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This excerpt taken from the VLG DEF 14A filed Oct 2, 2006. Certain
Agreements with Executive Officers
On June 1, 2003, the Company and Mr. Hart entered into
an employment agreement for an initial employment term of one
year, continuing thereafter at the Company’s election for
unspecified additional terms. The employment agreement sets
Mr. Hart’s annual salary as President at $180,000 and
also provides that Mr. Hart will receive certain benefits,
as well as certain additional non-cash compensation, including a
stock option, which vested in June 2006, to purchase
50,000 shares of the Company’s Common Stock with an
exercise price of $8.00 per share. The employment agreement
contains customary termination, inventions, nondisclosure and
noncompetition provisions. In February 2006, this agreement was
modified to extend Mr. Hart’s employment for three
additional years through February 2009.
On June 1, 2004, the Company and Mr. Zehala entered
into a revised employment agreement for an initial employment
term of one year, continuing thereafter at the Company’s
election for unspecified additional terms. The employment
agreement sets his annual salary as Chief Operating Officer at
$150,000 and also provides that Mr. Zehala will receive
certain benefits including living expenses in connection with
his relocation to the Company’s executive offices in
Washington, Pennsylvania, as well as certain additional non-cash
compensation,
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including a stock option, which vested in June 2006, to purchase
30,000 shares of the Company’s Common Stock with an
exercise price of $8.00 per share. The employment agreement
contains customary termination, inventions, nondisclosure and
noncompetition provisions. In February 2006, this agreement was
modified to extend Mr. Zehala’s employment for three
additional years through February 2009.
On February 1, 2006, the Company and Mr. Indelicato
entered into an employment agreement for a three year term
through January 2009. The employment agreement sets his annual
salary at $99,600 and also provides that the employee will be
eligible for benefits as provided to other Company employees.
The employment agreement contains customary termination,
inventions and nondisclosure provisions. In addition the
agreement provides for a two year period after termination of
Mr. Indelicato’s employment, during which he is
prevented from engaging in any business that competes with the
company. Mr. Indelicato will be paid $600,000 in 24
consecutive monthly installments of $25,000 each during this
non-compete period.
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