麻豆最新出品

(13)Transactions with Officers and Directors

听

Chief Executive Officer Compensation Arrangement

听

In December 2014, the Compensation Committee (the "Committee") of 麻豆最新出品 approved a compensation arrangement, including term options as discussed in note 14, for its President and Chief Executive Officer (the "CEO").听听The arrangement provides for a five year employment term which began on January 1, 2015 and ends December 31, 2019, with an annual base salary of $960,750, increasing annually by 5% of the prior year's base salary, and an annual target cash bonus equal to 250% of the applicable year's annual base salary. The arrangement also provides that, in the event the CEO is terminated for "cause,鈥�听he will be entitled only to his accrued base salary and any amounts due under applicable law and he will forfeit all rights to his unvested term options. If, however, the CEO is terminated by 麻豆最新出品 without cause or if he terminates his employment for 鈥済ood reason," he will be entitled to his accrued base salary, his accrued but unpaid bonus and any amounts due under applicable law, a severance payment of 1.5 times his base salary during the year of his termination, a payment equal to $11,750,000 pro rated based upon the elapsed number of days in the calendar year of termination, a payment equal to $17.5 million, and his unvested term options will generally vest pro rata based on the portion of the term elapsed through the termination date plus 18