SVR » Topics » Raymond Cheung

This excerpt taken from the SVR DEF 14A filed Apr 7, 2008.

Raymond Cheung

Mr. Cheung has served as Executive Vice President and Chief Executive Officer—Asia Pacific since February 2007. Mr. Cheung entered into an employment agreement with the Company in June 2006. Mr. Cheung’s annual base salary in 2007 was $300,000. Mr. Cheung is also eligible to earn targeted annual bonuses of up to 50% of annual base salary based upon the achievement of performance objectives as approved by the Compensation Committee. For 2007, Mr. Cheung received an annual bonus payment of $76,947. In January 2007 Mr. Cheung was granted 25,000 stock options which vest 33 1/3% per year. Also in February 2007, Mr. Cheung was granted 40,000 restricted shares, which vest 20% per year, and 15,000 stock options which vest 33 1/3% per year.

Under his employment agreement, if Mr. Cheung’s employment is terminated without cause, the Company would need to provide six months prior notice.

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