Letter Agreement Appointing Sherman L. Black as President and CEO of Rimage Corporation
Rimage Corporation has appointed Sherman L. Black as its President and Chief Executive Officer, effective January 1, 2010, and elected him to the Board of Directors. Under this agreement, Mr. Black will receive an annual base salary of $375,000, a bonus opportunity equal to 60% of his base salary, and 50,000 stock options vesting over four years. All other employment terms remain unchanged. This agreement confirms Mr. Black's promotion and outlines his compensation and new responsibilities.
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| Rimage Corporation
ph: 952 ###-###-#### |
Exhibit 10.1
November 4, 2009
Mr. Sherman Black
[address]
[address]
Dear Sherman:
I am pleased to confirm the Board’s decision today to appoint you as the Company’s President and Chief Executive Officer and to elect you to serve as a member of the Board of Directors of Rimage effective January 1, 2010. In connection with your promotion to Chief Executive Officer, you will receive the following:
| 2010 Base Salary: | $375,000 on an annualized basis, effective January 1, 2010 |
| 2010 Bonus Opportunity: | 60% of Base Salary |
| Stock Options: | 50,000 option shares, issued on January 1, 2010, vesting in equal amounts over four years |
All of the other terms and conditions of your employment will remain in place without change.
Sherman, since you joined Rimage in early 2009, you have demonstrated your leadership and executive capabilities. You have the full confidence of the Rimage Board as you assume your new role as Chief Executive Officer. We look forward to the future of Rimage under your leadership.
| Sincerely, |
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| /s/ James L. Reissner |
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| James L. Reissner |
| Chairman of the Board |
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| Accepted and Agreed to: |
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| Dated: November 4, 2009 | /s/ Sherman Black |
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| Sherman Black |
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