BEAV » Topics » Mark D. Krosney.

This excerpt taken from the BEAV DEF 14A filed Apr 28, 2006.
Mark D. Krosney.   Mr. Krosney is party to an employment agreement with the Company dated January 15, 2001 that is automatically renewed for additional one-year terms unless either Mr. Krosney or the Company gives the other party at least 30 days’ written notice prior to the then-applicable expiration date. Under the terms of his employment agreement, Mr. Krosney receives an annual salary of $286,600 per year subject to adjustment from time to time by the President of the Company. Mr. Krosney is also entitled to receive an annual incentive bonus at the discretion of the Board of Directors, which may not exceed 100% of his then current salary. In the event of Mr. Krosney’s death, his designee will receive an amount equal to the salary that would have been due through the expiration of the then-applicable term. In the event of Mr. Krosney’s incapacity, Mr. Krosney will continue to receive his then current salary and benefits through the expiration date of the then-applicable term or until Mr. Krosney obtains alternate employment. In the event there is a change of control (as defined) prior to the expiration date as a result of which Mr. Krosney’s employment is terminated or he resigns because of a change in his position, powers, duties, salary or benefits, Mr. Krosney will receive (i) a lump sum amount equal to his then-current salary and (ii) salary and benefit continuation through the expiration date of the then-applicable term. During 2005, Mr. Krosney’s annual base salary was $275,500 and he received a bonus of $100,000. Mr. Krosney retired effective May 1, 2006.

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