LeapFrog 2004 Annual Report Download - page 148
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employment agreement was due to expire in December 2005 and provided for an annual base salary of $265,000
and an annual bonus of up to an additional $135,000 through June 2004. Fifty percent of the annual bonus was
guaranteed, and the remaining fifty percent was based on our performance. On July 1, 2003, Mr. Wood’s base
salary was set at $281,200 through June 2004. After June 2004, Mr. Wood’s compensation was subject to
renegotiation. If his compensation was not renegotiated, under the terms of the agreement, Mr. Wood’s
compensation was to be adjusted to an annual salary of $200,000 and he would have only been required to devote
a majority of his time to us. Mr. Wood’s compensation was renegotiated in June 2004 and it was agreed that his
annual base salary would remain at $281,200. Pursuant to the terms of his employment agreement, Mr. Wood
received a car allowance of $600 per month prior to his separation from LeapFrog. There were no early
termination penalties incurred by LeapFrog in relation to the termination of our employment agreement with Mr.
Wood.
G. Frederick Forsyth
On February 28, 2005, G. Frederick Forsyth resigned as Chief Operating Officer of LeapFrog. Due to his
resignation, the employment agreement, dated effective as of August 4, 2003, between G. Frederick Forsyth and
LeapFrog was terminated on February 28, 2005. The agreement provided for an annual base salary of $300,000
and an annual discretionary bonus of up to 50% of Mr. Forsyth’s then-current annual compensation. At the time
of the termination of his employment agreement, Mr. Forsyth’s annual base salary was $300,000. Upon the
termination of Mr. Forsyth’s employment with LeapFrog in February 2005, he was, subject to certain conditions,
entitled to receive during his severance period (as defined below): (i) continuation of his base salary; (ii) a pro
rata portion of any bonus he may be entitled to receive in 2005 and (iii) reimbursement for health insurance
premiums paid by Mr. Forsyth for him and his dependents. Mr. Forsyth’s severance period began on the date of
his separation from LeapFrog and, subject to certain conditions, will extend for a minimum period of six months.
Mr. Forsyth’s severance period may be extended for up to six additional months if he does not become employed
within the first six months of his separation from LeapFrog, provided that payments made to him during the six
additional months will be reduced by the gross amount of any monetary compensation earned by Mr. Forsyth
from any consulting or other work relationship, including fees earned for service on a company’s board of
directors.
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