2005 Annual Option Grant(2)
EX-10.1 2 dex101.htm COMPENSATION INFORMATION FOR THE COMPANY'S CEO & CFO COMPENSATION INFORMATION FOR THE COMPANY'S CEO & CFO
Exhibit 10.1
| Executive Officer | 2004 Incentive Bonus | 2005 Annual | 2005 | 2005 | ||||||||
| Cash | Options(1) | Base Salary(3) | ||||||||||
| Steven M. Rauscher | $ | 84,738 | 74,278 shares | 400,000 shares | $ | 420,000 | up to 60% | |||||
| Stephen Cohen | $ | 40,425 | 35,434 shares | 200,000 shares | $ | 257,500 | up to 40% | |||||
| (1) | The 2004 incentive bonus options were granted, in lieu of cash, pursuant to the Company’s 2001 Incentive Plan, have a ten year term, an exercise price of $2.73, the fair market value of the Company’s common stock on the date of grant, and vested fully upon grant. |
| (2) | The 2005 annual option grants were made pursuant to the Company’s 2001 Incentive Plan, have a ten year term, an exercise price of $2.73, the fair market value of the Company’s common stock on the date of grant, and vest quarterly over three years. The options granted to Mr. Cohen will vest immediately upon his separation from the Company and remain exercisable for two years from date of separation. |
| (3) | Effective January 1, 2005. |
