MFIC Corporation Employment Compensation Agreement with Irwin J. Gruverman (Chairman, President, and CEO)

Contract Categories: Human Resources › Employment Agreements
Summary

MFIC Corporation and Irwin J. Gruverman have agreed on his compensation as Chairman, President, and CEO, effective January 1, 2001. Mr. Gruverman will receive a base salary of $95,000 per year, subject to Board approval, and may participate in a management bonus pool. Taxes will be withheld from his pay, and he will continue to receive insurance and medical benefits at no cost. This agreement outlines the key terms of his employment compensation.

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EX-10.46 7 a2043743zex-10_46.txt EXHIBIT 10.46 Exhibit 10.46 Irwin J. Gruverman December 31, 2000 16 Tanglewood Road Needham, MA 02194 Dear Mr. Gruverman: This will confirm our Agreement concerning your compensation as Chairman, President 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, 2001. You will participate in a bonus pool, if any, for management employees. 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 - ------------------------------ --------------------------- Irwin Gruverman, CEO, Chairman Irwin Gruverman, for myself