NeoMedia Technologies, Inc (NEOM)

[luke0920]

ct24 - Pg 80 - It' there.
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Narrative Disclosure To Summary Compensation Table


Iain A. McCready – Mr. McCready became our Chief Executive Officer on June 10, 2008. His employment is governed by an employment agreement as of that date which sets his annual salary at ₤160,000 British Pounds; a fixed bonus of ₤20,000 British Pounds; incentive bonuses based on criteria established by the Compensation Committee of up to ₤60,000 British Pounds; and an annual bonus in-lieu of his participation in our employee benefit programs of ₤6,095 British Pounds. During 2008, Mr. McCready received the pro-rata portion of his salary and employee benefit bonus, His Fixed bonus and one half of his Incentive Bonus. Mr. McCready’s employment agreement provided for the grants of two options to purchase our common stock. The first grant was made on the date of his employment for 16,025,643 shares with an exercise price of $0.01 per share and vesting equally over a 15 month period. The second grant was made on November 15, 2008 for 16,025,643 shares of our common stock with an exercise price of $0.01 per share and vesting on November 29, 2009. During 2008 we recorded $48,682 of expense related to these options under the provision of SFAS 123(R). All Other Compensation for Mr. McCready included amounts paid to him for consulting services prior to his employment in the amount of $30,327 and the pro-rata portion of his employee benefit bonus.

Mr. McCready is eligible to earn as additional incentive compensation a bonus upon a successful sale of the company on or before December 10, 2009. The bonus is payable in the amount of 2.5% of the sale proceeds, if the sale proceeds are at least $45 million but not to exceed $200 million.

Mr. McCready is also the Chairman of our Board of Directors but is not eligible to receive additional compensation in that capacity.