Document:

EX-10.8 EMPLOYMENT OFFER LETTER/BRUCE M. BALES

 

Exhibit 10.8

Employment offer letter to Bruce M. Bales dated April 27, 2004

April 27, 2004

Mr. Bruce Bales

61 Azurite Way

Livermore, CA 94550

Dear Bruce:

I am pleased to offer you the position of President, Glenayre Messaging Business (“GMB”) of
Glenayre Electronics, Inc. GMB headquarters is located in Duluth, Georgia and will require you to
relocate as soon as possible to the local area. The position will report to Clarke Bailey,
Chairman & CEO.

Your base, bi-weekly compensation will be $8,653.85 ($225,000 annually). Your first 6 months of
employment will serve as an orientation period during which your performance will be evaluated and
reviewed to ensure that you have the opportunity to fulfill your personal potential, as well as the
duties of your position. Formal performance and salary reviews occur at least annually;
respectively, at the end and beginning of the calendar year.

In addition to the benefits outlined in the enclosed summary, your offer also includes:

	•  	Participation in the Glenayre Incentive Plan (GIP) Plan at a
target of 60% of your annual base salary, effective July 1, 2004.
2004 Plan details are enclosed.

	•  	Glenayre will reimburse you for covered relocation costs
associated with your move from Livermore, CA to Duluth, GA in
accordance with our current Relocation Policy. Eligible expenses
must be supported with appropriate receipts and, with the
exception of the relocation allowance, will be grossed up to
offset tax implications. Please sign and return a copy of the
Agreement for Payment of Relocation Expenses, a part of the
policy.

	•  	We will recommend that the Compensation & Plan Administration
Committee of Glenayre’s Board of Directors award you options to
purchase 100,000 shares of common stock of Glenayre Technologies,
Inc. The option exercise price will be the stock’s closing price
on the last trading day of the month in which you start work with
Glenayre Electronics, Inc. One third of the options will vest on
the first anniversary of the award date. The remaining options
will vest in one-third increments on the second, and third
anniversaries, respectively, of the award date. Upon the
Committee’s approval, this award will be subject to all the terms
and conditions of the Glenayre Incentive Stock Plan and the Stock
Option Agreement with you.

	•  	A Severance Agreement, which is attached.

	•  	A monthly car allowance in the amount of $700.00.

	•  	Relocation back to Livermore, CA, in accordance with our current
Relocation Policy, if, within 24 months of your hire date, the
terms of your employment were to change

 

 

	   	significantly as a result of circumstances outside your direct control and if your Severance
Agreement is not valid.

This offer is good through April 30, 2004. We look forward to your starting on April 27, 2004.

Please be prepared to provide, on your start date, the required documentation to verify your
employment eligibility in the United States. Acceptable documents are outlined on the enclosed
list.

Due to the nature of our industry, we require that all new employees accept the terms and
conditions of the enclosed Proprietary Information Agreement (PIA). Please sign and date one copy
of this offer letter and the PIA and return them to me at the address above. You are also welcome
to fax these documents to me at (770) 497-3983 and bring the signed originals with you on your
first day.

This letter is intended to describe the general terms of our offer to you and should not be
construed as an employment contract.

We are delighted to have you join our Company and feel that you will make a substantial
contribution to Glenayre’s future success.

If you have any questions, please call me at (770) 283-2598.

Sincerely,

/s/ Gavin Morton

Gavin Morton

Vice President, Human Resources

	 	 	 	 	 	 	 
	Accepted by:

	 	/s/ Bruce Bales
	 	Date:
	 	 
	

	 	 
	 	 	 	 
	

	 	Bruce Bales	 	 	 	 

	 	 	 
	cc:

	 	HR file
	 
	 	 
	Enclosures:

	 	US Benefits Summary
	

	 	Severance Agreement
	

	 	Lists of Acceptable Documents
	

	 	Proprietary Information Agreement – Georgia
	

	 	Confidential Employee Profile
	

	 	Relocation Agreement
	

	 	Glenayre Incentive Plan document – 2004EX-10.9 GLENAYRE TECHNOLOGIES, INC. INCENTIVE PLAN

 

EXHIBIT 10.9

GLENAYRE TECHNOLOGIES, INC. INCENTIVE PLAN

 

	1.  	Objective:
	 
	   	The Glenayre Technologies, Inc. Incentive Plan (the “Plan”) was created to motivate and provide
incentive to eligible employees of Glenayre Technologies, Inc. and its wholly owned
subsidiaries around the world and to maximize company profits.
	 
