2010 and 2011 Executive Officer Compensation Arrangements for Senior Management
This document outlines the base salaries and target bonus percentages for several executive officers of the company for 2010 and 2011. It lists the compensation details for each executive, including changes in roles, salary adjustments, and bonus targets. The document also notes the dates when certain executives joined or left the company and mentions that separation agreements were entered into with departing officers. The primary purpose is to disclose the compensation structure and any significant employment changes for key executives during these years.
Exhibit 10.28
2010 and 2011 Executive Officer Compensation Arrangements
| Executive Officer |
| 2010 |
| 2010 Target |
| 2011 |
| 2011 Target |
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| Peter C. Brandt (1) |
| $ | — |
| — |
| $ | 305,000 |
| — |
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| Interim President and Chief Executive Officer |
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| Patrick D. Spangler (2) |
| $ | 300,000 |
| 60 |
| $ | 300,000 |
| 60 |
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| Chief Financial Officer |
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| Matthew A. Kaminer (3) |
| $ | — |
| — |
| $ | 250,000 |
| 40 |
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| General Counsel and Secretary |
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| David B. Burlington (4) |
| $ | 270,000 |
| 60 |
| $ | 270,000 |
| 60 |
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| Chief Operations Officer |
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| Heather A. Gervais (5)(6) |
| $ | 175,000 |
| 20 |
| $ | 240,000 |
| 40 |
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| Senior Vice President, Commercial Operations |
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| Rosemary A. Crane (7) |
| $ | 350,000 |
| 70 |
| $ | 380,000 |
| 75 |
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| Former President and Chief Executive Officer |
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| Joseph B. Kleine (8) |
| $ | 280,000 |
| 70 |
| $ | 280,000 |
| 70 |
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| Former Chief Commercial Officer |
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| (1) | Mr. Brandt joined the Company on November 16, 2011. |
| (2) | Mr. Spangler joined the Company on October 4, 2010. |
| (3) | Mr. Kaminer joined the Company on June 27, 2011. |
| (4) | Mr. Burlington joined the Company on November 11, 2010. |
| (5) | Ms. Gervais joined the Company as Vice President of Client Services on September 7, 2010. |
| (6) | Ms. Gervais became Senior Vice President, Commercial Operations on November 9, 2011, and her base salary rate, as of that date, was increased to $240,000. |
| (7) | Ms. Crane resigned as President and Chief Executive Officer effective November 16, 2011. In connection with her resignation, Ms. Crane and the Company entered into a separation agreement. |
| (8) | Mr. Kleine resigned as Chief Commercial Officer effective November 7, 2011. In connection with his resignation, Mr. Kleine and the Company entered into a separation agreement. |
