February 18, 2011
Robert D. Woltil
We are pleased that you have accepted the position of interim Chief Executive Officer of Technology Research Corporation, a Florida
corporation (the Company), effective immediately. This letter sets forth certain terms of your employment with the Company that apply while you are serving as the interim CEO (the CEO Service Period):
||You will continue to serve as Vice President Finance and Chief Financial Officer of the Company, and will be required to continue to perform the duties and
responsibilities of those positions. |
||In addition to your current base salary, during the CEO Service Period you will be paid a bonus of $5,000 per calendar month (less applicable withholdings) as full
compensation for your performance of the additional duties and responsibilities as interim CEO, which amount shall be pro-rated for any partial months. |
||The Company may remove and replace you as CEO at any time. |
||As interim CEO, you agree not to make any changes to the Companys organizational structure, or its personnel or compensation structure (except for compensation
changes or the hiring or termination of employees that are below the Director level), without the prior approval of the Companys Board of Directors. Ray Malpocher, the Companys Lead Director, is your point of contact with the Board of
Nothing in this letter modifies the at-will nature of your employment with the Company,
and the terms of this letter, therefore, do not and are not intended to create either an express or implied contract of employment with the Company for any particular period of time.
If you are in agreement with the terms of this letter, please sign and return one original executed copy of this letter to the Company
and retain one for your records.
|Technology Research Corporation|
s/ Ray Malpocher
|| Ray Malpocher, Lead Director|
Acknowledged and Agreed to:
s/ Robert D. Woltil
|Robert D. Woltil|
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