Executive Officer Compensation Arrangements for PLC Systems Inc.
PLC Systems Inc. has set 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, including salary, allowances, and potential equity awards.
EXHIBIT 10.24
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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| James G. Thomasch, Senior Vice President of Finance and Administration, Chief Financial Officer and Treasurer |
| $ | 194,776 |
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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 and Mr. Thomasch each currently receive 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.
