EX-10.1
from 8-K
6 pages
1. Term of Agreement. January 1, 2023 Through December 31, 2025 (The “Term”), Unless Sooner Terminated in Accordance With Paragraph 7 of This Agreement. 2. Position. President of the Company. You Shall Report to the Chief Executive Officer (The “CEO”) or Such Other Person as the CEO Shall Direct. 3. Salary. $775,000 Per Annum (Paid in Accordance With Normal Company Practice) From January 1, 2023 Through December 31, 2023; $800,000 Per Annum (Paid in Accordance With Normal Company Practice) From January 1, 2024 Through December 31, 2024; and $825,000 Per Annum (Paid in Accordance With Normal Company Practice) From January 1, 2025 Through December 31, 2025. 4. Annual Performance Bonus. You Shall Be Eligible to Receive a Performance Bonus for Each of 2023, 2024 and 2025 Based on the Actual Ebit of the Company in Relation to the Plan Submitted to the Company’s Board of Directors (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