RE:Summer's OverCEO Employment Agreement and historical salary and bonus from AIF:
"in the case of the CEO and President, a severance payment in the amount of two times the annual salary and cost of benefits and two times the average amount of the bonus paid for the three calendar years prior to the date of termination;"
Dr. W. Sean Guest
CEO and President
Salary Bonus Paid
2020 $370,000 $261,905 (Pd in 2021 Q1)
2019 $355,000 $222,000
2018 $297,500 $225,000
Looks like it would cost about $1.2M cash to sever the President or with a change of control.
To be receiving $370K annual salary is off-scale. VLE pays their President an annual salary which is $5K more than Paul Baay at Touchstone, a Company which actually may have an asset and $118K more than Randy Neely of TransGlobe, a Company with real assets.
Board fees paid in 2020 totaled $310K. Good gig for them.
I am amazed that the Board has not suggested stratetic alternatives. Trading at 70% of cash value is a reflection on management.