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Mr. Kenneth Haber
178 97 Lake Road
Lakewood, OH 44107
I am pleased to
offer you the position of Chief Financial Officer, reporting to me.
You will be a member of our Executive Committee and responsible for
the oversight, reporting, and management of all financial
operations and activities of the Company. We have tremendous
challenges ahead as we grow the business and set clear expectations
and standards for our organization. I am excited about the
contribution I know you will make to our performance.
The following
confirms the terms of our offer:
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1.
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First year base salary of $325,000,
with an annual salary and performance review in March each year
thereafter starting in 2007. (Note: quotation of an annual rate of
pay does not guarantee employment for any set period of
time).
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2.
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Your start date will be
March 7, 2006.
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3.
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You
will participate in our key management short term incentive plan
under which you will be eligible to receive an annual cash bonus.
Under the program, the Compensation Committee in consultation with
me awards bonuses based on individual performance and Company
results. The target amount of your bonus is currently under review
and will be communicated to you as soon as possible subject to the
approval of the Board but will not be less than 60% of your base
pay. Bonus payments will be determined based on the level of
achievement of established performance goals. Your bonus will be
paid in accordance with the Company’s practices for senior
executives and is typically payable in the first quarter of each
year.
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4.
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In
addition to your salary and bonus, you will be eligible to
participate in the Company’s long term incentive stock option
plan, or its successor, which is currently under development.
Subject to Board approval, y
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