DAVE » Topics » Employment Arrangement with Diana G. Purcel

This excerpt taken from the DAVE DEF 14A filed Mar 25, 2009.
Employment Arrangement with Diana G. Purcel
 
Diana G. Purcel, the Company’s Chief Financial Officer and Secretary, has an employment arrangement with the Company pursuant to which, during fiscal 2008, she received an annualized salary of $260,000, was eligible for a bonus of up to 40% of her base salary, and received medical, dental and other customary benefits. In September 2008, Ms. Purcel’s fiscal 2008 bonus potential was increased to 75% of her base salary and she was granted 25,000 restricted stock units, the terms of which are discussed under “Restricted Stock Units” above. Effective October 27, 2008, Ms. Purcel’s annualized salary was increased to $270,000. Ms. Purcel also has a severance agreement which entitles her to receive severance pay for a period of twelve months (subject to mitigation if she commences employment with another employer) if her employment is terminated without “cause”, or if her employment terminates for any reason or no reason (including her voluntary resignation) within six months following a “change of control.”
 
This excerpt taken from the DAVE DEF 14A filed Apr 7, 2008.
Employment Arrangement with Diana G. Purcel
 
Diana G. Purcel, the Company’s Chief Financial Officer and Secretary, has an employment arrangement with the Company pursuant to which, during fiscal 2007, she received an annualized salary of $250,000, was eligible for a bonus of up to 40% of her base salary, and received medical, dental and other customary benefits. Effective January 1, 2008, the Company increased Ms. Purcel’s annualized base salary to $260,000. Ms. Purcel also has a severance agreement which entitles her to receive severance pay for a period of twelve months (subject to mitigation if she commences employment with another employer) if her employment is terminated without “cause”, or if her employment terminates for any reason or no reason (including her voluntary resignation) within six months following a “change of control.”
 
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