Document:

Exhibit 10.14

 

MOCON, INC.

 

DESCRIPTION OF EXECUTIVE OFFICER

COMPENSATION ARRANGEMENTS

 

All of the employees of
MOCON, Inc., including executive officers, are employed “at will” and do
not have employment agreements with MOCON. 
MOCON has, however, entered into a written Executive Severance
Agreement, a form of which was filed as an exhibit to our Annual Report on Form 10-K
for our fiscal year ended December 31, 2007, with five of our full-time
executive officers, including each of our officers listed below.  The following is a description of oral
compensation arrangements for 2009 between MOCON, Inc. and our executive
officers who are listed as “named executive officers” in our proxy statement
relating to our 2009 annual meeting of shareholders:

 

	
  Name of

  Executive

  Officer

  	
   

  	
  Title

  	
   

  	
  Base

  Salary

  	
   

  	
  Bonus

  Arrangements

  	
   

  	
  Stock

  Options

  	
   

  	
  Other

  	
   

  
	
  Robert L. Demorest

  	
   

  	
  Chairman, President and
  Chief Executive Officer

  	
   

  	
  $273,432 per year

  	
   

  	
  See footnotes (1) and (2) below

  	
   

  	
  Stock options to purchase
  shares of MOCON common stock are granted from time to time in the sole
  discretion of the Compensation Committee of the MOCON board of directors

  	
   

  	
  Under the MOCON, Inc.
  Savings and Retirement Plan, participants, including executive officers, may
  voluntarily request that MOCON reduce pre-tax compensation by up to 75%
  (subject to certain special limitations) and contribute such amounts to a
  trust. MOCON contributed an amount equal to 50% of the first 6% of the amount
  that each participant contributed under this plan. MOCON provides an automobile
  for each of its full-time executive officers. Executive Officers generally
  receive 3-5 weeks vacation per year. MOCON employees, including its executive
  officers, are compensated for forfeited vacation. Executive officers are
  reimbursed for expenses incurred in the ordinary course of business.
  Executive officers receive other benefits received by other MOCON employees,
  including health, dental and life insurance benefits.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daniel W. Mayer

  	
   

  	
  Executive Vice President

  	
   

  	
  $206,482 per year

  	
   

  	
  See footnotes (1) and (2) below

  	
   

  	
  See above

  	
   

  	
  See above

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Darrell B. Lee

  	
   

  	
  Vice President, Chief
  Financial Officer, Treasurer and Secretary

  	
   

  	
  $152,498 per year

  	
   

  	
  See footnotes (1) and (2) below

  	
   

  	
  See above

  	
   

  	
  See above

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

	
  Name of

  Executive

  Officer

  	
   

  	
  Title

  	
   

  	
  Base

  Salary

  	
   

  	
  Bonus

  Arrangements

  	
   

  	
  Stock

  Options

  	
   

  	
  Other

  	
   

  
	
  Douglas J. Lindemann

  	
   

  	
  Vice President and General
  Manager

  	
   

  	
  $176,036 per year

  	
   

  	
  See footnotes (1) and (2) below

  	
   

  	
  See above

  	
   

  	
  See above

  	
   

  

 

(1)                                  MOCON provides its executive officers and
other employees a direct financial incentive to achieve MOCON’s annual profit
goals through the MOCON, Inc. Incentive Pay Plan, which was established
pursuant to resolutions of the Compensation Committee effective January 1,
2003 and filed as an exhibit to MOCON’s annual report on Form 10-K for the
year ended December 31, 2002.  Under
the Incentive Pay Plan, annual goals are measured by MOCON’s annual net income
before income taxes and incentives for Mr. Demorest, Mr. Lee, Mr. Lindemann
and Mr. Mayer, who have overall corporate responsibilities.  The Incentive Pay Plan contemplates that each
year the Compensation Committee will establish goal amounts for MOCON’s
executive officers and will determine the percentage of salary at goal for
MOCON’s executive officers.  On December 31,
2008, the Compensation Committee established these goal amounts and determined
these percentages.  Although the goal
amounts are confidential, the 2009 percentages of salary at goal range from
forty percent to sixty-five percent of 2009 base salary earned, at goal, with
the actual incentive paid based on the percentage of goal achieved, up to a
maximum of one hundred fifty percent. 
The fiscal 2009 goals and percentages of salary were set forth in
resolutions approved by the Compensation Committee and are not otherwise set
forth in any written agreements between MOCON and the executive officers.  The following are the amounts paid to each of
MOCON’s executive officers under the Incentive Pay Plan with respect to fiscal 2008:  Mr. Demorest: $176,153; Mr. Mayer:
$81,798; Mr. Lee: $60,413 and Mr. Lindemann: $78,539.  These amounts were paid in March 2009.

