Summary of Amendment to Change of Control Bonus Plan for Executive Officers
This amendment outlines that Dennis R. Jolicoeur, Steven S. Spitz, and Michael S. Surmeian will receive a bonus equal to one year's base salary if there is a change of control at the company and they are either terminated within 18 months or required to relocate outside Los Angeles County. A change of control includes events like company dissolution, sale of assets or stock, or mergers where current owners lose majority voting power.
Exhibit 10.18
Summary of Amendment to Change of Control Bonus Plan
Upon a “change of control” involving the company, Dennis R. Jolicoeur, Chief Financial Officer, Treasurer and Executive Vice President; Steven S. Spitz, Vice President and General Counsel; and Michael S. Surmeian, Vice President of Sales, will be paid a change of control bonus equal to one year’s base salary, if:
· the executive officer is terminated within eighteen (18) months of the date of the change of control; or
· the company relocates its present offices outside of Los Angeles County and the executive is asked and/or required to move in order to perform his duties.
A “change of control” means:
· the dissolution or liquidation of the company;
· the sale of all or substantially all of the assets of the company on a consolidated basis to an unrelated person or entity;
· a merger, reorganization or consolidation in which the holders of the company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity immediately upon completion of such transaction;
· the sale of all of the common stock of the company to an unrelated person or entity; or
· any other transaction in which the owners of the company’s outstanding voting power prior to such transaction do not own at least a majority of the outstanding voting power of the relevant entity after the transaction.
