Exhibit 10.1

 

Executive Officer    

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   2004
Incentive Bonus

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2005

Annual
Option Grant(2)

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   2005   

2005
Bonus Target
(% of Base Salary)

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   Cash

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   Options(1)

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      Base Salary(3)

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Steven M. Rauscher
President and Chief Executive Officer

   $ 84,738    74,278 shares    400,000 shares    $ 420,000    up to 60%

Stephen Cohen
Senior Vice President and Chief Financial Officer

   $ 40,425    35,434 shares    200,000 shares    $ 257,500    up to 40%

 

(1) The 2004 incentive bonus options were granted, in lieu of cash, pursuant to
the Company’s 2001 Incentive Plan, have a ten year term, an exercise price of
$2.73, the fair market value of the Company’s common stock on the date of grant,
and vested fully upon grant.

 

(2) The 2005 annual option grants were made pursuant to the Company’s 2001
Incentive Plan, have a ten year term, an exercise price of $2.73, the fair
market value of the Company’s common stock on the date of grant, and vest
quarterly over three years. The options granted to Mr. Cohen will vest
immediately upon his separation from the Company and remain exercisable for two
years from date of separation.

 

(3) Effective January 1, 2005.