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- 10-Q Quarterly report
- 4.1 Amendment No. 3 to Collateral Security Agreement
- 10.1 Letter Agreement Dated March 1, 2005
- 10.2 Letter Agreement Dated March 19, 2004
- 10.3 Letter Agreement Dated March 15,2005
- 31.1 Chief Executive Officer Certification Pursuant to Rules 13A-14(A)
- 31.2 Chief Financial Officer Certification Pursuant to Rules 13A-14(A)
- 32.1 CEO and CFO Certification Pursuant to Section 906
Exhibit 10.3
Ampex Corporation 135 East 57th Street New York, New York 10022 Telephone (212) 935-5144 |
March 15, 2005
Mr. Robert L. Atchison
Ampex Corporation
1228 Douglas Avenue
Redwood City, CA 94063
Dear Bob,
This letter is to confirm our discussion concerning your incentive program for the years ending Dec. 31, 2005 and 2006.
Foreach calendar year you will be entitled to receive a bonus calculated as follows:
Ampex Data Systems | |||||
Income before income taxes | $2,000,000 or greater | $ | 100,000 | ||
$3,000,000 ” | $ | 200,000 | |||
$4,000,000 ” | $ | 325,000 | |||
$5,000,000 ” | $ | 450,000 | |||
$6,000,000 ” | $ | 600,000 |
For income levels between any two of the above bands payments will be pro-rated on a straight line basis. If for a calendar year as a whole Ampex Data Systems generates negative cash flow, the amount thereof will be deducted on a dollar for dollar basis from income before income taxes in calculating the amount of your incentive.
I wish you the greatest success in achieving your incentive targets.
Yours sincerely, |
/s/ Edward Bramson |
Edward Bramson |