EX-10.1
from 8-K
7 pages
1. Term of Agreement. January 1, 2026 Through December 31, 2028 Unless Sooner Terminated in Accordance With Paragraph 7 of This Agreement (The “Term”). at the Expiration of the Term, Unless You Are: (A) Notified That Your Employment Shall Be Terminated; or (B) This Agreement Is Renewed in Some Form, Your Employment Shall Continue on an At-Will Basis, at the Same Terms as Contained Herein. 2. Position. You Shall Serve as President of the Company or in Such Other Comparable Role as May Be Determined by the Company. You Shall Report to the Chief Executive Officer or Such Other Person as the Chief Executive Officer Shall Direct. You Shall Expend All of Your Working Time to the Company and Shall Devote Your Best Efforts, Energy and Skills to the Company and the Promotion of Its Interests; You Shall Not Take Part in Any Activities Detrimental to the Best Interest of the Company. 3. Salary. $825,000 Annualized (Paid in Accordance With Normal Company Practice) From January 1, 2026 Through December 31, 2026; $850,000 Annualized (Paid in Accordance With Normal Company Practice) From January 1, 2027 Through December 31, 2027; and $875,000 Annualized (Paid in Accordance With Normal Company Practice) From January 1, 2028 Through December 31, 2028. 4. Annual Performance Bonus. You Shall Be Eligible to Receive a Performance Bonus (The “Bonus”) for Each of 2026, 2027 and 2028 Based on the Actual Ebit of the Company in Relation to the Plan Approved by the Company’s Senior Management (The “Plan”). Your Bonus Shall Be Calculated as Follows: Ebit Bonus as % of Salary Maximum (130% of Plan) 80% Target (100% of Plan) 50% Threshold (90% of Plan) 30%
12/34/56
