Compensatory Arrangements for Executive Officers of PLC Systems Inc.
This document outlines the compensation arrangements for executive officers of PLC Systems Inc., specifying the annual base salaries for four named executives. It also details additional annual car allowances provided to each executive and notes that the Compensation Committee may grant stock options under the company's 2005 Stock Incentive Plan. The agreement sets forth the current compensation structure but does not specify time limits or further conditions.
EXHIBIT 10.21
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.
