PLC Systems Inc. Executive Officers Compensation Disclosure
PLC Systems Inc. outlines the current annual base salaries and car allowances for its executive officers, including the President, CFO, Chief Scientific Officer, Managing Director (International), and VP of Operations. The Compensation Committee has not yet determined bonus arrangements for 2007. Additionally, executive officers may receive stock options under the company's 2005 Stock Incentive Plan. This disclosure details compensation terms but does not set specific bonus or stock award amounts at this time.
EXHIBIT 10.26
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, Chief Executive Officer and Director |
| $ | 298,314 |
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| James G. Thomasch, Senior Vice President of Finance and Administration, Chief Financial Officer and Treasurer |
| $ | 187,285 |
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| Dr. Robert I. Rudko, Chief Scientific Officer |
| $ | 206,206 |
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| Vincent C. Puglisi, Managing Director, International |
| $ | 155,324 |
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| Kenneth J. Luppi, Vice President of Operations |
| $ | 153,486 |
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Cash Bonus Compensation
The Compensation Committee of the Company’s Board of Directors has not yet approved the bonus arrangements for its executive officers for 2007.
Other Compensation
Mr. Tauscher and Mr. Thomasch each currently receive an annual car allowance of $12,000. Mr. Luppi, Mr. Puglisi and Dr. Rudko 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.
