Compensatory Arrangements for Executive Officers of PLC Systems Inc.
PLC Systems Inc. has set the annual base salaries for its executive officers, including the President and CEO, CFO, Vice President of Operations, and Managing Director, International. In addition to their salaries, certain executives receive annual car allowances. The Compensation Committee may also grant stock options to these officers under the company's 2005 Stock Incentive Plan. These arrangements outline the main components of executive compensation at the company.
EXHIBIT 10.18
Compensatory Arrangements with Executive Officers
Base Salary
The current annual base salaries of each of the executive officers of PLC Systems Inc. (the “Company”) are as follows:
| Mark R. Tauscher, President and Chief Executive Officer |
| $ | 310,247 |
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| Gregory W. Mann, Chief Financial Officer |
| $ | 120,000 |
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| Kenneth J. Luppi, Vice President of Operations |
| $ | 164,625 |
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| Vincent C. Puglisi, Managing Director, International |
| $ | 161,537 |
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Other Compensation
Mr. Tauscher currently receives an annual car allowance of $12,000. Mr. Luppi and Mr. Puglisi each currently receive an annual car allowance of $6,000.
The Compensation Committee may also, from time to time, award each of the executive officers compensation in the form of stock options granted under the Company’s 2005 Stock Incentive Plan, as amended.
