Attached files
| file | filename |
|---|---|
| 10-Q - IEC ELECTRONICS CORP | v191545_10q.htm |
| EX-31.1 - IEC ELECTRONICS CORP | v191545_ex31-1.htm |
| EX-32.1 - IEC ELECTRONICS CORP | v191545_ex32-1.htm |
| EX-31.2 - IEC ELECTRONICS CORP | v191545_ex31-2.htm |
| EX-10.1 - IEC ELECTRONICS CORP | v191545_ex10-1.htm |
105
Norton Street ·
Newark, NY 14513 · Ph:
(315) 331-7742 · Fax:
(315) 331-3547 · www.iec-electronics.com
|
May
19, 2010
|
Susan
Topel-Samek
86
Foxbourne Road
Penfield,
NY 14526
Dear
Susan,
On behalf
of my colleagues at IEC it gives me great pleasure to confirm the following
written offer for employment as Vice President & Chief Financial Officer,
reporting to W. Barry Gilbert, Chairman of the Board & CEO.
|
Base
Salary:
|
Will
be paid in bi-weekly installments of $6730.77, which is equivalent to
$175,000 on an annual basis, and subject to deductions for taxes and other
withholdings as required by law or the policies of the
company.
|
|
Vacation:
|
Four
Weeks per fiscal year (prorated for fiscal 2010). Vacation is earned per
IEC’s Vacation Policy. Vacation granted beyond policy guidelines is not
eligible for the payout provisions identified in the Company
Handbook.
|
|
Benefits:
|
Full
participation in the Company’s comprehensive benefits
program. Medical, Dental, Life eligibility the first of the
month after 30 days of employment.
|
|
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Participation
in the Company’s Annual Long Term Incentive Plan for fiscal
2011.
|
|
Variable
Comp:
|
Participation
in the Annual Management Incentive Plan, payable at 35% of salary if the
target goal is achieved ("Target Payout") and up to 70% of salary at the
maximum award level. Whether or not the target goal is achieved, IEC will
provide to you a minimum guaranteed payment of $30,625 for fiscal 2010,
which represents 50% of the Target Payout.
Eligibility for plan payment is based upon meeting specific
performance criteria. You must be an employee at the time payment is made.
Plan payout is entirely discretionary and management may modify or cancel
the plan at any time.
|
|
Stock:
|
In
accordance with, and subject to the terms and conditions of the 2001 Stock
Option Plan of the Company and subject to the approval of the Compensation
Committee of the Board of Directors you will be granted an Incentive Stock
Option (ISO) to purchase 40,000 shares of common stock of the company at
the closing price listed on the first day of your employment, (“Date of
Grant”). Shares issued will vest over a four – (4) year period at 0% for
the first two years, and 50% year three and four of your employment. The
stock option will expire seven years from the Date of Grant (or earlier as
provided in the Plan).
|
|
Also
in accordance with, and
subject to the terms and conditions of the 2001 Stock Option Plan of the
Company and subject to the approval of the Compensation Committee of the
Board of Directors you will be granted 10,000 shares of restricted stock
of the company at the closing price listed on the first day of your
employment, (“Date of Grant”). The shares will vest one year from your
date of employment.
|
|
Salary
Continuation:
|
In
the event of the termination of your employment for any reason other than
termination for cause the Company will provide you with salary
continuation for a period of (6) six months. If at any time during the
salary continuation period you receive compensation for services rendered
in any capacity, all such guaranteed compensation shall be offset against
the separation pay due from the Company. You agree to promptly notify the
Company of all such compensation.
|
|
Confidentiality:
|
On
the first day of your employment, you will sign the Company’s standard Non
Disclosure Agreement.
|
|
Non-compete:
|
As
further consideration for the benefits provided in this Agreement and in
light of the services that will be furnished to the Company by you, and
the confidential information that will be disclosed to you, you agree that
for a period of six (6) months from the date on which you are no longer
employed by the Company, you will not, without the written consent of the
Company, directly or indirectly, whether as principal, agent, officer
director, consultant, employee, partner, stockholder or owner of or in any
capacity with any corporation, partnership, business, firm, individual,
company, or any other entity, engage in, or assist another to engage in,
any work or activity in any way competitive with the business of the
Company.
|
|
Term:
|
Your
employment with the Company will be “at will”, and may be terminated by
the Company at any time, with or without cause. This offer of employment
supersedes any and all prior discussions and agreements, if any between
you, IEC and all other parties.
|
|
Contingency:
|
All
newly hired employees are required by federal law to present documents
proving their identity and eligibility for employment in the United
States. Documentation must be provided no later than three (3) days after
your date of hire. A list of Acceptable Documents approved by the
Department of Homeland Security will be included in your New Hire
Orientation Packet.
|
Susan,
we are delighted you have decided
to join our company look forward to confirming your first day of
employment.
|
IEC
Electronics Corp.
|
|||||
|
By:
|
/s/
Tina DeVey
|
By:
|
/s/
Susan Topel-Samek
|
||
|
Tina
DeVey, Director of Human Resources
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Susan
Topel-Samek
|
||||
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By:
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/s/
W. Barry Gilbert
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||||
| W. Barry Gilbert, Chairman & CEO | |||||