Friday, December 14, 2012 7:36:19 PM
T, as you know I can be a stickler for facts. This is from the 10K.
"On June 28, 2010, we entered into an Employment Agreement with Mr. Kozak under which we increased Mr. Kozak’s compensation. We also granted a stock option and a restricted stock grant to Mr. Kozak. Pursuant to the Employment Agreement, we increased Mr. Kozak’s annual salary from $250,000 to $500,000. Mr. Kozak continues to be eligible to receive a cash bonus of up to $250,000, payable annually. Previously, Mr. Kozak’s bonus compensation was payable semi-annually. In accordance with the Employment Agreement, we also (i) granted Mr. Kozak an option covering 3.50 million shares of Common Stock, at an exercise price per share of $1.10, and (ii) granted Mr. Kozak a restricted stock award covering 3.50 million shares of Common Stock; all at a price of $1.10 per share, the closing price of our Common Stock on the date of the grant, and both vesting in three equal installments beginning on the first anniversary of the grant date. Mr. Kozak elected to have a portion of his salary paid in shares of our Common Stock. For the 2010 fiscal year, $64,583 of his salary was paid by the issuance of shares of our Common Stock.
The Employment Agreement has a term ending June 30, 2013, but may be terminated at any time with or without cause. However, in the event of termination of the Employment Agreement by us without Cause as defined therein, or by Mr. Kozak for Good Reason, as defined therein, in each case not associated with our change in control, then certain severance benefits accrue including three years of Mr. Kozak’s base salary and full vesting of all stock options and restricted stock grants, possibly among other things."
Note the increase. At this point in time things were looking real good, and this salary was not out of line with industry standards. Out of line with my standards, but that's different
"On June 28, 2010, we entered into an Employment Agreement with Mr. Kozak under which we increased Mr. Kozak’s compensation. We also granted a stock option and a restricted stock grant to Mr. Kozak. Pursuant to the Employment Agreement, we increased Mr. Kozak’s annual salary from $250,000 to $500,000. Mr. Kozak continues to be eligible to receive a cash bonus of up to $250,000, payable annually. Previously, Mr. Kozak’s bonus compensation was payable semi-annually. In accordance with the Employment Agreement, we also (i) granted Mr. Kozak an option covering 3.50 million shares of Common Stock, at an exercise price per share of $1.10, and (ii) granted Mr. Kozak a restricted stock award covering 3.50 million shares of Common Stock; all at a price of $1.10 per share, the closing price of our Common Stock on the date of the grant, and both vesting in three equal installments beginning on the first anniversary of the grant date. Mr. Kozak elected to have a portion of his salary paid in shares of our Common Stock. For the 2010 fiscal year, $64,583 of his salary was paid by the issuance of shares of our Common Stock.
The Employment Agreement has a term ending June 30, 2013, but may be terminated at any time with or without cause. However, in the event of termination of the Employment Agreement by us without Cause as defined therein, or by Mr. Kozak for Good Reason, as defined therein, in each case not associated with our change in control, then certain severance benefits accrue including three years of Mr. Kozak’s base salary and full vesting of all stock options and restricted stock grants, possibly among other things."
Note the increase. At this point in time things were looking real good, and this salary was not out of line with industry standards. Out of line with my standards, but that's different
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
