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 2009, it specifies the annual base salaries for each executive and states that they are employed "at will" unless they have a written contract. The Board of Directors, based on recommendations from the Compensation Committee, sets these salaries each year. The executives are also eligible to participate in the company's Stock Incentive Plan and Annual Incentive Compensation Plan. All other employment terms are determined annually by mutual agreement between the Board and the executives.
Exhibit 10.41
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 2009, 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): | $ | 295,000 | |
| Frederick W. Dow, Jr. (SVP and Chief Marketing Officer): | $ | 257,500 | |
| Alvin K. Marr (SVP, General Counsel and Secretary): | $ | 225,000 | |
| John A. Warzecha (SVP, Franchise Business Development): | $ | 150,000 | |
In addition, in 2009, each of these executive officers is entitled to participate in the Company’s Stock Incentive Plan and the 2009 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.
