MFIC Corporation Chairman and CEO Compensation Agreement with Irwin J. Gruverman (2003)
This agreement outlines the compensation terms for Irwin J. Gruverman as Chairman and CEO of MFIC Corporation, effective January 1, 2003. Mr. Gruverman will receive a base salary of $95,000 per year, participate in a management bonus pool, and may be considered for a special bonus based on company performance. Taxes will be withheld from his compensation, and he will continue to receive insurance and medical benefits at no cost. The agreement is subject to Board approval and is signed by both Mr. Gruverman and the company president.
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Exhibit 10.53
| Irwin J. Gruverman 16 Tanglewood Road Needham, MA 02194 | December 31, 2002 |
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 $95,000 per year, beginning January 1, 2003. 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 no cost to you, as part of your compensation.
| MFIC CORPORATION | ||
/s/ Irwin Gruverman | ||
Irwin Gruverman, CEO, Chairman | Irwin Gruverman, for myself | |
/s/ Robert Bruno | ||
Robert Bruno, President |
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- Exhibit 10.53
