IEC Electronics Corp. Amended Salary Arrangement with Executive Officers
IEC Electronics Corp. has amended the base salaries of its executive officers, effective November 1, 2012, for the CEO and January 1, 2013, for the President and EVP of Operations. The Board of Directors and Compensation Committee approved salary increases for W. Barry Gilbert (Chairman & CEO), Jeffrey T. Schlarbaum (President), and Donald S. Doody (EVP of Operations). No changes were made to the compensation for the Chief Financial Officer, whose services are provided by Insero & Co. CPAs, P.C.
Exhibit 10.31
IEC Electronics Corp.
Amended Salary Arrangement with Executive Officers
On November 21, 2012, the independent members of the Board of Directors of IEC Electronics Corp. (the “Company”) upon recommendation of the Compensation Committee approved for the Chief Executive Officer, and the Compensation Committee approved for the other executive officers, the following increases in the base salary payable to them:
| Name and Title | Existing Base Salary | Modified Base Salary | Effective Date | |||||||
| W. Barry Gilbert, Chairman & CEO | $ | 326,000 | $ | 350,000 | 11/1/2012 | |||||
| Jeffrey T. Schlarbaum, President | $ | 254,500 | $ | 267,000 | 1/1/2013 | |||||
| Donald S. Doody, EVP of Operations | $ | 207,600 | $ | 228,000 | 1/1/2013 | |||||
No change was made to the amount of compensation payable to Insero & Co. CPAs, P.C., in respect of the services provided by Vincent A. Leo as Chief Financial Officer of the Company.
