Exhibit 10.2
 
Employment Package for Sekar Sundararajan

Start date:
February 8, 2008
   
Title:
Executive Vice President – Operations
   
Salary:
$250,000 annually, payable $20,833.33 monthly. This position will be classified
as a Named Executive for Securities and Exchange Commission reporting and
compensation (including bonuses) will be subject to annual review by the
Compensation Committee of the Board of Directors.
   
Bonus:
Annual bonus paid on or about April 15th each year for the fiscal year ended the
previous January. Bonus computed at 0.50% of consolidated earnings before tax
above $12.5M and subject to a 12.5% positive/negative adjustment based on
individual performance and attainment of personal goals. For fiscal years 2009
and 2010 each Annual bonus will vest on the last day of the fiscal year. Bonus
for FY 2009, payable April 15, 2009 is guaranteed at a $100,000 minimum subject
to the 12.5% adjustment. Should the employee terminate his employment at any
time following the beginning of the 2011 fiscal year the annual bonus for the
year of termination will be prorated and vest under the following schedule:
 
Terminate during the first fiscal quarter      -  25%,
 
terminate during the second fiscal quarter   -  50%,
 
terminate during the third fiscal quarter      -  75%
 
terminate during the forth fiscal quarter      -  100%.
Long-term
 
Incentive:
Eligible if and when approved by the Board of Directors.

   
Deferred
 
Bonus:
Beginning in FY 2009 for a period of three years through FY 2011, $50,000 shall
be deferred each year, payable at the end of the second fiscal year, vesting at
33.33% immediately, and 33.33% vesting at the end of the first year and at the
end of year two. Future deferred bonus or other retirement funding options to be
negotiated in 2011.

 
 
 

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Exhibit 10.2
 
Group Benefits:
Participation in Company’s 401(k), Group Health, Dental, and Term Life programs.
Family medical currently costs the employee approximately $234 monthly.
   
Vacation:
Four weeks each year.
   
Expense
 
Reimbursement:
$1,750 monthly, to cover costs of personal travel, accommodations, etc. Should
employee relocate within a 75 mile Radius of Martinsville, Virginia, such
payments shall cease.
   
Relocation:
Reimbursement of up to $20,000 for costs of relocation to within a 75 mile
radius of Martinsville, Virginia.

Offered:
/s/ Paul B. Toms, Jr.
 
Paul B. Toms, Jr.

Accepted:
/s/ Sekar Sundararajan
 
Sekar Sundararajan

 
 

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Appendix 1
Exhibit 10.2

Sekar Sundararajan
Deferred Compensation Vesting Schedule

           
Vesting Date
 
Grant Date
 
Amount
 
Payable
 
2/8/2008
   
2/1/2009
   
1/31/2010
   
1/30/2011
   
1/29/2012
                                         
2/8/2008
    50,000  
1/31/2010
    16,666       16,667       16,667              
2/1/2009
    50,000  
1/30/2011
            16,667       16,666       16,667        
1/31/2010
    50,000  
1/29/2012
                    16,667       16,667       16,666                            
                         
Vested @ Fiscal Year End
    16,666       33,334       50,000       33,334       16,666                  
                                   
Cumulative Vested
    16,666       50,000       100,000       133,334       150,000              
                                       
Total
  $ 150,000                                            

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