Presstek Retention Incentive Agreement with James R. Van Horn (February 13, 2012)

Contract Categories: Human Resources › Retention Agreements
Summary

This agreement between Presstek and James R. Van Horn provides for a $50,000 retention bonus to be paid to Mr. Van Horn for fiscal year 2012. He must repay the net after-tax amount if he voluntarily leaves the company before March 15, 2013. If there is a change in control of Presstek, the repayment obligation is cancelled and he keeps the bonus. The agreement is effective upon Mr. Van Horn's acceptance and signature.

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EX-10.10 3 exhibit1010.htm RETENTION INCENTIVE AGREEMENT VAN HORN exhibit1010.htm                                      Exhibit 10.10

February 13, 2012


James R. Van Horn
41 Normandie Place
Cranford, NJ 07016

Dear Jim:

In accordance with our recent conversation, I wanted to confirm in writing Presstek’s commitment to pay you now a minimum bonus for fiscal year 2012, subject to your agreement to repay to the Company the net amount of the bonus in the event that you leave the Company voluntarily on or prior to March 15, 2013 (the “Retention Date).

Presstek hereby agrees to pay to you a retention bonus in the amount of $50,000 (the “Bonus).  The Bonus shall be payable to you within ten business days of the date of this letter.  You hereby agree that in the event that you leave the Company voluntarily prior to the Retention Date, then you shall repay to the Company the net after-tax amount of the Bonus within ten days of your termination of employment (the “Repayment Obligation”).  In the event that there is a Change in Control of the Company, as defined in your employment agreement, dated September 30, 2010, then the Repayment Obligation shall be immediately cancelled and you shall be entitled to retain the Bonus.

Jim, you are a key member of the management team and I look forward to working with you.  Thank you for your leadership and continued commitment to the success of Presstek.  If you agree with the terms of the Bonus payment set forth above, please sign the enclosed copy of this letter and return it to me.


Sincerely,


/s/ Stan Freimuth
Stan Freimuth
 
 Chairman, President and CEO

Agreed: /s/ James R. Van Horn
James R. Van Horn