SDI Employment Offer Letter to Philip Flynt for CFO Position (May 2005)
This agreement is an employment offer from SDI to Philip Flynt for the position of Vice President, Chief Financial Officer, and Treasurer, starting May 9, 2005. Mr. Flynt will receive a $180,000 annual salary, a target bonus of 30% based on performance, a benefits package, and a six-month severance if not terminated for cause. The company will also provide a temporary living allowance and cover travel expenses for six months. The offer was accepted by Mr. Flynt on May 10, 2005.
Exhibit 10.13
1414 RADCLIFFE STREET, SUITE 300
BRISTOL, PA 19007
215 ###-###-#### TEL /215 ###-###-#### FAX
WWW.SDI.COM
May 10, 2005
Mr. Philip Flynt
6655 Chelsea Gardens Way
Cumming, GA 30040
Dear Philip,
I have outlined the offer for employment at SDI below.
Summary of Offer
| Start Date: |
| Monday, May 9, 2005 |
| Position: |
| Vice President, Chief Financial Officer and Treasurer |
| Salary: |
| $180,000.00 per year paid in regular bi-weekly installments. |
| Target Bonus: |
| Thirty percent (30%) of salary based upon a combination of mutually agreed individual goals and corporate performance parameters. The normal distribution is in the March 2006 timeframe. |
| Benefits Package: |
| As delivered. |
| Severance: |
| Six (6) months except in the event employment is terminated for cause. |
| Perquisites: |
| Temporary living allowance to aid in your move decision. |
| Travel: |
| Paid for by company for 6 months. |
Mr. Philip Flynt
May 10, 2005
Page 2
Philip, we are very excited about your joining our team. While we have some challenges that require your immediate attention, I believe that with your talent and support, we will continue to grow a very prosperous business.
Sincerely,
/s/ Donald C. Woodring
Donald C. Woodring
DCW/sam
Accepted by:
| /s/ Philip D. Flynt |
| on this 10th day of May, 2005 |
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