to receive discretionary bonuses. The agreement automatically renews such that it always has a one-year term remaining, unless we or Mr. Lines elect
not to extend the term further, in which case the term will end on the first anniversary of the date on which notice of such election not to extend is given. If not terminated sooner, the agreement will end on the last day of the month in which
Mr. Lines turns 65.
Pursuant to our employment agreement with Mr. Lines, if he resigns for reasons other than a material breach
of the agreement by us, departs from our employment without the approval of our Board of Directors, or is discharged for cause, he will be subject to an 18-month covenant not to compete with us, not to
interfere in certain of our business relationships, and not to disclose to anyone our confidential information.
Our employment agreement
with Mr. Lines also provides for us to make certain payments to him in the event we terminate his employment without cause or upon the occurrence of certain events relating to a change in control of the Company, as described under
Involuntary Termination and Termination Following a Change in Control under the heading Potential Payments Upon Termination or Change in Control.
Our employment agreement with Mr. Lines provides that we will indemnify him for all acts or omissions and for any suits brought against
him which relate to duties he performed in good faith for us.
Jeffrey F. Glajch. On March 2, 2009, we entered into an
employment agreement with Mr. Glajch, as subsequently amended on July 29, 2010 and September 12, 2019, to serve as our Vice PresidentFinance & Administration and Chief Financial Officer. The agreement provides that
Mr. Glajch will receive an annual minimum base salary as well as other customary benefits. The agreement automatically renews such that it always has a one-year term remaining, unless we or
Mr. Glajch elect not to extend the term further, in which case the term will end on the first anniversary of the date on which notice of such election not to extend is given. If not terminated sooner, the agreement will end on the last day of
the month in which Mr. Glajch turns 65.
Pursuant to our employment agreement with Mr. Glajch, if his employment with us is
terminated for any reason, he will be subject to an 18-month covenant not to compete with us, not to interfere in certain of our business relationships, and not to disclose to anyone our confidential
information.
Our employment agreement with Mr. Glajch also provides for us to make certain payments to him in the event we terminate
his employment without cause or upon the occurrence of certain events relating to a change in control of the Company, as described under Involuntary Termination and Termination Following a Change in Control under the heading
Potential Payments Upon Termination or Change in Control.
Our employment agreement with Mr. Glajch provides that we will
indemnify him for all acts or omissions and for any suits brought against him which relate to duties he performed in good faith for us.
Alan E. Smith. On July 30, 2007, we entered into an employment agreement with Mr. Smith, as subsequently amended on
December 31, 2008. The agreement provides that Mr. Smith will receive an annual minimum base salary as well as other customary benefits. Mr. Smiths agreement automatically renews such that it always has a one-year term remaining, unless we or Mr. Smith elect not to extend the term further, in which case the term will end on the first anniversary of the date on which notice of such election not to extend is
given. If not terminated sooner, the agreement will end on the last day of the month in which Mr. Smith turns 65.
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