Is wel iets gebeurd.
Ik heb niet veel verstand van de salarissen van directeuren maar deze man is duur.
5-Jul-2006
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
(c) On May 2, 2006, the Board of Directors of the Registrant (the "Company") appointed its Chairman and interim Chief Executive Officer, Roger I. Gale, as its President and Chief Executive Officer. On June 28, 2006, the Company entered into an Employment Agreement (the "Agreement") with Mr. Gale, the terms of which were approved by the Compensation Committee of the Company's Board of Directors on June 21, 2006. The Agreement will commence on August 1, 2006 and will continue for a 24-month period. The Agreement will automatically renew for successive 12-month periods, unless it is terminated at least 60 days prior to the expiration of an employment period, in which case it will terminate upon expiration of the then-current employment period. Pursuant to the Agreement, Mr. Gale will receive an annual base salary of $350,000. Upon commencement of the Agreement, Mr. Gale will be awarded 1,500,000 shares of the Company's common stock. Mr. Gale will also be awarded 1,250,000 restricted stock units or similar incentive award within 60 days of the date of the Agreement, which will vest quarterly on a pro rata basis. Mr. Gale will be entitled to receive an annual performance-based bonus of up to 50% of his annual base salary, payable in cash, equity or a combination of the two. Mr. Gale will also be reimbursed for (i) up to $15,000 of personal travel expenses per year, (ii) reasonable relocation expenses incurred in his relocation from London, England to Portland, Oregon,
(iii) housing expenses up to $3,000 per month, (iv) automobile expenses up to $800 per month, (v) up to $2,500 for legal and tax advise in connection with his employment in the United States, and (vi) repatriation expenses upon termination of the Agreement. All entitlements under the Agreement cease upon termination for "cause" by the Company, termination without cause by Mr. Gale and Mr. Gale's death or disability. Termination for "cause" is defined as personal dishonesty, incompetence, failure to adequately perform duties, willful misconduct, breach of fiduciary duty involving personal profit, willful violation of any law, rule or regulation, conviction of a felony or any material breach of the Agreement. If the Agreement is terminated for any other reason, including, without limitation, termination without cause by the Company and constructive termination, Mr. Gale will be entitled to receive an amount equal to his base salary for a 12-month period, payable in 12 equal monthly installments.
On May 2, 2006, the Company filed a Current Report on Form 8-K reporting the appointment of Mr. Gale as President and Chief Executive Officer. The Company hereby amends that report to include the terms of the Agreement.
Groet van S.