Small appliance maker Salton Inc. (Mount Prospect, IL, U.S.) entered into new employment contracts with its senior executives on Wednesday, according to a regulatory filing with the Securities and Exchange Commission on Friday.
The agreements with chairman David C. Sabin, CEO Leonhard Dreimann, and president and COO William B. Rue are effective Jan. 1, 2003 and provide employment through June 30, 2006, the filing said. (Dow Jones)
Each of the executives is entitled under the agreements to an annual salary of U.S. $600,000, subject to an annual increase based on the company's performance. They are also entitled to an annual bonus of 150 percent of the executive's salary if the company achieves maximum performance goals, the filing said.
Salton also entered into an employment agreement, effective Jan. 1, with David M. Mulder, executive vice president, chief administrative officer and senior financial officer, providing him with a $300,000 annual salary and bonus of up to 100 percent his salary, the filing said.
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