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Exhibit 10.16
Frederick M. Strader
President and Chief Executive Officer
December 30, 2004
Mr. Michael Boden
3822 Heaps School Road
Pylesville, MD 21132
Dear Mike:
It is with great pleasure that I am extending to you an offer for the position of Executive Vice President — Programs at a bi-weekly base salary of $8,656.00 or annualized at $225,056.00. In addition, your MIP TICA percentage will be increased to 45%. You will receive an automobile allowance of ten thousand dollars ($10,000) per annum payable in accordance with our normal payroll practices.
The Board of Directors and I look forward to the contributions you will make in your new position.
If this offer is acceptable to you, please sign below and return to me.
Sincerely, |
| Acceptance: |
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/s/ Frederick M. Strader |
| /s/ Michael Boden |
P.O. Box 126
Hunt Valley, Maryland 21030-0126
(410) 628-6600
Fax: (410) 628-3644
mailto:Strader@aaicorp.com