 

(2)                                  On December 31, 2008, the
Compensation Committee established individual special performance related bonus
arrangements for Messrs. Demorest, Mayer, Lee and Lindemann to further
motivate these individuals to attain certain company-related performance goals
in addition to the profitability performance-related goals covered under MOCON’s
Incentive Pay Plan.  While the specific
performance goals remain confidential, the bonuses if paid will be in the form
of an extra week of paid vacation and an all-expense paid trip for two, up to
maximum amounts ranging from $10,000 to $13,000.  The terms of the fiscal 2009 special performance
related bonuses were set forth in resolutions approved by the Compensation
Committee and are not otherwise set forth in any written agreements between
MOCON and the executive officers.Exhibit 10.11

 

AMENDMENT No. 10,
dated as of January 1, 2008, to AMENDED AND RESTATED MANAGEMENT
AGREEMENT, dated as of January 1, 1999, as amended by Amendment No. 1,
dated as of January 1, 2000, Amendment No. 2, dated as of January 1,
2001, Amendment No. 3, dated as of June 27, 2001, Amendment No. 4,
dated as of January 1, 2002, Amendment No. 5, dated as of January 1,
2003, Amendment No. 6 dated as of January 1, 2004, Amendment No. 7
dated as of January 1, 2005, Amendment No. 8 dated as of January 1,
2006, and Amendment No. 9 dated as of January 1, 2007 (as so amended,
the “Agreement”), by and among G-I Holdings Inc., Merick Inc., International
Specialty Products Inc. (“ISP”), International Specialty Holdings LLC (formerly
International Specialty Holdings Inc.) (“ISH”), ISP Investco LLC (“Investco”),
ISP Minerals Inc. (“Minerals”), GAF Broadcasting Company, Inc., Building
Materials Corporation of America (“BMCA”), and ISP Management Company, Inc.
(the “Company”), as assignee of ISP Chemco LLC (formerly ISP Chemco Inc.).
Capitalized terms used and not otherwise defined herein shall have the meanings
ascribed to them in the Agreement.

 

WHEREAS, in accordance with Section 7 of the
Agreement, the parties desire to adjust the management fees payable to the
Company under the Agreement in order to properly reflect the costs to the
Company of providing services thereunder;

 

NOW, THEREFORE, the parties hereby amend the Agreement
as follows:

 

1.             Section 3 of the
Agreement is hereby amended, effective as of the date hereof, to read in its
entirety as follows:

 

“In
consideration of the Company providing Services hereunder, each of the parties
listed below shall pay to the Company a management fee (the “Management Fee”)
at the following respective rates for the quarter ending March 31, 2008
and for each quarter thereafter for which this Agreement has been extended as
provided in Section 1 of this Agreement:  BMCA (on behalf
of itself, its parent and its subsidiaries) — $1,253,000; ISP - $5,000;
ISH - $10,000; Minerals - $3,127,000 and Investco (on behalf of itself and its
subsidiaries) - $950,000.  The Management
Fee shall be payable monthly in arrears.

 

In
addition to the Management Fee, a wholly owned subsidiary of BMCA shall pay to
the Company (as successor to both the overlandlord’s and sublandlord’s
interests in the subject real property) rent payments pursuant to and in
accordance with the terms of the Sublease (as amended) between such wholly
owned subsidiary of BMCA and Company, the form of which is attached as Exhibit A
hereto and made a part hereof.

