Retirement Benefits Agreement for Dale R. Olseth
This agreement outlines the retirement benefits and arrangements for Dale R. Olseth upon his retirement as Executive Chairman of the Board. Mr. Olseth will receive his remaining 2006 salary, full reimbursement for office expenses for one year, and partial reimbursement for the following year. The company will also provide salary and benefits for an administrative assistant to support Mr. Olseth until February 29, 2008. After that date, the company has no further obligations regarding the assistant. Mr. Olseth will also receive standard compensation for non-employee directors as per company policy.
Exhibit 10.28
Retirement Benefits and Other Arrangements for Dale R. Olseth
Upon his retirement from the Company as Executive Chairman of the Board, Mr. Olseth shall be entitled to receive the following:
| a) | The Company will provide Mr. Olseth with his salary compensation due for the remainder of fiscal year 2006. | ||
| b) | During the period between August 1, 2006, and August 31, 2007, the Company shall provide reimbursement for 100% of all reasonable and customary office expenses at a location chosen by Mr. Olseth, including without limitation, rent payments, office supplies, and business telephone expenses (collectively the “Office Expenses”). | ||
| c) | During the period between September 1, 2007, and August 31, 2008, the Company shall provide reimbursement for 50% of all reasonable and customary Office Expenses at a location chosen by Mr. Olseth. | ||
| d) | During the period between the Effective Date and February 29, 2008, the Company shall provide salary compensation and make available certain of its standard employee benefits to an administrative assistant to be chosen by Mr. Olseth. Among other duties as may be assigned by Mr. Olseth from time to time, the administrative assistant shall work with and support Mr. Olseth in fulfilling his duties as a non-employee director to the Company. The administrative assistant shall office with and be managed by Mr. Olseth. The administrative assistant will not be eligible to participate in the Company’s corporate bonus plans. Following February 29, 2008, the Company shall have no additional obligations with respect to such administrative assistant. | ||
| e) | Mr. Olseth shall be entitled to receive only those retirement benefits and other arrangements as explicitly set forth herein. | ||
Mr. Olseth shall be entitled to receive all compensation provided to non-employee directors of the Company as set forth in the Board Compensation Policy.