	2.  	Funding: The Plan may be funded to a maximum of 200% of the Target Earnings as approved by
the Board of Directors.
	 
	3.  	Employee Target Bonus: Annual Base Salary X (times) Target Bonus Level at 100% of incentive
pool funding.
	 
	   	Example:
	 
	   	Annual Base Salary is $60,000; Target Bonus Level is 10%; Target Bonus = $ 6,000.
	 
	4.  	Individual Performance Multiplier (“Performance Multiplier”):
	 
	   	At the beginning of each plan year, each manager is required to establish and set annual
performance objectives for each Plan participant in support of Glenayre’s strategy and goals.
During the course of the year, each manager will be responsible for meeting with each of
his/her employees to assess progress and to adjust objectives to ensure they continue to
support the overall Company goals.
	 
	   	At the end of Plan Year, each manager will assess the level of achievement for objectives and
assign a performance rating. Provided that the pool is funded and the employees’ performance is
at or above the minimum performance level, a percentage of the bonus pool will be paid to the
employees based on the actual size of the bonus pool and the employee’s performance rating.
	 
	5.  	Example Payout:
	 
	   	Annual Base Salary is $60,000; Target Bonus Level is 10%, Targeted Bonus = $ 6,000.
	 
	   	Assumptions for this example: The bonus pool is funded at 100%. The Individual Performance
Multiplier is 80%.
	 
	   	Actual Bonus: $6,000 X 100% X 80% = $4,800

 

 

GLENAYRE TECHNOLOGIES, INC. INCENTIVE PLAN

DEFINITIONS

	 	•  	Annual Base Salary — Total base salary earned during the Plan year, (prior to
deductions for contributions to the 401(k) Plan, health care coverage, flexible spending
accounts, or for any other Company sponsored pre-tax or deferred compensation plans)
received by a Participant from the Company while participating in the Plan.
	 
	 	•  	Company — Glenayre Technologies, Inc. and its subsidiaries.
	 
	 	•  	Eligibility Requirements—

	 	a.  	An employee must be active on December 31 during the Plan year and have been
employed for a minimum of 3 months to be eligible to participate in the Plan.
	 
	 	b.  	Plan bonus payments — Participants must be actively employed on the date of
payout to be eligible to receive their incentive bonus payment.
	 
	 	c.  	Any Participant on a formal performance improvement plan at the end of any
plan period will not be eligible for a payment.
	 
	 	d.  	Non-exempt employees are not eligible to participate in the Plan.

Periods of paid or unpaid leave of absence in excess of 30 consecutive days will not be
considered for Plan eligibility. Annual Base Earnings will be prorated according to the length
of disability. Payment of earned Plan bonuses will be made upon return to work from a leave of
absence.

	 	•  	Participant — A regular employee of the Company who is approved by the Chief Executive
Officer or the Vice President, Human Resources to be a Participant in the Plan. Plan
participation will be prorated based on the length of time a Participant is eligible. No
employee may participate in more than one incentive or commission plan.
	 
	 	•  	Payment Date — Forty-five (45) days after the performance review or audit completion by
the independent auditors and Board of Directors approval of the Company’s annual financial
statements.
	 
	 	•  	Plan — Glenayre Technologies, Inc. Incentive Plan (the “Plan”)

	 	•  	Plan Year — January 1 through December 31.

	 	•  	Target Bonus Level — The target percentage of pay that the Participant could receive
from the Plan if the bonus pool is fully funded and the Individual Annual Performance
Objectives are achieved. The Plan Level for each Participant is recommended to and
approved by the Chief Executive Officer and/or Vice President, Human Resources. In
addition, the Board of Directors approves Executive Officer Plan Participation Levels each
year.
	 
