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Incentive Arrangement

Employee Bonus Plan Agreement

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This Employee Bonus Plan Agreement involves

SPECIALTY LABORATORIES INC

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Title: Incentive Arrangement
Date: 3/15/2005
Industry: HTHFAC     Sector: HEALTH

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Exhibit 10

 

Exhibit 10.50

 

February 21, 2005

 

Cheryl G. Gallarda

 

Re:          Incentive Arrangement

 

Dear Cheryl:

 

As you are aware, there has been considerable recent change at Specialty, including the fantastic effort all our Team members put forth to achieve the successful move to our new state-of-the-art Valencia facility, and more recently, the announcement that Doug Harrington will be stepping down at the end of March, concluding a very successful term as the Company’s CEO.  While change can certainly create uncertainty, it can also create great new opportunities, including opportunities for our Company, opportunities for all members of the Specialty Team, and very importantly, opportunities for you and your future.  Specialty’s Board of Directors and Management recognize you as an important leader at Specialty, and we want to avoid potential distraction for you and other key employees during this time of change.  Therefore, an incentive arrangement has been developed to encourage and reward your continuing commitment to Specialty, which you have helped make a world-class laboratory.

 

We are offering you an incentive bonus of $50,000 (the “Incentive Bonus”), based on the terms specified herein.  Payment of the Incentive Bonus is continge

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