Exhibit 10.13 to IntriCon Corporation, Form 10-K for fiscal year ended December 31, 2007







Exhibit 10.13


 


Summary Sheet for Executive Officer Compensation


Base Salary


In December 2007, the Compensation Committee of the Board of Directors made determinations with respect to the salaries to be paid to executive officers in 2008 and the bonuses and stock options to be awarded to the executive officers for services in 2007 as follows: 


 





	
            Name
 	
             
 	
            2008 Annual
 Base Salary
 	
             
 	
            2007 Annual
 Bonus
 	
             
 	
            Stock Options
 Awarded
 	
             
 
	
            Mark S. Gorder,
 President and Chief Executive Officer 
 	
             
 	
            $
 	
            350,000
 	
             
 	
            $
 	
            64,200
 	
             
 	
            25,000
 	
             
 
	
            Scott Longval,
 Chief Financial Officer and Treasurer 
 	
             
 	
            $
 	
            165,000
 	
             
 	
            $
 	
            13,000
 	
             
 	
            15,000
 	
             
 
	
            Steven M. Binnix,
 Vice President and General Manager of RTI Electronics
 	
             
 	
            $
 	
            175,000
 	
             
 	
            $
 	
            15,600
 	
             
 	
            10,000
 	
             
 
	
            Christopher D. Conger,
 Vice President, Research and Development 
 	
             
 	
            $
 	
            185,000
 	
             
 	
            $
 	
            14,560
 	
             
 	
            20,000
 	
             
 
	
            Michael P. Geraci,
 Vice President, Sales and Marketing
 	
             
 	
            $
 	
            200,000
 	
             
 	
            $
 	
            15,600
 	
             
 	
            20,000
 	
             
 
	
            Dennis L. Gonsior,
 Vice President, Global Operations
 	
             
 	
            $
 	
            185,00
 	
             
 	
            $
 	
            14,560
 	
             
 	
            20,000
 	
             
 
	
            Greg Gruenhagen
 Vice President of Corporate Quality
 	
             
 	
            $
 	
            125,000
 	
             
 	
             
 	
            (not eligible)
 	
             
 	
            10,000
 	
             
 





 


The exercise price of the stock options is equal to $14.70 per share, the closing price of the common stock of the Company on the date of the Compensation Committee meeting. The options will vest in three equal, annual installments beginning one year after the date of grant, except that they will become immediately exercisable upon a “change in control” as defined in the 2006 Equity Incentive Plan or upon the death or disability of the recipient, and will expire ten years after the date of grant, unless terminated earlier by the terms of the option.


 


2008 Bonus Plan 


 


The Compensation Committee also approved the 2008 Bonus Plan (the “Bonus Plan”), which is not set forth in a written agreement. Pursuant to the Bonus Plan, each of the executive officers is eligible to receive a cash bonus based on the Company exceeding certain earnings per share target amounts for the fiscal year 2008 (calculated after giving effect to any bonuses accrued under the Bonus Plan) and the achievement of certain strategic objectives. Depending upon the earnings per share target amount and the achievement of the strategic objectives, Mr. Gorder is eligible to receive a bonus up to 110% of his base salary and each of the other Named Executive Officers are eligible to receive a bonus up to 55% of their respective base salary.


 


Plans and Other Arrangements


 


The executive officers are also eligible to participate in the Company’s broad-based benefit programs generally available to its salaried employees, including health, disability and life insurance programs, and qualified 401(k) plan.