US Liquids Inc. Executive Compensation Term Sheet for Cary M. Grossman
This term sheet outlines the compensation package for Cary M. Grossman as Executive Vice President and Chief Financial Officer of US Liquids Inc. It specifies a base salary of $240,000, an annual bonus targeted at 50% of base salary, and an option grant for 250,000 shares vesting over three years. Severance terms provide one year of pay and continued medical insurance if terminated without cause or for good reason. The agreement also details standard benefits and conditions for severance, including specific triggers for 'Good Reason.'
Exhibit 10.30
US LIQUIDS INC.
COMPENSATION PROPOSAL
CARY GROSSMAN
Executive Vice President and Chief Financial Officer; direct report to CEO. Base Salary $240,000 Incentive Plan Annual cash bonus targeted at 50% of base salary. Bonus forDlula to be determined annually by Company’s compensation committee and consistent with position and forDlula established for other executive officers Equity Awards Option grant at current stock price for 250,000 shares. Vesting monthly over 3 years. Full vesting on sale, change of control, termin“tion without cause, termination by employee for Good Reason (see severance agreement) Employment
Agreement None. Severance
Agreement Customary Provisions for temlination by Company for Cause, termination due to death or disability, tennination by Company without Cause, and tennination by employee for Good Reason Severance Pay: one year for “Tennination Without Cause” or tennination by employee for “Good Reason”, Severance amount based on total cash compensation, Continuation of medical insurance during severance period, Good Reason: Customary, but specifically including relocation, reduction in compensation, reduction in responsibilities, change of control of more than 30010 (unless from raising new capital or restructuring), failme to have D&O insurance in force, wrongful acts by executive officers which are not cured (e.g. violations of Sarbanes Oxley, etc.) Benefits Insurance, retirement plan, and other benefits consistent with those of other executive officers. One outside public company board position is permissible
