At-Will Executive Compensation Arrangement for Michael L. Franks with O'Sullivan

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the at-will compensation arrangement between O'Sullivan and executive officer Michael L. Franks. Mr. Franks receives a $160,000 annual salary, an $8,000 car allowance, a bonus opportunity, and participation in various employee benefit plans. He is also entitled to three weeks of vacation, professional development support, use of a company cell phone, indemnification, termination protection in case of a change in control, and stock options. The arrangement does not constitute a formal employment contract and can be changed or terminated at any time.

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EX-10.36 11 exhibit10-36.htm COMP ARRANGEMENTS WITH OFFICER

Exhibit 10.36

At Will Employment Compensation Arrangements for Executive Officers

         O’Sullivan does not have employment agreements with any of its executive officers other than Messrs. Robert S. Parker and Rick A. Walters. It has compensation arrangements with its other executive officers. The following describes the compensation arrangements for Michael L. Franks:

         Mr. Frank’s at will compensation arrangement includes the following:

  › a salary of $160,000 per year;  
       
  › an automobile allowance of $8,000 per year;  
       
  › a bonus target of 40% of his salary under O'Sullivan's incentive compensation plan;  
       
  › the opportunity to participate in employee benefit and employee welfare plans, including  
       
  › O’Sullivan’s Savings and Profit Sharing Plan,  
  › O’Sullivan’s Deferred Compensation Plan, and  
  › O’Sullivan’s Welfare Plan, which provides medical and dental insurance, life insurance in an amount equal to two times his salary and disability insurance;  
       
  › three weeks of vacation per year;  
       
  › payment by O’Sullivan of professional training and development costs and the costs of dues for professional associations;  
       
  › use of a cellular telephone;  
       
  › an indemnification agreement in the form previously filed with the Securities and Exchange Commission;  
       
  › a termination protection agreement that provides certain benefits in the event of a change in control of O’Sullivan, as described in our annual reports on Form 10-K; and  
       
  › options to purchase 7,500 shares of O’Sullivan Class A common stock (200 shares vested as of June 30, 2005).