NORTHERNTECHNOLOGIES INTERNATIONAL CORPORATION DESCRIPTIONOF EXECUTIVE OFFICER COMPENSATION ARRANGEMENTS
Exhibit 10.13
NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
DESCRIPTION OF EXECUTIVE OFFICER
COMPENSATION ARRANGEMENTS
The following is a description of oral compensation arrangements between Northern Technologies International Corporation and each of the executive officers of NTIC:
| Name of |
| Title |
| Base |
| Bonus |
| Stock |
| Other |
| G. Patrick Lynch |
| President and Chief Executive Officer |
| $230,000 per year. See footnote (1) below |
| See footnote (2) below |
| Stock options to purchase shares of NTIC common stock are granted from time to time in the sole discretion of the NTIC Board of Directors. |
| Under NTIC’s 401(k) Plan, participants, including executive officers, may voluntarily request that NTIC reduce pre-tax compensation by up to 15% (subject to certain special limitations) and contribute such amounts to a trust. NTIC contributed an amount equal to 3.5% of the amount that each participant contributed under this plan.
Executive officers receive other benefits received by other NTIC employees, including health, dental and life insurance benefits. |
| Matthew C. Wolsfeld |
| Chief Financial Officer and Secretary |
| $170,000 per year. See footnote (1) below |
| See footnote (2) below |
| See above |
| See above |
(1) Annual base salaries for NTIC’s executive officers are determined each year by NTIC’s Board of Directors, upon recommendation of the Compensation Committee of the Board.
(2) Annual performance bonuses for NTIC’s executive officers are determined each year by NTIC’s Board of Directors, upon recommendation of the Compensation Committee of the Board. For fiscal 2011 as in past years, the total amount available under the bonus plan will be up to 25% of NTIC’s earnings before interest, taxes and other income (EBITOI) and will be $0 if EBITOI, as adjusted to take into account amounts to be paid under the bonus plan, fall below 70% of target EBITOI. The payment of bonuses under the plan are purely discretionary and will be paid to executive officer participants in both cash and stock, the exact amount and percentages of which will be determined by the Board of Directors, upon recommendation of the Compensation Committee.
