Employment Terms Agreement for Ronald C. Kipp as Vice President of Operations

Summary

This agreement outlines the employment terms for Ronald C. Kipp as Vice President of Operations. He will receive a $120,000 annual salary, a bonus up to 40% of his salary based on business goals, and 5,000 stock options vesting over four years. Benefits include three weeks of vacation, participation in the company benefit plan, a leased vehicle up to $40,000, relocation expense reimbursement, and a $10,000 sign-on bonus if employment starts by November 1, 2002. Change in control provisions follow the company's standard agreement.

EX-10.19 7 transport041384_ex10-19.txt EXHIBIT 10.19 The following is a written description of the terms of employment of Ronald C. Kipp, pursuant to Item 601(b)(10)(ii)(B) of Regulation S-K: Title: Vice President of Operations. Base Salary: $120,000 per year. Annual Incentive Bonus: 40% of base salary, based on achieving specific business goals. Stock Options: 5,000 options at market price on date of grant, vesting over four years. Vacation: Three weeks per year. Company Benefit Plan: Based on current company program Automobile: Lease of up to $40,000 value vehicle. Other: Reimbursement of relocation expenses per TCA policy. Sign-on bonus of $10,000 provided employment begins November 1, 2002 or sooner. Change in Control: Pursuant to TCA form of Change in Control Agreement.