	 	•  	Target Earnings — The earnings target for either the Division or the Company as
approved on an annual basis by the Board of Directors of the Company.
	 
	 	•  	Termination or Amendment — While the Company intends to continue the Plan indefinitely,
it reserves the right at any time and for any reason, in its sole and absolute discretion,
through the procedure of an execution of a document by the Board of Directors and or any
officer who is authorized, to amend or terminate the Plan.<PAGE>

                                                                  EXHIBIT (10)-1

                                    THE BANK
                     MANAGEMENT INCENTIVE COMPENSATION PLAN

                                    Article I
                           Establishment and Purposes

1.1      This document establishes and describes the Management Incentive
         Compensation Plan established by the Board of Directors of The Banc
         Corporation at its meeting on April 20, 2005. This Plan is effective
         for Plan Years beginning January 1, 2005 and will continue until
         amended or terminated by this Board or its successor Board.

1.2      Purposes of the Plan are as follows:

         a.       To maximize shareholder value of The Banc Corporation and its
                  subsidiaries and affiliates, through consistent profitability
                  and growth and other established goals and objectives.

         b.       To reward individual participants whose responsibilities may
                  significantly impact the success of the organization.

         c.       To promote communication, teamwork and individual motivation.

         d.       To support the annual strategic and business planning process
                  and achievement of both corporate and personal goals.

         e.       To permit senior managers an opportunity to earn total cash
                  compensation competitive with other similar employers.

                                   Article II
                                Plan Definitions

2.1      "The Plan" means the Management Incentive Compensation Plan as
         described in this document.

2.2      "Award Payment" means the cash compensation which will be paid to a
         Participant for achievement of Personal and Corporate Performance
         objectives utilizing the guidelines and procedures described in this
         document.

2.3      "Award Date" means the date, normally prior to March 15 after the end
         of the fiscal year, on which awards for prior year performance are
         awarded.

2.4      "Base Salary" means the periodic compensation paid on a regular basis
         prior to withholdings or consideration of any other incentives,
         perquisites, etc.

<PAGE>

2.5      "Compensation Committee" means those members of the Board of Directors,
         designated by resolution of the full board, who jointly administer and
         interpret the Plan and approve all Award Payments. The decisions of
         this committee are binding unless amended by approval of the full Board
         of Directors.

2.6      "Participant" means those senior officers of The Banc Corporation and
         its subsidiaries or affiliates, who are recommended by the Chief
         Executive Officer, and approved by the Compensation Committee, to
         participate in the Plan during a Plan Year. Participants are selected
         to participate for one year only and must be re-approved for
         participation in subsequent Plan Years.

2.7      "Plan Year" means a designated twelve-month period for which an
         incentive award may be granted. For the calendar year 2005, Plan Year
         will be the period of time beginning January 1 and ending December 31.
         Thereafter, a Plan Year shall begin January 1 and end on December 31.

2.8      "Personal Performance" means a Participant's specific achievements
         during a Plan Year compared to designated objectives established
         jointly with his/her supervising officer.

2.9      "Corporate Performance" means The Banc Corporation's specific
         achievements during a Plan Year compared to designated corporate
         objectives established by the Compensation Committee.

2.10     "Potential Award" means the aggregate percent, based upon achievement
         of designated annual corporate objectives, which will determine the
         range of Award Payments which may be earned by each Participant.

                                   Article III
                                  Participation

3.1      Participants will be informed of their participation prior to February
         15 of a Plan Year unless they are selected at a later date due to
         promotion or transfer into a senior management position. Newly employed
         senior managers may be approved for participation if employed during
         the first six months of the Plan Year. Award Payments will be based
         upon total Base Salary earned during the Plan Year, Corporate
         Performance for the Plan Year, and Personal Performance while a
         Participant.

3.2      In order to qualify for an Award Payment, a Participant must be an
         active employee at the time the Award Payments are made, unless he/she
         meets the requirements of section 3.3.

