Executive Compensation Agreement between Medical Action Industries Inc. and John Sheffield (CFO)
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Summary
This agreement outlines the compensation package for John Sheffield as an Executive Officer and member of the Executive Leadership Team at Medical Action Industries Inc. for Fiscal Year 2013. It specifies his base salary, bonus eligibility based on operating income targets, a grant of restricted shares upon reaching a higher income threshold, and an annual car allowance. The agreement requires John Sheffield's signature to confirm acceptance of these terms.
EX-10.19 10 exh_1019.htm EXHIBIT 10.19 exh_1019.htm 
Exhibit 10.19
500 Expressway Drive South
Brentwood, NY 11717
Phone: 631 ###-###-####
Fax: 631 ###-###-####
www.medical-action.com
June 14, 2012
Mr. John Sheffield
[_______________]
[_______________]
Dear John,
As approved by Paul D. Meringolo, CEO & President, and 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 - $10,576.92 bi-weekly (Subject to applicable taxes) |
| · | Bonus Opportunity at 50% of base upon achievement of $12.7M in Operating Income |
| · | 20,000 Restricted Shares granted upon achievement of $15M in Operating Income |
| · | Car allowance of $15,000 per year to include gas reimbursement |
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/ John Sheffield | 06/28/2012 | |
| John Sheffield, CFO | Date |
