Compensation Agreement for Paul C. Svindland as Chief Operating Officer

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Summary

This agreement outlines the compensation and benefits for Paul C. Svindland as Chief Operating Officer. He will receive a $425,000 annual base salary, a $250,000 sign-on bonus, a monthly car allowance, and reimbursement for country club dues. He is eligible for annual and long-term bonuses, severance benefits, and relocation assistance. If his employment ends under certain conditions, he may receive up to 24 months of severance. He must also follow confidentiality and non-compete rules after leaving the company.

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EX-10.4 5 d398629dex104.htm EX-10.4 EX-10.4

EXHIBIT 10.4

Compensation Elements for Paul C. Svindland

 

Title    Chief Operating Officer
Annual Base Salary    $425,000
Sign-On Bonus    $250,000 payable on February 15, 2013, subject to employment on that date
Monthly Car Allowance    $1,200
Perquisites    Reimbursement of reasonable country club membership dues
Target Annual Bonus Plan Percentage    75% of annual base salary, consistent with the company’s annual bonus plan
Target Long-Term Incentive Plan Award    100% of annual base salary
Employment Agt. (Yes/No); Severance Period    Yes, 12 month severance period
Participation in Supplemental Severance Program (Yes/No); Enhanced Severance Period    Yes, 24 month severance period if the executive’s employment is terminated by the Company without cause or by the executive with “good reason” within 18 months after a change in control
Covenants:    Under the Company’s standard employment agreement, he will be subject to post-termination covenants requiring him to protect the confidentiality of the Company’s proprietary business information and trade secrets and, for 12 months after termination, not to participate in a business that competes with the Company and not to solicit its employees, customers, vendors, agents or contractors to alter adversely their relationship with the Company.
Relocation Benefits    Reimbursement of temporary housing until the earlier of relocation of his residence to Dublin, OH or August 30, 2013 plus reimbursement (grossed up for taxes) of moving expenses, consistent with the Company’s relocation policy