Compensation Arrangement with Edward Cohen
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Summary
This agreement outlines the compensation terms for Edward Cohen, who will receive a $12,500 annual fee, $500 for each meeting attended, and an additional $2,000 annually if he serves as Chairman of the Audit Committee. He is also eligible for either 3,000 stock options or 4,000 shares of restricted stock, both vesting after one year, subject to Board and stockholder approval of the relevant equity plan.
EX-10.1 2 e500620_ex10-1.txt ARRANGEMENT WITH EDWARD COHEN Exhibit 10.1 Compensation for Edward Cohen $12,500 annual fee $500 per meeting attended (in person or telephonically) $2,000 additional annual fee if serves as Chairman of Audit Committee Either: 3,000 5-year options at fair market value as determined by Board, all vesting after one year, or 4,000 shares of restricted stock, all vesting after one year (subject in each case to the approval by the Board and stockholders of a plan providing for the issuance of stock options and restricted stock to directors) Page 4
