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This excerpt taken from the MSN DEF 14A filed Oct 15, 2009. Employment
Agreements.
During Fiscal 2009, the Company had employment agreements with
certain of its Named Executive Officers, each of which is
described below.
Greenfield Pitts. Greenfield Pitts, our Chief
Financial Officer, entered into an employment agreement with the
Company on April 3, 2007, which sets forth the terms and
conditions pursuant to which Mr. Pitts shall serve as the
Company’s Chief Financial Officer. The agreement provides
for an annual base salary of $250,000 and a discretionary bonus
at the end of the Company’s fiscal year as recommended by
the Board of
Table of Contents
Directors. The initial term expired on March 31, 2008.
During the term extensions, the Company has the right to
terminate the agreement upon 90 days prior written notice
and Mr. Pitts has the right to terminate the agreement upon
90 days prior written notice.
John Spielberger. John Spielberger, the
Company’s President-North American Operations, entered into
an employment agreement with the Company on October 15,
2007, which provides that Mr. Spielberger shall serve as
the Company’s President-North American Operations. The
agreement provides for an annual base salary of $250,000 and a
discretionary bonus at the end of the Company’s fiscal year
as recommended by the Board of Directors. The initial term
expired on October 31, 2008. During the term extensions,
the Company has the right to terminate the agreement upon
90 days prior written notice and Mr. Spielberger has
the right to terminate the agreement upon 90 days prior
written notice.
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