Document:

exv10w16

 

EXHIBIT 10.16

WINLAND ELECTRONICS, INC.

COMPENSATION ARRANGEMENTS FOR EXECUTIVE OFFICERS

AS OF MARCH 1, 2005

On November 23, 2004, the Compensation Committee set the 2005 base salary for the Chief Executive
Officer and, on January 18, 2005, set the 2005 base salaries for the other executive officers and
determined the share of the 2004 incentive bonus plan for each executive officer, including the
Chief Executive Officer, for 2004 performance. The executive officers participate in the Company’s
401(k) Plan and medical and disability plans, as well as other compensatory plans, contracts and
arrangements which are filed as exhibits to the Company’s Form 10-KSB for the year ended December
31, 2004. The following table summarizes, as of March 1, 2005, the salaries for 2005 of the
executive officers, incentive bonuses for 2004 performance from the incentive bonus plan and stock
options awarded in 2005 to the executive officers:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Annual	 	 	Incentive	 	 	Option	 
	Executive Officer and Title	 	Base Salary	 	 	Bonus	 	 	Shares(1)	 
	Lorin E. Krueger
	 	$	159,600	 	 	$	85,200	 	 	 	10,000	 
	Chief Executive Officer & President
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Jennifer A. Thompson
	 	$	108,150	 	 	$	12,090	 	 	 	—	 
	Chief Financial Officer
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Dale A. Nordquist
	 	$	108,150	(2)	 	$	4,090	 	 	 	—	 
	Senior Vice President
of Sales & Marketing
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Terry E. Treanor
	 	$	96,568	 	 	$	12,166	 	 	 	—	 
	Vice President of Manufacturing
	 	 	 	 	 	 	 	 	 	 	 	 

	(1)	 	Compensation Committee granted an option to the Chief Executive Officer as of January 3, 2005;
options may be granted at a later date to the other executive officers.
	 
	(2)	 	Mr. Nordquist is also entitled to certain
commissions pursuant to his employment agreement.exv10w17

 

EXHIBIT 10.17

WINLAND ELECTRONICS, INC.

COMPENSATION ARRANGEMENTS FOR DIRECTORS

AS OF MARCH 1, 2005

As of March 1, 2005, the directors of Winland Electronics, Inc. (the “Company”) who are not
employees of the Company receive the following compensation:

     Fees. Each director receives a monthly retainer of $1,000 and $1,000 for attendance at each
Board meeting and each Audit Committee meeting and $500 for attendance at each Compensation
Committee or Nominating/Governance Committee meeting. In addition, the Chairman of the Board
receives an additional annual retainer of $20,000, payable monthly, and the chairman of each
committee receives an additional fee of $500 for attendance at a committee meeting.

     Equity. Pursuant to the Company’s 1997 Stock Option Plan (the “1997 Plan”), each non-employee
director receives an automatic five-year nonqualified option to purchase 5,000 shares of Common
Stock upon (i) the date of initial election and (ii) the date of re-election or the date of a
meeting of shareholders at which directors are elected and such director’s term of office continues
after such meeting. No director shall receive more than one option pursuant to the formula plan in
any one fiscal year. All options granted pursuant to these provisions are granted at a per share
exercise price equal to 100% of the fair market value of the Common Stock on the date of grant, and
they are immediately exercisable. Subject to shareholder approval at the 2005 annual meeting of
shareholders, the Board has adopted the 2005 Equity Incentive Plan (the “2005 Plan”), pursuant to
which the non-employee directors will be entitled to automatic option grants similar to the 1997
Plan , except that the options will be for 5,500 shares and will have a ten-year term. In
addition, non-employee directors are eligible for discretionary option grants under the 1997 Plan
and discretionary grants of options, restricted stock, stock appreciation rights, performance
shares and performance units under the 2005 Plan. Upon shareholder approval of the 2005 Plan, no
further options will be granted under the 1997 Plan.exv4w7

 

Exhibit 4.7

 

 

	 	 	 	 	 
	8.00% SERIES C CUMULATIVE

REDEEMABLE PREFERRED STOCK

NUMBER

	THORNBURG MORTGAGE, INC.	8.00% SERIES C CUMULATIVE

REDEEMABLE PREFERRED STOCK

SHARES

	 	 	 
	INCORPORATED UNDER THE LAWS

OF THE STATE OF MARYLAND

	 	SEE REVERSE FOR IMPORTANT

NOTICE ON TRANSFER

RESTRICTIONS AND OTHER

INFORMATION
	
	 	 
	THIS CERTIFIES THAT [NAME]

is the record holder of [NUMBER]
	 	CUSIP 885218 30 5

FULLY PAID AND NONASSESSABLE SHARES OF THE

8.00% SERIES C CUMULATIVE REDEEMABLE PREFERRED STOCK,

$.01 PAR VALUE, OF

THORNBURG MORTGAGE, INC.

transferable on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon the
surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by a Transfer Agent
and registered by the Registrar.

