Side letter to the agreement made the 14th November 2007 between Vicon Industries Ltd and Christopher J Wall
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
