Employment Agreement - Henry Linsert
The Company entered into an employment agreement* with Mr. Linsert in May of 1990. The agreement with Mr. Linsert provided for an annual salary of $120,000, which is subject to normal periodic review. In 2004, the Compensation Committee of the Board of Directors voted to increase Mr. Linsertís base annual salary to $475,410. This agreement does not have a fixed term, but can be terminated with six months written notice by either Mr. Linsert or the Company. This agreement also prohibits Mr. Linsert from engaging in activities competitive with those of the Company during the period of Mr. Linsertís employment and for one year after leaving the employ of the Company.
* The Corporate Library does not have a copy of this document.