2005 Base Salaries and Compensation Agreement for Named Executive Officers

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Summary

This agreement outlines the 2005 base salaries for the company's named executive officers, as approved by the Board of Directors. It lists the annual salaries for each executive, including the Chairman and CEO, President and COO, and other senior officers. The agreement also details special compensation for the CEO, including reimbursement for relocation expenses up to $125,000 and ongoing commuting costs, both grossed up for tax purposes. These terms are effective July 1, 2005, with certain benefits finalized in August 2005.

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EX-10.8 3 g96916exv10w8.txt EX-10.8 2005 BASE SALARIES AND OTHER COMPENSATION EXHIBIT 10.8 2005 BASE SALARIES AND OTHER COMPENSATION OF NAMED EXECUTIVE OFFICERS On June 9, 2005, our Board of Directors ratified the recommendations of the Compensation Committee in regards to the base salaries effective July 1, 2005 for each of the following named executive officers.
NAME AND POSITION 2005 BASE SALARY - -------------------------------------------------------------- ---------------- Dennis J. Horowitz $615,000 Chairman and Chief Executive Officer Johann R. Manning, Jr. $340,080 President and Chief Operating Officer Thomas B. Sabol $250,000 Senior Vice President, Chief Financial Officer and Secretary Keith I. Weil $234,066 Senior Vice President, International and Strategic Development Massoud Neshan $210,087 Senior Vice President, Technology
Mr. Manning's salary increase relates to his 2005 promotion to President and Chief Operating Officer. OTHER EXECUTIVE COMPENSATION In February 2005, the Company's Compensation Committee approved, in principle, that the Company provide for the reimbursement of future expenses related to Mr. Horowitz's relocation of his permanent residence outside of the immediate Huntsville, Alabama area and reimbursement for Mr. Horowitz's reasonable travel expenses for commuting from such residence to the Company's corporate offices. The specifics of this benefit were finalized on August 10, 2005 and provides that the reimbursement of Mr. Horowitz's relocation expenses to the Jacksonville, Florida area will be covered consistent with the Company's current relocation policy (including an amount for certain discretionary related expenses under the policy), up to $125,000 plus any gross up for income tax purposes. In addition, Mr. Horowitz's on-going commuting costs will be grossed up for income tax purposes.