Side letter to the agreement made the 14th November 2007 between Vicon Industries Ltd and Christopher J Wall
EX-10.26 8 ex10-26.htm EXHIBIT 10.26 ex10-26.htm
EXHIBIT 10.26
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 2008:
| 1. | Salary |
| | Your basic salary will increase to £103,000 per annum. |
| 2. | Bonus |
| | A profit-related bonus will be paid based upon the sales and the pre-tax profit of the consolidated results of Vicon Industries Ltd and videotronic infosystems 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). |
| | The profit-related bonus will be calculated based on the following formula: |
| Consolidated sales | % of pre-tax operating profit payment | |||
| Less than £12.0m | 2.0 | % | ||
| Between £12.0m and £12.5m | 4.0 | % | ||
| Between £12.5m and £13.0m | 4.5 | % | ||
| Between £13.0m and £14.0m | 5.0 | % | ||
| Above £14.0m | 6.0 | % | ||
| Any other adjustments to the pre-tax operating profit shall be agreed in writing prior to inclusion in the UK accounts. |
| Any further bonus payments for results exceeding those set out here will be at the discretion of the Board of Directors. |
| Agreed this 14th day of November 2007: |
................................. ..................................
Kenneth M Darby Christopher J Wall
Vicon Industries Ltd
