Executive Compensation Agreement between Medical Action Industries Inc. and Paul D. Meringolo (2013)
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Summary
This agreement outlines the 2013 compensation package for Paul D. Meringolo, CEO and President of Medical Action Industries Inc. It specifies his base salary, eligibility for a bonus based on operating income targets, a grant of restricted shares upon reaching a higher income threshold, and continued participation in a leased vehicle program. The agreement is effective for the 2013 fiscal year and requires Mr. Meringolo's signature to confirm acceptance of the terms.
EX-10.18 9 exh_1018.htm EXHIBIT 10.18 exh_1018.htm 
Exhibit 10.18
500 Expressway Drive South
Brentwood, NY 11717
Phone: 631 ###-###-####
Fax: 631 ###-###-####
www.medical-action.com
June 14, 2012
Mr. Paul Meringolo
[____________]
[____________]
Dear Paul,
As approved by the Board of Directors, I am providing you with a summary of your Fiscal Year 2013 compensation program as an Executive Officer and member of the Executive Leadership Team:
| · | Base Salary - $21,182.69 bi-weekly (Subject to applicable taxes) |
| · | Bonus Opportunity at 80% of base upon achievement of $12.7M in Operating Income |
| · | 20,000 Restricted Shares granted upon achievement of $15M in Operating Income |
| · | Continuation of leased vehicle program to include, gas reimbursement, maintenance on said vehicle, and insurance |
Your leadership and dedication to our Values in Action will allow us to achieve our goals in FY’13. Please sign and return this document to me at your earliest convenience.
Sincerely,
| /s/ Laurie Darnaby | ||
| Laurie Darnaby, SPHR | ||
| Vice President of Human Resources | ||
| /s/ Paul D. Meringolo | 06/14/2012 | |
| Paul D. Meringolo, CEO & President | Date |
