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Employment
Package for Sekar Sundararajan
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Start
date:
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February 8,
2008
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Title:
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Executive Vice
President – Operations
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Salary:
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$250,000
annually, payable $20,833.33 monthly. This position will be
classified as a Named Executive for Securities and Exchange
Commission reporting and compensation (including bonuses) will be
subject to annual review by the Compensation Committee of the Board
of Directors.
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Bonus:
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Annual bonus
paid on or about April 15 th each year for the fiscal year ended the previous
January. Bonus computed at 0.50% of consolidated earnings before
tax above $12.5M and subject to a 12.5% positive/negative
adjustment based on individual performance and attainment of
personal goals. For fiscal years 2009 and 2010 each Annual bonus
will vest on the last day of the fiscal year. Bonus for FY 2009,
payable April 15, 2009 is guaranteed at a $100,000 minimum subject
to the 12.5% adjustment. Should the employee terminate his
employment at any time following the beginning of the 2011 fiscal
year the annual bonus for the year of termination will be prorated
and vest under the following schedule:
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Terminate
during the first fiscal
quarter - 25%,
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