EX-10.2 3 dex102.htm SCHEDULE OF SIGNERS AND KEY TERMS OF THE EMPLOYMENT AGREEMENT Schedule of signers and key terms of the Employment Agreement

Exhibit 10.2

Effective October 2005, we have written employment agreements with Richard Steinke, Elliott Taylor, Gary Benninger, Anders Suarez, James Moore, and David Griffiths, as follows:

Schedule of Employment Agreement and Key Terms for Executive Officers

 

Name Executive Officer/Title

   Term   

Base

Annual
Salary

  

($) Value Cash

Compensation

  

Additional

($) Value Stock

Compensation

  

Adjusted
Annual
Salary

FY 2006

  

Stock Award and/or

Option Grants

Richard A. Steinke, Pres and CEO

   7/05
thru
6/08
   $ 500K    $ 300,000    *$ 200,000    $ 500,000    * 30,303 shares valued at $6.60/sh and 300,000 options @ $6.60/sh; 5 year term; options vest 1/3 annually

Gary N. Benninger

Chief Operating Officer

   10/05
thru
10/06
   $ 250K    $ 250,000    *$ 53,600    $ 303,600    * 10,000 shares valued at $5.36/sh vesting 1/15/06; and 150,000 options @ $5.36/sh; 5 yr term; options vest 1/3 annually

Elliott N. Taylor,

ExecVP/Gen’l Counsel

   7/05
thru
6/08
   $ 250K    $ 250,000      —      $ 250,000    150,000 options @ $6.60/sh; 5 yr term; options vest 1/3 annually

Anders A. Suarez,

Chief Financial Officer

   7/05
thru
6/08
   $ 125K    $ 125,000      —      $ 125,000    75,000 options @ $6.60/sh; 5 yr term; vest 1/3 annually

James G. Moore, Jr.,

VP - Engineering &

Manufacturing

   7/05
thru
6/08
   $ 125K    $ 125,000      —      $ 125,000    75,000 options @ $6.60/sh; 5 yr term; vest 1/3 annually

David K. Griffiths

Secretary/Treasurer

   7/05
thru
6/06
   $ 72K    $ 72,000      —      $ 72,000    25,000 options @ $6.60/sh; 5 year term; 100% vesting at 6/30/06

In the event of either termination for cause or due to a change of control, the above employees are entitled to salary, earned bonus compensation and benefits for the lesser of the balance of the respective employment agreement or twelve (12) months.