This excerpt taken from the OPXT DEF 14A filed Jul 30, 2007.
Mr. Harry L. Bosco
Our employment agreement with Mr. Bosco, originally dated July 31, 2001 and amended on November 1, 2004 and June 20, 2007, provides that Mr. Bosco will serve as our President and Chief Executive Officer. The current term of Mr. Boscos employment agreement extends until October 31, 2008, and will automatically renew on that date and each subsequent anniversary for successive one-year periods unless either party provides at least 60 days written notice of its intent not to renew the employment term. Mr. Boscos annual base salary under the agreement is $500,000. In addition, he is eligible to receive a target annual bonus under our performance bonus plan in an amount equal to 50% to 60% of his base salary.
Mr. Bosco received the following stock option and restricted stock grants under his employment agreement:
In addition, on June 20, 2007, in connection with the amendment to Mr. Boscos employment agreements, the Compensation Committee approved a grant of options to Mr. Bosco to purchase 150,000 shares of our common stock, such grant to be made on August 15, 2007 with an exercise price to be equal to the closing price of our common stock on such date. Such options will vest in equal annual installments on each of the first four anniversaries of the date of grant.
Mr. Boscos employment agreement further provides that in the event that his employment is terminated by us without cause or by him for good reason, we will pay him severance in an amount equal to 100% of his annual base salary.
Pursuant to his employment agreement, Mr. Bosco is prohibited from competing with us for a period of six months following a termination of his employment. During this period, Mr. Bosco is also restricted from (i) soliciting our employees to terminate their relationships with us and (ii) soliciting or interfering with our relationship with any of our customers, suppliers or licensees. Mr. Bosco has also executed a confidentiality agreement containing customary provisions protecting our intellectual property rights and confidential information.