Modification of Salary Arrangement Between the Company and Gregory T. Novak

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement documents the approval of an increase in the base salary of Gregory T. Novak, President and CEO of the Company, from $475,000 to $500,000. The change was recommended by the Compensation Committee and approved by the independent directors on September 7, 2006. This modification is part of Mr. Novak's existing employment arrangements as outlined in his Amended and Restated Employment Agreement dated September 28, 2005.

Read More Arrow
EX-10.3.42 3 l22011aexv10w3w42.htm EX-10.3.42 EX-10.3.42  

Exhibit 10.3.42
MODIFICATION OF SALARY ARRANGEMENT BETWEEN THE COMPANY AND GREGORY T. NOVAK
On August 21, 2006, the Compensation Committee of the Board of Directors reviewed the compensation of Gregory T. Novak, President and Chief Executive Officer of the Company, and recommended that the independent directors approve an increase in Mr. Novak’s base salary from $475,000 to $500,000. Such increase was approved by the independent directors on September 7, 2006. Mr. Novak's salary arrangement is part of arrangements related to his Amended and Restated Employment Agreement dated as of September 28, 2005(filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed October 3, 2005 and incorporated herein by reference).