Memorandum of Agreement for Promotion and Change of Status – Marlene McCurdy and Company

Summary

This agreement outlines the terms of Marlene McCurdy's promotion to Senior Vice President and General Manager, North Carolina Operations. Her salary remains unchanged with eligibility for an increase in January 2002. If her employment is terminated without cause, she will receive 12 months' severance pay and a grossed-up stock option loan repayment. The company will cover temporary housing for two months, then reimburse rent up to $600 per month for a year, and pay for two trips home per month. She will also receive a $20,000 bonus in October 2001.

EX-10.15 5 g74899ex10-15.txt MEMORANDUM OF AGREEMENT EXHIBIT 10.15 MEMORANDUM TO: Marlene McCurdy FROM: Gene Cattarina DATE: August 6, 2001 SUBJECT: CHANGE OF STATUS CC: Mark Rapoport Outlined below are the details pertaining to your Promotion: - - Your title will be Senior Vice President and General Manager, North Carolina Operations, reporting to Gene Miller, COO - - Your current salary will remain the same, and you will be eligible for an increase in January 2002 - - In the event that your employment is terminated by the company, not for cause, you will receive a severance payment equal to12 months pay, plus your outstanding stock option loan of $14,000 will be grossed-up - - The company will pay up to two months temporary housing expenses and will then reimburse you up to $600 per month for your rent, for the following twelve months. During this time, the company will also pay for two trips home per month. - - You will also receive a $20,000 bonus payable in October 2001, less all applicable state and federal deductions. /s/ Marlene McCurdy - ------------------------------------ ----------------------- Marlene McCurdy Date /s/ Eugene Santa Cattarina - ------------------------------------ ----------------------- Eugene Santa Cattarina Date