Executive and Director Compensation Letter Agreement (as of May 16, 2005)
This agreement outlines the annual base salaries for the executive officers and the compensation structure for the board of directors of the company as of May 16, 2005. It specifies the salary amounts for each executive and details the board retainers, committee fees, and stock compensation for directors. The agreement also describes the terms for director stock options and deferred stock units, including vesting schedules and conversion ratios.
Exhibit 10.30
Executive and Director Compensation Exhibit
Per annum base salaries of the Executive Officers of the Company as of May 16, 2005:
| Executive Officers | Per Annum Base Salaries as of May 16, 2005 | ||
| Paul Cormier | $ | 275,000 | |
| Michael Cunningham | $ | 225,000 | |
| Charles E. Peters, Jr. | $ | 275,000 | |
| Alex Pinchev | $ | 300,000 | |
| Joanne Rohde | $ | 275,000 | |
| Matthew Szulik | $ | 400,000 | |
Board of Directors’ retainers as of May 16, 2005:
| Directors | Board Retainer | Lead Director Retainer | Director Committee Memberships | Total Annual per Director | Deferred Stock Election | |||||||||||||||
| Audit | Comp | |||||||||||||||||||
| E. McDonald | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | 100% of all compensation | |||||||||||
| M. Fox | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | N/A | |||||||||||
| W. Kaiser | $ | 30,000 | $ | 20,000 | $ | 10,000 | $ | 0 | $ | 60,000 | N/A | |||||||||
| H. Shelton | $ | 30,000 | $ | 10,000 | $ | 5,000 | $ | 45,000 | 50% of all compensation | |||||||||||
| W. Albrecht | $ | 30,000 | $ | 20,000 | $ | 5,000 | $ | 55,000 | 50% of equity compensation only | |||||||||||
| E. Kozel | $ | 30,000 | $ | 5,000 | $ | 5,000 | $ | 40,000 | N/A | |||||||||||
Director Stock Compensation Summary
| * | Initial Election: 40,000 options, 3 year vesting |
| * | Annual Grant (on the earlier of (i) date of annual Shareholders Meeting or (ii) August 13, 2005: 10,000 options, fully vested |
| * | Deferred Stock Unit Conversion ratio: 35 DSU’s per 100 options |
