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This excerpt taken from the GRIL DEF 14A filed Apr 28, 2008. Employment Agreements During 2006, Philip Gay, our then CFO, was appointed to fill the CEO position. In conjunction with his elevation to the CEO role, we entered into a new employment agreement with Mr. Gay with a term running through December 31, 2009. Pursuant to the terms of Mr. Gay’s employment agreement, Mr. Gay’s base salary was fixed at $275,000 increasing on June 23 of 2007, 2008 and 2009 to $300,000, $325,000 and $350,000, respectively. The employment agreement also provides that Mr. Gay is entitled to use of a company automobile, reimbursement of up to $10,000 of annual expenses relating to use of the company automobile, a company paid $1 million term life insurance policy, annual performance based bonuses of up to 50% of his base salary based on metrics established by the compensation committee and a stock option to purchase 50,000 shares of company stock vesting over three years, in addition to participation in other employee benefit plans maintained by the company. We do not maintain employment agreements with any of our other officers or employees. |
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