Narrative Disclosure to Summary Compensation Table for Year Ended December 31, 2021 and Grants of Plan-Based Awards in Year 2021 Table
Certain elements of compensation set forth in the Summary Compensation Table for Fiscal Year Ended December 31, 2021 and Grants of Plan-Based Awards in 2021 table reflect the terms of employment agreements between us and the named executive officers.
Robert L. McCormick. We are a party to an employment agreement with Mr. McCormick that was originally entered into on September 7, 2004, amended as of January 1, 2019 and restated as of February 22, 2019. The agreement has no fixed term and will continue until Mr. McCormick’s employment ends. The agreement as restated as of February 22, 2019 provides for an initial base salary of $575,000 effective January 1, 2019, subject to annual review and adjustment at the discretion of our Board. Pursuant to this provision, Mr. McCormick’s salary has been increased periodically, including an increase in 2021 to $705,000. In addition, following the amendment and restatement of Mr. McCormick’s employment agreement in 2019, Mr. McCormick is eligible to receive an annual performance bonus of up to 150% of his base salary.
Sarah C. Lauber. We are party to an employment agreement with Ms. Lauber entered into on August 28, 2017. The agreement remains effective until we give or are provided by Ms. Lauber 60 days of notice of termination. The agreement provides for an initial base salary of $360,000 per year, subject to annual review and adjustment at the discretion of our Board. Pursuant to this provision, Ms. Lauber’s salary has been increased periodically, including an increase in 2020 to $415,000. In addition, Ms. Lauber is eligible to receive an annual performance bonus with a target level equal to 75% of her base salary and an annual equity award grant with a target value equal to 75% of her base salary.
Keith Hagelin. We are party to an employment agreement with Mr. Hagelin entered into on July 30, 2020. The agreement generally remains effective until we give or are provided by Mr. Hagelin 60 days of notice of termination. The agreement provides for an initial base salary of $350,000 per year, subject to annual review and adjustment at the discretion of our Board. Pursuant to this provision, Mr. Hagelin’s salary has been increased to $362,000 in 2021. In addition, pursuant to his employment agreement, Mr. Hagelin is eligible to receive an annual performance bonus with a target level of no less than 75% of his base salary.
Linda R. Evans. We are party to an employment agreement with Ms. Evans entered into on July 30, 2020. The agreement generally remains effective until we give or are provided by Ms. Evans 60 days of notice of termination. The agreement provides for an initial base salary of $257,572 per year, subject to annual review and adjustment. Pursuant to this provision, Ms. Evans’s salary has been increased to $267,000 in 2021. In addition, pursuant to her employment agreement, Ms. Evans is eligible to receive an annual performance bonus with a target level of no less than 75% of her base salary.
Jon Sievert. During the first part of 2021, we were party to an employment agreement with Mr. Sievert entered into on July 30, 2020. The agreement generally would have remained effective until we gave or were provided by Mr. Sievert 60 days of notice of termination. The agreement provided for an initial base salary of $312,425 per year, subject to annual review and adjustment at the discretion of our Board. Pursuant to this provision, Mr. Sievert’s salary was increased to $343,000 in 2021. In addition, pursuant to his employment agreement, Mr. Sievert was eligible to receive an annual performance bonus with a target level of no less than 75% of his base salary. As previously disclosed, Mr. Sievert’s position was eliminated on November 30, 2021, and Mr. Sievert’s responsibilities were passed to Mr. McCormick. Mr. Sievert is continuing in our employment as Vice President, Business Development until March 31, 2022, under the terms of a new employment agreement, dated December 22, 2021, that superseded Mr. Sievert’s prior employment agreement.
Under the terms of the new employment agreement, Mr. Sievert received continued salary in an amount consistent with the base salary paid to him prior to the elimination of his original position, continued participation in our health and welfare plans and continued vacation benefits. He was also entitled to a 10% (based on a percentage of base salary) Annual Incentive Plan bonus for 2021 and continued vesting through the end of his employment. Mr. Sievert also was entitled to vest in the performance share units granted to him for the 2019-2021 performance period, and to receive outplacement and executive coaching services.
Following the end of his employment, Mr. Sievert is entitled to receive ten months of continuing base salary as severance, and we will pay a portion of his COBRA premiums for that same period of time. In