VALLEY NATIONAL GASES (VLG)

 

Mr. Indelicato provided advisory services to the Company concerning all aspects of the Company’s acquisition program, investor relations and bank financing under the terms of a consulting agreement. Mr. Indelicato served as the Acting Chief Executive Officer from February 2002 through October 2002 and has served as Chief Executive Officer since June 2003 under the terms of an agreement. The agreement with Mr. Indelicato provided for a monthly retainer fee of $7,000, reimbursement of out-of-pocket expenses related to the performance of services, plus compensation of $150.00 per hour spent in connection with the acquisition program, up to a maximum of 300 hours. The agreement also provides for annual bonus payments at the discretion of the Nominating and Compensation Committee and the Board of Directors of the Company based on overall Company performance. In addition, the Company retains ADE Vantage, Inc. (“ADE”) to provide consulting services. Mr. Indelicato is the President of ADE. Payments to Mr. Indelicato and ADE for fiscal 2006 under the consulting agreement totaled $239,084. This agreement was terminated in February 2006 when Mr. Indelicato became an employee of the Company.