Executive Compensation Agreement between Medical Action Industries Inc. and Eric Liu (2013)
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Summary
This agreement outlines the compensation package for Eric Liu as an Executive Officer and member of the Executive Leadership Team at Medical Action Industries Inc. for fiscal year 2013. Eric will receive a bi-weekly base salary of $12,500, a bonus opportunity equal to 50% of his base salary if the company achieves $12.7 million in operating income, and a grant of 20,000 restricted shares if operating income reaches $15 million. The agreement is signed by both Eric Liu and the company's Vice President of Human Resources.
EX-10.21 12 exh_1021.htm EXHIBIT 10.21 exh_1021.htm
Exhibit 10.21
500 Expressway Drive South
Brentwood, NY 11717
Phone: 631 ###-###-####
Fax: 631 ###-###-####
www.medical-action.com
June 14, 2012
Mr. Eric Liu
[_____________]
[_____________]
Dear Eric,
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 - $12,500 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 |
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/ Eric Liu 06/22/2012
Eric Liu, Vice President of Operations & Date
Business Development
