Compensation Arrangements with Named Executive Officers (Exhibit 10.14)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation terms for named executive officers, including Dennis Kakures, Thomas Sauer, Joseph Hanna, and Randle Rose. Each officer is employed at will and receives a specified base salary, a bonus for 2004, a target bonus for 2005 based on performance, and stock option awards granted in January 2005. The stock options have a set exercise price and will vest in equal installments over five years. Target bonuses are not guaranteed and depend on performance.

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EX-10.14 2 dex1014.htm COMPENSATION ARRANGEMENTS Compensation Arrangements

Exhibit 10.14

 

COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS

 

Named executive officers are compensated under arrangements providing for employment at will.

 

Name

    Base Salary
(effective
1/1/05)
    Bonus
Amount
for 2004
    Target Bonus
for 20051
     2005 Stock
Option
Awards2

Dennis Kakures

    $ 400,000    $ 284,737    86 %   55,000

Thomas Sauer

    $ 252,000    $ 99,971    66 %   20,000

Joseph Hanna

    $ 228,000    $ 116,156    71 %   20,000

Randle Rose

    $ 182,000    $ 79,692    66 %   12,500
1 Target bonuses are expressed as a percentage of base salary. Target bonuses are awarded for performance and are not guaranteed.
2 The stock options granted to the named executive officers by the Compensation Committee were granted on January 14, 2005. The stock options have an exercise price per share of $44.35, which was the fair market value at the time of the grant. Each executive officer’s stock options listed above will vest in equal annual installments over a five-year period.