 

In
consideration of BMCA providing G-I Services hereunder, G-I Holdings Inc. (on
behalf of itself and its subsidiaries other than BMCA and BMCA’s subsidiaries)
shall pay to BMCA a management fee (the “G-I Management Fee”) at the rate of $235,000
for the quarter ended March 31, 2007 and for each quarter thereafter for
which this Agreement has been extended as provided in Section 1 of this
Agreement.  The G-I Management Fee shall
be payable monthly in arrears.”

 

2.             Exhibit A to the
Agreement is hereby amended to substitute therefore Exhibit A to this
Amendment.

 

3.             In all other
respects, the Agreement as previously amended shall remain in full force and
effect.

 

4.             This Amendment is
subject to the approval of the Board of Directors of the Company.

 

 

5.             This Amendment may be
executed in one or more counterparts, each of which shall be an original but
all of which, taken together, shall constitute one and the same
instrument.  Failure by any one party to
execute this Amendment shall not affect the rights and obligations of any other
party signatory hereto.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date and year
first above written.

 

	
  G-I HOLDINGS INC.

  	
   

  	
  GAF BROADCASTING COMPANY, INC.

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Louis Feldman

  	
   

  	
  By:

  	
   /s/ Robert B. Tafaro

  
	
  Name:

  	
  Louis Feldman

  	
   

  	
  Name:

  	
  Robert B. Tafaro

  
	
  Title:

  	
  Chief Tax Counsel and Assistant

  	
   

  	
  Title:

  	
  Chief Executive Officer, President

  
	
   

  	
  Secretary

  	
   

  	
   

  	
  and Secretary

  
	
  Date:

  	
  March 10, 2009

  	
   

  	
  Date:

  	
  March 27, 2009

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MERICK INC.

  	
   

  	
  BUILDING MATERIALS

  
	
   

  	
   

  	
  CORPORATION OF AMERICA

  
	
  By:

  	
   /s/ Robert B. Tafaro

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Robert B. Tafaro

  	
   

  	
  By:

  	
   /s/ John F. Rebele

  
	
  Title:

  	
  Chief Executive Officer, President and

  	
   

  	
  Name:

  	
  John F. Rebele

  
	
   

  	
  Secretary

  	
   

  	
  Title:

  	
  Senior Vice President,

  
	
  Date:

  	
  March 27, 2009

  	
   

  	
   

  	
  Chief Financial Officer and

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Administrative Officer

  
	
   

  	
   

  	
   

  	
  Date:

  	
  March 27, 2009

  
	
  INTERNATIONAL SPECIALTY

  	
   

  	
   

  	
   

  
	
  PRODUCTS INC.

  	
   

  	
  ISP MANAGEMENT COMPANY, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Gregg Kam

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Gregg Kam

  	
   

  	
  By:

  	
   /s/ Gregg Kam

  
	
  Title:

  	
  Senior Vice President and

  	
   

  	
  Name:

  	
  Gregg Kam

  
	
   

  	
  Chief Financial Officer

  	
   

  	
  Title:

  	
  Senior Vice President and

  
	
  Date:

  	
  March 19, 2009

  	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
  Date:

  	
  March 19, 2009

  
	
  ISP MINERALS INC.

  	
   

  	
   

  
	
   

  	
   

  	
  ISP INVESTCO LLC

  
	
   

  	
   

  	
  By: International Specialty Holdings LLC,

  
	
  By:

  	
   /s/ Kenneth E. Walton

  	
   

  	
        its sole member

  
	
  Name:

  	
  Kenneth E. Walton

  	
   

  	
   

  
	
  Title:

  	
  President

  	
   

  	
  By:

  	
   /s/ Gregg Kam

  
	
  Date:

  	
  March 10, 2009

  	
   

  	
  Name:

  	
  Gregg Kam

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Senior Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
	
  INTERNATIONAL SPECIALTY

  	
   

  	
  Date:

  	
  March 19, 2009

  
	
  HOLDINGS LLC

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Gregg Kam

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Gregg Kam

  	
   

  	
   

  	
   

  
	
  Title:

  	
  Senior Vice President and

  	
   

  	
   

  	
   

  
	
   

  	
  Chief Financial Officer

  	
   

  	
   

  
	
  Date:

  	
  March 19, 2009

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