Exhibit 10.18
COMPENSATION ARRANGEMENTS WITH NAMED EXECUTIVE OFFICERS
Named executive officers are compensated under arrangements providing for employment at will and are also parties to Management Continuity and Severance Agreements previously filed.
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| | | Base Salary | | | Bonus Amount | | | 2005 Stock | |
| Name | | (effective 1/1/05) | | | Paid in 2005 | | | Option Award | |
| | | | | | | | | | |
| Dino Dina | | $ | 338,000 | | | $ | 130,000 | | | | 50,000 shares | |
| Bob Coffman | | $ | 250,000 | | | $ | 96,000 | | | | 75,000 shares | |
| Dan Levitt | | $ | 260,000 | | | $ | 41,667(1) | | | | 50,000 shares | |
| Deborah Smeltzer | | $ | 260,000 | | | | Not applicable(2) | | | | No grant(3) | |
| Stephen Tuck | | $ | 221,000 | | | $ | 85,000 | | | | 50,000 shares | |
| Gary Van Nest | | $ | 221,000 | | | $ | 63,750 | | | | 25,000 shares | |
The stock options granted to the named executive officers by the Compensation Committee were granted on January 20, 2005. The stock options have an exercise price per share of $7.49, which was the fair market value at the time of the grant. Each executive officer’s stock options listed above will vest on an equal monthly basis over a four-year period.
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| (1) | Excludes $58,333 paid as a guaranteed bonus in 2004. |
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| (2) | Deborah Smeltzer joined the Company on January 4, 2005 as Vice President, Operations and Chief Financial Officer and was not eligible for a bonus related to 2004 activities but received a signing bonus of $50,000. |
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| (3) | Deborah Smeltzer did not receive an annual option grant for 2005; rather she received two option grants at her hiring date of January 4, 2005 totaling 225,000 shares with an exercise price of $7.32, which was the fair market value at the time of the grant. The first option for 200,000 shares vests as to one-quarter of all underlying shares at the one-year anniversary of her grant and 1/48th of all underlying shares on a monthly basis thereafter. The second option for 25,000 shares vests upon the achievement of a specified milestone. |
