Severance Arrangements for Certain Executive Officers of PLC Systems Inc.
PLC Systems Inc. has established severance arrangements for certain executive officers. If Kenneth J. Luppi or Vincent C. Puglisi are terminated within one year following a change in control of the company, they will each receive a severance payment equal to 26 weeks of their base salary. Other executives, including the President and CEO, CFO, and Chief Scientist, have separate severance terms outlined in their individual employment agreements.
EXHIBIT 10.28
Severance Arrangements with Certain Executive Officers
Pursuant to resolutions adopted by the Board of Directors of PLC Systems Inc. (the “Company”) on December 19, 2001, Kenneth J. Luppi, the Company’s Vice President of Operations, and Vincent C. Puglisi, the Company’s Managing Director, International, are entitled to receive payments equal to 26 weeks of base salary in the event that they are terminated within one year of the date of a change in control of the Company.
Mark R. Tauscher, the Company’s President and Chief Executive Officer, James G. Thomasch, the Company’s Senior Vice President of Finance and Administration, Chief Financial Officer and Treasurer, and Dr. Robert I. Rudko, the Company’s Chief Scientist, are separately entitled to receive severance payments pursuant to the terms of their respective employment agreements with the Company.
