Compensation Arrangement with Interim Chief Executive Officer and Chairman Morris Sutton
This document outlines the compensation terms for Morris Sutton, who serves as the Interim Chief Executive Officer and Chairman of the Company. Mr. Sutton works without a written employment contract, and his employment is at will. He receives an annual salary of $250,000, is eligible for a performance-based annual cash bonus, and can participate in the Company's long-term stock award program and standard employee benefits. There are no severance arrangements. His salary was previously $350,000 before January 31, 2006.
Compensation Arrangements with Interim Chief Executive Officer and Chairman
The purpose of this exhibit is to explain the Company's compensation arrangement with Morris Sutton, the Company's Interim Chief Executive Officer and Chairman.
Mr. Sutton does not have a written employment agreement with the Company. His employment is at will, and his compensation is set by a verbal agreement with the Company.
Mr. Sutton's compensation is currently an annual salary of $250,000. Mr. Sutton is eligible to receive an annual cash bonus based on his own performance, as evaluated by the Company's board of directors, and the performance of the Company. Mr. Sutton does not have any severance arrangements with the Company. He is eligible to participate in the Company's long term stock award program, which is offered to the Company's executives, and is entitled to all standard employment benefits offered to Company employees.
Prior to January 31, 2006, Mr. Sutton's annual salary was $350,000.
