Employment Letter Agreement between Kevin Brueggeman and WRC Media Inc. (Chief Operating Officer of AGS)
This agreement outlines the employment terms for Kevin Brueggeman as Chief Operating Officer of AGS, a subsidiary of WRC Media Inc., effective July 17, 2003. Mr. Brueggeman will receive a base salary of $225,000, with eligibility for an annual incentive payout of up to 50% of his salary based on financial goals, and a discretionary bonus of up to 25% based on performance. He is entitled to 20 days of paid vacation, standard executive benefits, and severance equal to 12 months' salary plus pro-rated bonuses if his employment ends.
EXHIBIT 10.26 |
KEVIN BRUEGGEMAN. In regards to the Employment Letter between Kevin Brueggeman and WRC Media Inc., as of July 17, 2003, Mr. Brueggeman’s title is Chief Operating Officer of AGS, with a base salary of $225,000, payable in accordance with AGS’ customary practices, with an annual non-discretionary incentive payout up to 50% of base salary based on successful attainment of financial goals approved by the Board of Directors. Mr. Brueggeman is also eligible, based on his performance, for a discretionary bonus of up to 25% of his base salary. Mr. Brueggeman is entitled to 20 days of paid vacation per year and other benefits to which comparably-situated executives are entitled. Mr. Brueggeman is entitled to severance equal to 12 months of his then current base salary, plus any non-discretionary bonuses earned pro-rated for that portion of the calendar year for which he was employed.
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