Employment Compensation Agreement between MFIC Corporation and Irwin J. Gruverman (Chairman and CEO)
MFIC Corporation agrees to pay Irwin J. Gruverman, as Chairman and CEO, a base salary of $97,000 per year starting January 1, 2004, subject to Board approval. He will also be eligible for a management bonus pool and potential special bonuses based on company performance. Standard tax withholdings will apply, and he will continue to participate in the company's insurance and medical programs at the usual employee cost.
Exhibit 10.57
| Irwin J. Gruverman |
| December 31, 2003 |
| 60 Seminary Ave |
|
|
| Auburndale, MA 02466 |
|
|
| Dear Mr. Gruverman: |
|
|
This will confirm our Agreement concerning your compensation as Chairman and CEO of MFIC.
Subject to approval by the Board, we will pay you at a base rate of $97,000 per year, beginning January 1, 2004. You will participate in a bonus pool, if any, for management employees, and the Board will consider a Special Bonus if financial results and stock performance warrant it. You agree that MFIC will withhold money from your compensation to pay appropriate taxes. You will be included in MFIC’s insurance and medical programs as in past years, at standard employee cost to you, as part of your compensation.
| MFIC CORPORATION |
| ||
|
|
| ||
|
|
| ||
|
|
|
|
|
| Irwin Gruverman, CEO, Chairman | Irwin Gruverman, for myself | ||
|
|
| ||
|
|
| ||
|
|
|
| |
| Robert Bruno, President |
| ||
