Employment Terms Description for Doug Marinaro as Vice President – Software & Consulting at MTS Systems Corporation

Summary

This document outlines the employment terms for Doug Marinaro as Vice President – Software & Consulting at MTS Systems Corporation. He will receive a base salary of $15,000 per month, be eligible for an annual incentive bonus (with a minimum payout of $50,000 for 2003), and receive stock options. Additional benefits include standard employee benefits, three weeks of vacation, a monthly business allowance, a sign-on bonus, and a relocation payment. If terminated without cause within the first 24 months, he is entitled to advance notice and severance pay.

EX-10.T 6 mts034613s1_ex10t.htm DESCRIPTION OF TERMS OF EMPLOYMENT MTS Systems Corporation Exhibit 10.t to Form 10-K

Exhibit 10.t

The following is a written description of the terms of employment of Doug Marinaro, pursuant to Item 601(b)(10)(iii)(B) of Regulation S-K:

Title:		Vice President – Software & Consulting.
Base Salary:		$15,000.00 per month.
Annual Incentive Bonus:		Eligible for incentive bonus under the MTS Management Variable Compensation (“MVC”) Plan. Pro rated for fiscal year 2003 with pay-out to
		be not less than $50,000.
Stock Options:		Option to purchase 15,000 shares on start date. Thereafter, eligible for grants under the MTS Stock Option Plan, as approved by the Board.
Employee Benefits:		Eligible to participate in all employee benefits available to U.S. employees.
Annual vacation:		Three weeks.
Other:		Business allowance of $625 per month.
		Sign-on bonus of $20,000
		Relocation payment of $56,000
		If terminated, other than for resignation or for cause during first 24 months of employment, MTS will provide:
		» 3 months notification
		» 9 months severance pay