Compensation Agreement between Gary B. Vonk and the Board of Directors
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Summary
This agreement outlines the terms of employment for Gary B. Vonk as President and Acting Chief Executive Officer. Mr. Vonk will receive an annual salary of $445,000, effective October 1, 2002, and a grant of 40,000 restricted shares that vest after two years, with possible acceleration under certain conditions. If Mr. Vonk is terminated without cause, he will receive a severance payment equal to one year's base salary, unless the termination follows a change of control as defined in a separate agreement. The agreement is signed by both parties.
EX-10.15 7 dex1015.txt COMPENSATION AGREEMENT WITH PRESIDENT & ACTING CEO EXHIBIT 10.15 Robert R. Schoeberl ###-###-#### Non-Executive Fax ###-###-#### Chairman of the Board November 11, 2002 Mr. Gary B. Vonk Dear Gary: Gary, this letter confirms the Board's agreement with you regarding title, compensation and severance payments: Position: President and Acting Chief Executive Officer Annual Salary Rate: $445,000 per year (effective as of October 1, 2002) Restricted Stock Grant: 40,000 Restricted Shares with Cliff Vesting on November 11, 2004 -- Subject to acceleration in the event of an involuntary termination without cause, termination for any reason subsequent to the placement of a new CEO (other than you) or as otherwise determined by the Board of Directors in its discretion. Severance: One year base salary for involuntary termination without cause, payable as a lump sum. (Does not apply in the event of a termination following a change of control of the nature described in Section 4(b) of your Change in Control Agreement, but only to the extent such agreement is then in effect.) Sincerely, /s/ Robert R. Schoeberl --------------------------------- Robert R. Schoeberl Non-Executive Chairman Agreed: /s/ Gary B. Vonk November 11, 2002 - ------------------ ------------------ Gary B. Vonk Date