     WITNESS the facsimile Corporate Seal of this Corporation and the facsimile signatures of
its duly authorized officers.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 
	 	 	 	 
	/s/ MICHAEL B. JEFFERS

	 	[SEAL]
	 	/s/ GARRETT THORNBURG
	                                                            

	 	 	 	                                                            
	Secretary

	 	 	 	Chairman and Chief Executive Officer

COUNTERSIGNED AND REGISTERED:

	 	 	 
	

	AMERICAN STOCK TRANSFER & TRUST COMPANY
	 
	 	 
	

	 	Transfer Agent and Registrar
	 
	 	 
	By:
	 	 
	

	 	                                                                                                                                            
Authorized Signature

 

 

      THE SECURITIES PRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND
TRANSFER FOR THE PURPOSE OF MAINTAINING THE CORPORATIONS’ STATUS AS A REAL ESTATE INVESTMENT TRUST
UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, INCLUDING A RESTRICTION ON OWNERSHIP OF EQUITY
STOCK IN EXCESS OF 9.8% (SUBJECT TO CERTAIN EXCEPTIONS) OF THE OUTSTANDING EQUITY STOCK OF THE
CORPORATION ALL AS SET FORTH IN THE CORPORATION’S ARTICLES OF INCORPORATION, AS THE SAME MAY BE
AMENDED FROM TIME TO TIME, A COPY OF WHICH WILL BE SENT WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO
REQUESTS. SUCH REQUEST MAY BE MADE TO THE TRANSFER AGENT OR THE SECRETARY OF THE CORPORATION.

      IN ADDITION, THE CORPORATION WILL FURNISH TO ANY SHAREHOLDER ON REQUEST AND WITHOUT CHARGE A
FULL STATEMENT OR SUMMARY OF THE DESIGNATIONS AND ANY PREFERENCES, CONVERSION AND OTHER RIGHTS,
VOTING POWERS, RESTRICTIONS, LIMITATIONS AS TO DIVIDENDS, QUALIFICATIONS AND TERMS AND CONDITIONS
OF REDEMPTION OF THE STOCK OF EACH CLASS AND SERIES WHICH THE CORPORATION IS AUTHORIZED TO ISSUE
AND THE DIFFERENCES IN THE RELATIVE RIGHTS AND PREFERENCES BETWEEN THE SHARES OF EACH CLASS AND
SERIES, IF ANY, TO THE EXTENT THEY HAVE BEEN SET, AND OF THE AUTHORITY OF THE BOARD OF DIRECTORS TO
SET THE RELATIVE RIGHTS AND PREFERENCES OF SUBSEQUENT SERIES. SUCH REQUEST MAY BE MADE TO THE
TRANSFER AGENT OR THE SECRETARY OF THE CORPORATION.

      KEEP THIS CERTIFICATE IN A SAFE PLACE. IF IT IS LOST, STOLEN, OR DESTROYED THE CORPORATION
WILL REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A REPLACEMENT CERTIFICATE.

 

 

ASSIGNMENT

FOR VALUE RECEIVED,                                                                                  hereby sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING NUMBER OF ASSIGNEE

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

 

Shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

Attorney to transfer the said sock on the books of the within named Corporation with full power of substitution in the premises

 

Dated                                                                                

	 	 	 	 	 
	

	 	X
	 	                                                                                          
	 
	 	 	 	 
	

	 	X
	 	                                                                                          
	 
	 	 	 	 
	

	 	NOTICE:
	 	THE SIGNATURES(S) TO THIS ASSIGNMENT MUST
CORRESPOND WITH THE NAME(S) AS WRITTEN UPON
THE FACE OF THE CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT
OF ANY CHANGE WHATEVER.

Signature(s) Guaranteed

By
                                                                                

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.

 

 

      The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

	 	 	 	 	 	 	 	 	 	 	 
	TEN COM

	 	—
	 	as tenants in common
	 	UNIF GIFT MIN ACT  
	 	—
	 	                                         Custodian                                         
         (Cust)                                                       (Minor)
	 
	 	 	 	 	 	 	 	 	 	 
	TEN ENT

	 	—
	 	as tenants by the

entireties	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	JT TEN

	 	—
	 	as joint tenants
with right of
survivorship and
not as tenants in
common
	 	 	 	 	 	under Uniform Gifts to Minors Act

                                                                                

                                (State)
	

	 	 	 	 	 	UNIF TRF MIN ACT  
	 	—
	 	                                         Custodian
(until age..........)
	 
	 	 	 	 	 	 	 	 	 	(Cust)

	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	                                         under Uniform Transfers to
	

	 	 	 	 	 	 	 	 	 	(Minor)

	 
	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	Minors Act                                         
	

	 	 	 	 	 	 	 	 	 	(State)

Additional abbreviations may also be used though not in the above list.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]