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Exhibit 10.1
January 30, 2007
Charles Mallon
1584 Silo Road
Yardley, PA 19067
Dear Charlie:
I am pleased to confirm the principal terms of your new position
as Executive Vice President, Finance and Administration. Your
compensation and benefits package will consist of the following
items:
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1.
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Position of Executive Vice President, Finance
and Administration reporting to me and responsible for the
Financial, Human Resources, Legal and other functions as may be
determined by the CEO in consultation with you from time to
time.
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2.
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In your role you will attend meetings of the
Board of Directors except for those that the Board specifically
desires you not to be in attendance such as meetings in executive
session.
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3.
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Start date of February 1, 2007.
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4.
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Annual base salary of $270,000.
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5.
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Targeted annual bonus of 50% of base salary.
The 2007 bonus will be based on company cash flow over an amount
targeted to pay the non-recurring cost and debts associated with
the past. This number as finalized with other employees is
$$2,950,000. After that cash flow threshold is reached, 50% of cash
flow from operations will be devoted to funding the bonus pool
until the bonus pool is funded to 150% of target at which point 10%
of all successive funds will be devoted to the pool. Your percent
of the pool will be determined by your target bonus dollars as a
percent of all employees target.
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The bonus will be paid after the year
is over at one full pay period after the Board of Directors
approves the company annual financial reports.
You will participate in designing
bonus programs for 2008 and beyond.
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