Compensation Package Term Sheet for J. Michael Mayer

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement outlines the compensation package for J. Michael Mayer, including a base annual salary of $250,000, an incentive bonus of $150,000 based on performance metrics, annual stock options, and a $9,600 car allowance. Mayer is entitled to 12 months of severance pay and bonus if involuntarily terminated without cause, with all stock options and restricted stock vesting immediately. The agreement also provides for four weeks of annual vacation. The terms are effective as of December 1, 2005, and are approved by both parties.

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EX-10.17 3 h28942a4exv10w17.htm COMPENSATION PACKAGE TERM SHEET - J. MICHAEL MAYER exv10w17  

Exhibit 10.17
Joseph Michael Mayer Compensation Package Term Sheet
         
Base Annual Salary
   $250,000    
 
        
Incentive Bonus @ Plan
   $150,000   E-30%, EV-60%, OA-90%
 
        
Stock Options-Annual
   # TBD   multiple of base salary
 
        
Car Allowance-Annual
   $9,600    
 
        
Normal Severance
   12 months(a)    
 
        
Vacation-Annual
   4 weeks    
 
(a)   severance is for involuntary termination “not for cause” as defined in J. Winkler’s 2005 employment agreement; severance is 12 months base salary and bonus at EV; bonus for year of termination is pro-rated at EV (or higher based on actual results); and all stock options and restricted stock become 100% vested.
         
Effective Date
  December 1, 2005    
 
        
/s/ Joe Winkler
  /s/ J.M. Mayer    
 
       
Approved:
  Accepted:    
Joe Winkler
  J.M. Mayer    
 
        
Date 2/23/06
  Date 2/23/06