This excerpt taken from the GMTN DEF 14A filed May 5, 2006.
Senior Vice President Employment Agreements
On March 1, 2006, we entered into employment agreements with our senior vice presidents, Messrs. Carlin and Jacobsen and Ms. Link, that continue until March 1, 2008, subject to automatic renewal for successive one-year periods unless 90 days prior written notice is given by either party. Pursuant to the terms of the employment agreements, Messrs. Carlin and Jacobsen and Ms. Link receive, among other things, (1) initial annual base salaries of $265,000 for Mr. Carlin, $265,000 for Mr. Jacobsen and $280,000 for Ms. Link, subject to annual increases as determined by the compensation committee, (2) an annual performance bonus of up to 100% of their then current base salary, (3) an opportunity to receive stock options or other equity-based awards and (4) full acceleration of all equity-based awards upon a change in control.
In the event we terminate Mr. Carlins, Mr. Jacobsens or Ms. Links employment without cause or if Mr. Carlins, Mr. Jacobsens or Ms. Links employment terminates for any reason within twelve months following a change in control, and if they sign a release of all claims against us, they will (1) receive severance payments in an amount equal to the sum of (a) their then current annual base salary and (b) the performance bonus earned by them during the last full fiscal year of employment with us, and (2) have the ability to exercise all vested equity-based awards granted on or after March 1, 2006 until the last severance payment is received from us. In the event of termination of employment due to death or disability, Messrs. Carlin and Jacobsen and Ms. Link will receive a prorated performance bonus for the year in which death or disability occurs.
Messrs. Carlin and Jacobsen and Ms. Link have agreed not to compete with us during the term of their employment and for a period of twelve months following their termination of employment.