Summary of Employment Arrangements with Named Executive Officers of Midas, Inc.
This document outlines the employment terms for the named executive officers of Midas, Inc. For 2005, their annual base salaries are specified, and they are considered "at will" employees unless they have written contracts. The Board of Directors, based on recommendations from the Compensation Committee, sets their salaries and other employment terms each year. The officers are also eligible to participate in the company's Stock Incentive Plan, and all except the President and CEO may participate in the 2005 Annual Incentive Compensation Plan.
EXHIBIT 10.34
The named executive officers of Midas, Inc. (the “Company”) are “at will” employees to the extent that they do not have written employment agreements with the Company. The annual base salaries of the named executive officers are set annually by the Company’s Board of Directors, upon the recommendation of its Compensation Committee. For 2005 (commencing on April 1, 2005), the annual base salaries of the Company’s named executive officers are as follows:
| Alan D. Feldman (President and CEO): | $ | 725,000 | |
| William M. Guzik (SVP and CFO): | $ | 275,000 | |
| John A. Warzecha (SVP, Franchise Operations and Sales): | $ | 250,000 | |
| Frederick W. Dow, Jr. (SVP and Chief Marketing Officer): | $ | 250,000 | |
| David C. Perrin (VP, MIS): | $ | 211,000 | |
In addition, in 2005, each of these executive officers is entitled to participate in the Company’s Stock Incentive Plan and, with the exception of the President and CEO, in the Company’s 2005 Annual Incentive Compensation Plan.
All other terms of the named executive officers’ respective employment with the Company are set annually by mutual agreement of the Board of Directors and such executives.
