Compensation Arrangement for Kip M. Garcia as President

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation terms for Kip M. Garcia as President, including a base salary of $385,000, a bonus plan with a target payout increasing from 65% to 85% of base salary, and health benefits. It provides a 401(k) plan with a 4% match after six months. If Mr. Garcia is involuntarily terminated within 18 months after a change of control, he is eligible for a lump sum payment equal to three times his annual salary plus a pro-rated bonus and 18 months of benefits. For other involuntary terminations, he receives 50% of his base salary paid over 12 months.

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EX-10.68 3 v16354exv10w68.htm EXHIBIT 10.68 exv10w68  

EXHIBIT 10.68
KEY TERMS OF COMPENSATION ARRANGEMENT
     
NAME:   Kip M. Garcia
     
TITLE:   President
     
BASE SALARY:   $385,000
     
BONUS PLAN:   Target payout at 65% of base salary.
Effective January 17, 2006, target payout at
85% of base salary.
     
HEALTH BENEFITS:   Medical, dental and vision insurance.
     
401K:   4% match, eligible after 6 months.
     
MANAGEMENT CHANGE OF CONTROL
PLAN: 		  If involuntary termination, but not for
death, disability or cause, at any time
within 18 months following the change of
control, eligible to receive a payment equal
to three times annual salary and a
pro-rated bonus, in a single lump sum
payment, less applicable taxes, and benefits
coverage for 18 months.
     
MANAGEMENT SEVERANCE PLAN:   Eligible to receive a severance payment equal
to 50% of gross base salary if
involuntarily terminated other than for
death, disability or cause, to be paid in
equal monthly installments over the 12-month
period.