3.3      Should a Participant retire, be granted a leave of absence, or die
         before the Award Date, the Participant or his/her named beneficiary,
         will be granted an award based upon earned Base Salary while an active
         employee (excluding any retirement bonus, long-term disability
         payments, severance payments, etc.). Corporate Performance will be
         based

<PAGE>

         upon full year results while Personal Performance will be evaluated for
         the period of active participation. Should a Participant transfer to a
         less responsible position during a Plan Year, he/she may be removed
         from further participation by the Compensation Committee, but may
         receive an award for that portion of the Plan Year in which he/she was
         a Participant.

                                   Article IV
                               Award Determination

4.1      A threshold level of financial and operational performance will be
         established annually by the Compensation Committee. No Award Payments
         will be made under the terms and provisions of this Plan unless the
         threshold performance standards are met. When all thresholds results
         are exceeded, individual Award Payments will be made following the
         provisions outlined in Sections 4.2 through 4.5.

4.2      Individual Award Payments will be based upon a combination of corporate
         and individual goal achievement. The extent to which pre-established
         corporate goals are met will determine the Potential Award available to
         Participants. Participants will be placed in a specific Potential Award
         level of 15%, 25%, 40%, or 50% depending upon overall level of
         responsibility and anticipated contribution to the corporation's
         success. These levels represent potential awards based on achievement
         of target Corporate Performance for the Plan Year. Exceptional
         Corporate Performance may result in potential award of up to 125% of
         the level.

4.3      Prior to March 15 of each Plan Year, the Compensation Committee will
         approve the annual corporate objectives, the attainment of which will
         determine aggregate corporate results and the Potential Award as noted
         in Section 4.2 above. These objectives will be communicated to each
         Plan Participant. Quarterly evaluation of results will be made by the
         Chief Executive Officer and final evaluation will be recommended to the
         Compensation Committee for their approval by February 15 following the
         end of the Plan Year.

4.4      By February 15 of each Plan Year, each Participant will jointly
         establish with his/her supervisor a group of Personal Performance
         objectives for the Plan Year. Upon final approval by the Chief
         Executive Officer, achievement of these objectives may be equally
         weighted or prioritized, but in each case achieving targeted aggregate
         Personal Performance will permit receipt of 100% of the corporate
         Potential Award. A minimum of 0% and a maximum of 125% of the corporate
         Potential Award will be permitted.

4.5      Each Participant's Award Payment, if any, will be a lump sum
         distribution determined by multiplying total earned Base Salary for the
         Plan Year by the percent determined in Section 4.2 above. The
         Compensation Committee, in their sole discretion, may increase the
         earned Award Payment, or award a discretionary payment in lieu of the
         Award Payment otherwise earned based upon the procedures described in
         Articles 4.2, 4.3, and 4.4. Unless delayed by the Board of Directors,
         in their sole discretion, this payment will

<PAGE>

         be determined and the awards paid no later than March 15 following the
         end of the Plan Year. All awards will be paid net of required taxes and
         FICA withholding.

                                    Article V
                            Miscellaneous Provisions

5.1      The Board of Directors of The Banc Corporation, in their sole
         discretion, may amend, terminate, or temporarily suspend the use of
         this Plan.

5.2      This Plan gives Participants no right of continued employment.

5.3      No officer or employee of The Banc Corporation, its affiliates, or
         subsidiaries, has any claim or right to be a Participant in this Plan
         or be granted an award unless plan participation has been approved by
         the Compensation Committee and all terms and conditions outlined in
         this document have been fully met.

5.4      This Plan is to be governed and interpreted as provided by the laws of
         the State of Alabama.

5.5      The Compensation Committee will make no payment to a Participant's
         beneficiaries, creditors or designees.

IN WITNESS OF THE ESTABLISHMENT OF THE PLAN, The Banc Corporation has caused
this document to be executed by its authorized officers on April 20, 2005.

                                         THE BANC CORPORATION
ATTEST:

                                                  /s/ C. Stanley Bailey
-----------------------------------      ---------------------------------------
                                               Its Chief Executive Officer

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