Delaware | 0-13898 | 16-1192368 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
1565 Jefferson Rd, Rochester, New York |
14623 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| An annual gross salary at the rate of $275,000 per year, subject to increase (but not decrease) as determined by the Board of Directors (Board) or an authorized Committee of the Board. Mr. Mazzullos annual salary rate will be reviewed annually. |
| Mr. Mazzullo will be eligible to receive an annual performance bonus based on targeted performance objectives determined each year by the Board or an authorized committee in its sole discretion. The Board will use reasonable efforts to establish performance objectives (that may include revenues, new orders and operating income for each calendar year) on or before the date that is thirty days (30) after it approves the Corporations operating plan for the same year. The bonus will be earned based upon achievement of such objectives |
| On the Commencement Date, Mr. Mazzullo shall be granted options to purchase one hundred thousand (100,000) shares of the Registrants $0.10 par value common stock, (Common Stock), exercisable at the closing price of such common stock on the first trading day after approval of the Agreement by the Board. Such options will have a term of ten (10) years, and be subject to the Registrants 1998 Long Term Incentive Plan. Such options will vest as to up to fifty thousand (50,000) shares on December 31, 2011, and as to up to fifty thousand (50,000) shares on December 31, 2012, subject to achievement of the same objectives as apply to the annual performance bonus. |
| At the beginning of each Renewal Term, Mr. Mazzullo shall be granted options to purchase fifty thousand (50,000) shares of Common Stock, exercisable at the closing price of such Common Stock on the first trading day of such Renewal Term. Such options shall be subject the same terms and conditions, including vesting and achievement targets, as the options granted on the Commencement Date. |
| Mr. Mazzullo will be entitled to vacation and expense reimbursement and to 401(k) and other benefit plans or arrangements generally made available by the Registrant to its executive employees. |
| The Registrant agrees to nominate Mr. Mazzullo for election as a director at each annual meeting during the term of the Agreement. |
| The Registrant may terminate Mr. Mazzullos employment for cause as defined in the Agreement. |
| Each of the Registrant and Mr. Mazzullo can elect to voluntarily terminate Mr. Mazzullos employment under the Agreement. Mr. Mazzullo is required to provide 90 days prior written notice for such voluntary termination. |
| Mr. Mazzullos employment will terminate by reason of his death or disability (as defined in the Agreement). |
| In the event of Voluntary Termination (as defined in the Agreement) initiated by the Registrant without cause, Mr. Mazzullo will continue to receive salary at the rate in effect on the Date of Termination for a period of sixteen (16) months from Date of Termination. Benefits, including medical coverage, shall continue for the same period. |
| In the event of a Voluntary Termination of Mr. Mazzullos employment initiated by the Registrant, within twelve months following the effective date of a Change in Control (as defined in the Agreement), unless Mr. Mazzullo is offered a job with the successor to the Company at a location not more than fifty (50) miles from Registrants location at which Mr. Mazzullo is principally rendering services, at an equivalent or greater salary, and with a comparable job title and responsibilities, Mr. Mazzullo will be entitled to a lump sum payment of twelve months salary plus the target bonus for the year then in effect, and the continuation of his benefits including medical coverage, for twelve months. |
| The Agreement contains covenants and commitments relating to ownership of intellectual property, non-disclosure of confidential information, non-competition and non-solicitation of employees and customers. The period of non-competition and non-solicitation of employees or customers is twelve months from the Date of Termination of employment, except in the event of a Voluntary Termination by the Registrant of Mr. Mazzullos employment, in which event the period is sixteen months. |
Exhibit Number | Description of Exhibit | |
Exhibit 10.1 | Employment Agreement between the Registrant and Anthony C. Mazzullo, dated as
of January 21, 2011. |
Veramark Technologies, Inc. |
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By: | /s/ Ronald C. Lundy | |||
Ronald C. Lundy, | ||||
Vice President of Finance and Chief Financial Officer |
Exhibit Number | Description of Exhibit | |
Exhibit 10.1 | Employment Agreement between the Registrant and Anthony C. Mazzullo, dated as
of January 21, 2011. |