Compensation Agreement Key Terms for Lynda Gustafson, Vice President, Corporate Controller
This agreement outlines the compensation terms for Lynda Gustafson as Vice President, Corporate Controller. She will receive a base salary of $207,000, be eligible for a bonus plan with a target payout of 40% of her base salary, and may participate in the company's equity compensation plans. Additional benefits include health insurance and a 401(k) plan with a 4% match after six months. If terminated without cause within 18 months of a change of control, she is entitled to a lump sum payment equal to two times her annual compensation and continued benefits for 18 months. If terminated without cause otherwise, she will receive severance equal to 50% of her base salary, paid over 12 months.
EXHIBIT 10.81
KEY TERMS OF COMPENSATION ARRANGEMENT
| NAME: | Lynda Gustafson | |
| TITLE: | Vice President, Corporate Controller | |
| BASE SALARY: | $207,000 | |
| BONUS PLAN: | Target payout at 40% of base salary. | |
| EQUITY COMPENSATION: | Eligible to participate in the Company’s equity compensation plans. | |
| 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 two times annual compensation (base salary plus average annual bonus for three prior fiscal years) plus a pro-rated bonus for the year of termination, 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. | |
