Exhibit 10.29
February 16, 2007
Mr. D. Gordon
Strickland
Chairman
Medical Resources, Inc.
11330 Lakefield Drive
Building #2, Suite 200
Duluth, GA 30097
Dear Gordon,
On behalf of Ampex Corporation (the
“Company”), it gives me great pleasure to inform you
that our Board of Directors (the “Board”) has approved
this offer to you to join Ampex as Chief Executive Officer, on the
following terms:
1. Positions: You will be
elected as a Director, President and Chief Executive Officer of the
Company, reporting to the Board. You will have such duties,
responsibilities and authorities of an executive and administrative
character as the Board shall from time to time assign to you. You
will devote your best efforts and abilities to the performance of
your duties and the advancement of the interests of the
Company.
2. Effective Date: Your
employment will begin on February 16, 2007.
3. Base Salary: You will be
paid a base salary for your services at an annual rate of $325,000,
less taxes and other withholdings, which shall be paid bi-weekly in
accordance with the Company’s regular payroll practices. Your
salary will be reviewed annually, and adjusted in the discretion of
the Compensation Committee of the Board.
4. Bonus Opportunity: You
will be eligible to earn incentive compensation in the form of a
cash bonus payable annually, in January of each year, commencing in
January 2008, based upon the attainment of specific goals and
objectives established by the Compensation Committee after
discussions with you. Your target bonus amount for 2007 will be up
to $300,000, with 50% of such amount to be guaranteed. Except as
stated in the preceding sentence, the amount of your bonus will be
determined solely in
Mr. D. Gordon Strickland
February 16, 2007
Page 2
the discretion of the Compensation
Committee, and no portion of the discretionary bonus shall be
deemed vested, earned or accrued prior to the grant
thereof.
5. Stock Options: You will be
entitled to a grant of 25,000 non-qualified stock options under the
Company’s Stock Incentive Plan. The options will be priced at
the first meeting of the Compensation Committee after your hire
date and will expire unless exercised on the third anniversary of
the grant date. Upon receiving this grant, you will enter into an
option agreement in the Company’s standard form which
specifies the exercise price, vesting schedule, expiration date and
other terms of the option grant in accordance with the Stock
Incentive Plan.
6. Benefit Plans: You may be
eligible to partici
