Compensation Agreement with Chief Financial Officer Michael S. Browne

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the salary, bonus, and benefits for Michael S. Browne as Chief Financial Officer. For 2006, his salary is $180,000 (pro-rated), increasing to $200,000 in 2007. He is eligible for a $50,000 bonus in 2006 based on performance, and a 2007 bonus equal to 50% of his salary, tied to expense reduction and earnings goals. Bonuses are paid the following February. Mr. Browne also received 500,000 stock options vesting over three years and is entitled to standard executive benefits.

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EX-10.1 2 p72636exv10w1.htm EXHIBIT 10.1 exv10w1  

EXHIBIT 10.1
COMPENSATION ARRANGEMENT WITH CFO
Listed below is the salary and bonus arrangement agreed upon with Michael S. Browne, CPA, as Chief Financial Officer of the Company. In addition, Mr. Browne is entitled to standard health and other benefits as are available to other executive officers of the Company. Mr. Browne’s salary for 2006 has been set at $180,000, on a pro-rata basis, and at $200,000 for 2007. Mr. Brown is eligible to receive a bonus of $50,000 for 2006, based on personal and company-wide earnings objectives. For 2007, Mr. Browne is eligible to receive a bonus equal to 50% of his 2007 salary, with 50% based on expense reduction milestones and 50% based on annual earnings milestones. Bonuses are paid on February 15th of the year following in which they were earned. Mr. Browne is eligible to receive equity grants under the Company’s option plan, although no such awards have been granted at this time. Upon employment, Mr. Browne received 500,000 options which vest in three equal annual installments commencing on January 15, 2007.

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