Summary of Compensatory Arrangements with Michael J. Snyder
This document outlines the compensation terms for Michael J. Snyder, who serves as Chairman, CEO, and President of the company under an employment agreement dated May 11, 2000. For 2005, his annual base salary is set at $625,000, with eligibility for a cash bonus ranging from 45% to 135% of his salary, depending on the company's financial performance. He may also receive stock options and other stock-based awards at the Board's discretion, and receives a monthly car allowance. All other employment terms remain unchanged.
EXHIBIT 10.6
SUMMARY OF COMPENSATORY ARRANGEMENT WITH MICHAEL J. SNYDER
Michael J. Snyder serves as Chairman of the Board of Directors, Chief Executive Officer and President of the Company pursuant to an employment agreement dated May 11, 2000. Mr. Snyder’s employment agreement provides that the Board of Directors shall review Mr. Snyder’s base salary annually. For 2005, the Board of Directors has set Mr. Snyder’s annual base salary at $625,000. In addition, the Board has established an Annual Incentive Compensation (Bonus) Plan, pursuant to which Mr. Snyder is eligible to earn a cash bonus of between 45% and 135% of his base salary based on the level of the Company’s earnings before interest, taxes, depreciation and amortization (or EBITDA) relative to certain targets that have been set by the Board. Any such bonus is payable to Mr. Snyder after the close of the 2005 fiscal year. Mr. Snyder is eligible to receive stock options and other stock-based awards under the Company’s 2004 Performance Incentive Plan at the discretion of the Board of Directors. Mr. Snyder also receives a monthly car allowance from the Company.
The terms of Mr. Snyder’s employment and compensation are otherwise unchanged from those set forth in his employment agreement.
