a retention bonus pool for key management employees payable only in the event of a change in control in the Registrant. The pool shall be initially funded with $135,000. The purpose of the pool is to provide an additional incentive to key management personnel to give their entire attention and efforts to the Company’s business. Participants who voluntarily terminate their employment or are terminated for cause prior to the date on which distribution of the pool is called for shall not be eligible to receive any payment on account of this pool. The amounts allocated to each participant and the other terms and conditions of the bonus payout are subject to further approval of the Board of Directors.
