Compensation Adjustment Agreement for Michel Khalaf, President, EMEA
This agreement outlines changes to the compensation terms for Michel Khalaf, President of Europe, the Middle East, and Africa at the Company, effective July 1, 2012. Mr. Khalaf's base salary was increased by approximately $50,000 to about $500,000, based on the exchange rate from Emirati dirham to U.S. dollars. At the same time, his home leave airfare benefit, which cost the Company $30,221 in 2011, was discontinued.
Exhibit 10.2
Effective July 1, 2012, the Company increased the base salary rate for Michel Khalaf, the Company’s President, Europe, the Middle East, and Africa, by approximately US$50,000 to approximately US$500,000 (in each case, the amount reflects the contemporaneous exchange rate for the currency in which Mr. Khalaf’s base salary is paid, Emirati dirham, to U.S. dollars). At the same time, Mr. Khalaf’s home leave airfare benefit (the incremental cost to the Company of which was $30,221 in 2011) was discontinued.
