Compensation Package Term Sheet for Kenneth L. Nibling

Summary

This agreement outlines the compensation package for Kenneth L. Nibling, including an annual base salary of $205,000, eligibility for an incentive bonus, stock options, restricted stock, and an employee stock purchase plan. Additional benefits include a car allowance, annual vacation, and severance terms in case of involuntary termination not for cause. The agreement specifies vesting schedules for stock options and restricted stock, as well as conditions for stock purchases. The terms are effective as of October 3, 2005, and are agreed upon by both Kenneth L. Nibling and Joe Winkler.

EX-10.19 5 h28942a4exv10w19.htm COMPENSATION PACKAGE TERM SHEET - KENNETH L. NIBLING exv10w19  

Exhibit 10.19
KEN NIBLING COMPENSATION PACKAGE TERM SHEET
         
Base Salary — Annual
  $205,000    
 
       
Incentive Bonus @ Plan
  $102,500(a)   E-25%, EV-50%, OA-75%
 
       
Stock Options — Sign-On
  26,000 @ $23.31(b)    
 
       
Stock Options — Annual
  #TBD(b)   multiple of 2 times base salary
 
       
Restricted Stock — Sign On
  7,507 shares (c)   $175,000 / $23.31
 
       
Employee Stock Purchase
  21,450 shares(d)   $500,000 / $23.31
 
       
Car Allowance — Annual
  $9,600    
 
       
Normal Severance
  12 months(e)    
 
       
Vacation — Annual
  4 weeks(f)    
 
(a)   2005 bonus to be pro-rated based on days of service
 
(b)   stock options vest 33 ⅓% year
 
(c)   restricted stock vests 25% per year
 
(d)   employee purchased stock must be held: (1) per SEC 16 regulations; and (2) prior to the company going “public”, per all in-place shareholder agreements
 
(e)   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 vests
 
(f)   1 week for 2005; 4 weeks annually commencing 1.1.06
         
Effective Date
  10.3.05    
 
       
/s/ Joe Winkler
  /s/ Ken Nibling    
 
       
Approved:
  Accepted:    
Joe Winkler
  Ken Nibling    
 
       
10/3/05
  10/3/05    
 
       
Date
  Date