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TransAct Technologies Incorporated (NASDAQ:TACT), a leader in computer peripheral equipment, announced on September 4, 2024, the signing of employment agreements with top executives to solidify its leadership structure. The agreements with CEO John M. Dillon and CFO Steven A. DeMartino include updated compensation and severance terms, aiming to ensure stable management in the company's strategic planning efforts.
John M. Dillon, who assumed the role of CEO in April 2023, will now have a base salary of $618,000 with potential annual bonuses based on performance. His agreement includes severance benefits if terminated without cause or for good reason, including 12 months of base salary and health coverage, and pro-rated bonus payments.
Steven A. DeMartino, serving as President, CFO, Treasurer, and Secretary, will receive a base salary of $407,958, with a 50% bonus target for 2024. His agreement also includes severance benefits similar to Dillon's, with additional provisions for supplemental long-term disability and life insurance coverage.
Both agreements have provisions for automatic renewal and severance packages in case of termination within a certain period following a change in control, with Dillon receiving 24 months of base salary and DeMartino receiving two years of base salary and bonus payments, among other benefits.
The agreements also contain restrictive covenants, including non-compete and non-solicitation clauses, to protect the company's interests post-employment.
Additionally, as an inducement to enter the agreement, DeMartino received a one-time grant of 100,000 restricted stock units (RSUs) worth approximately $414,000, vesting over two years, to align his interests with those of the company and its stockholders.
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