Side Letter on Salary and Bonus Arrangements between Vicon Industries Ltd and Christopher J. Wall (2011)
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Summary
This agreement between Vicon Industries Ltd and Christopher J. Wall sets out Mr. Wall's salary and bonus terms for the fiscal year ending September 30, 2011. His annual salary remains at £103,000. He is eligible for a sales-related bonus based on the consolidated sales and pre-tax profits of Vicon Industries Ltd and Vicon Deutschland GmbH, with specific bonus amounts tied to sales thresholds and a minimum profit requirement. Any additional bonuses are at the Board's discretion. The agreement was signed by both parties on October 29, 2010.
EX-10.10 2 f10k_ex10-10.htm EXHIBIT 10.10 f10k_ex10-10.htm
EXHIBIT 10.10
Side letter to the agreement made the 14th November 2007
between Vicon Industries Ltd and Christopher J Wall
The following salary and bonus arrangements for Christopher J Wall will apply for the fiscal year ending 30 September 2011:
| 1. | Salary |
| | Your basic salary will remain at £103,000 per annum. |
| 2. | Bonus |
| | A sales-related bonus will be paid based upon the sales and the pre-tax profit of the consolidated results of Vicon Industries Ltd and Vicon Deutschland GmbH. The calculation will be as follows: |
| | A bonus will be paid at the end of the financial year based on the audited consolidated sales and the pre-tax operating profit before this bonus. Pre-tax operating profits are defined as consolidated profit before tax but after adding back any R&D charges from Vicon Israel (under an R&D Services Agreement dated 1st October 2000 and as Amended on 1st October 2002) and Vicon US (under an R&D Agreement dated 1st October 2006). Any other adjustments to the pre-tax operating profit shall be agreed in writing prior to inclusion in the UK accounts. |
| | A sales-related bonus will be paid if the pre-tax operating profits are greater than or equal to £600,000 and will be calculated based on the following formula: |
| Consolidated sales | Bonus payment |
| Between £10.5m and £11.0m | £32,000 |
| Between £11.0m and £11.5m | £41,000 |
| Between £11.5m and £12.0m | £50,000 |
| Above £12.0m | £58,000 |
| | Any further bonus payments for sales exceeding those set out here or for profits in excess of £600,000 will be at the discretion of the Board of Directors. |
| | Agreed this 29th day of October 2010: |
/s/ Kenneth M. Darby /s/ Christopher J. Wall
Kenneth M Darby Christopher J Wall
Vicon Industries Ltd
