Description of Compensatory Arrangement with Marcus G. Smith for Executive Vice President Role at Speedway Motorsports, Inc.
This document outlines the compensation arrangement for Marcus G. Smith following his appointment as Executive Vice President of National Sales and Marketing at Speedway Motorsports, Inc. in February 2004. Mr. Smith will receive a base salary of $120,000 for fiscal year 2004, plus sales commissions at specified rates based on gross sales. He does not have a formal employment contract, and future compensation will be determined by the company's Compensation Committee according to standard policies.
Exhibit 10.26
Description of Compensatory Arrangement
with Mr. Marcus G. Smith
In connection with his appointment as Executive Vice President of National Sales and Marketing of Speedway Motorsports, Inc. (the “Company”) in February 2004, Mr. Marcus G. Smith’s compensation was clarified to reflect the responsibilities and obligations of his new position. Consistent with Company policy, Mr. Smith does not have an employment contract. His compensation for fiscal year 2004 includes an annual base salary of $120,000 and sales commissions based on gross sales, at the following rates:
| Performance Racing Network | 7.0 | % | |
| Gross Sales of: | |||
| $0 to $10 million | 1.5 | % | |
| $10 million to $12 million | 2.5 | % | |
| $12 million to $14 million | 3.5 | % |
The commissions outlined above are consistent with Mr. Smith’s position and the sales commission and bonus program of the Company. It is anticipated that in future years, Mr. Smith’s annual compensation will continue to be determined by the Company’s Compensation Committee in accordance with its policies regarding executive officers and any commission bonuses will continue to be consistent with the Company’s overall sales commission and bonus program.
