EMPLOYMENT CONTRACTS We have entered into employment agreements with certain of our executive officers, including each of the Named Executive Officers. The employment agreements provide for initial base salaries for David Caldwell, William...Performance Capital Management LLC • October 22nd, 2003 • Finance services
We have entered into employment agreements with certain of our executive officers, including each of the Named Executive Officers. The employment agreements provide for initial base salaries for David Caldwell, William Constantino, Darren Bard and Wendy Curran of $200,000, $135,000, $135,000 and $100,000, respectively. Base salaries are to be adjusted periodically by the Board of Directors. The four agreements provide for a $12,500 bonus payment in February and October 2002 for each of the officers. The agreements also provide for an annual bonus at the end of the first year of employment as follows: each shall share in an equal amount with all other executives the sum of the total of all executive annual salaries times two and one half percent for each and every percentage point for which the ratio of operating expenses to gross revenues derived directly from collection activity (e.g. sales revenues collections) is less than 55% for a specific calendar year as calculated on a cash flo
