Offer Letter Agreement between 3CI Complete Compliance Corporation and Otley Smith III (President)
This agreement outlines the terms of employment for Otley Smith III as President of 3CI Complete Compliance Corporation. Mr. Smith will receive a $125,000 annual salary, be eligible for a $40,000 annual bonus based on performance, and receive stock options with a three-year vesting schedule. 3CI will also cover certain living and vehicle expenses, and Mr. Smith will participate in company benefits. He is required to sign a two-year non-compete agreement. The offer is confirmed by both Mr. Smith and a 3CI board director.
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Exhibit 10.11
June 6, 2000
Offer Letter Otley Smith III
The following confirms our agreement per the conversation between you and certain board members of 3CI:
| Position: | President of 3CI Complete Compliance Corporation | |
Salary: | $125,000 per annum Eligible for annual Bonus of $40,000, criteria to be mutually agreed upon, and mainly focused on the improvement of earnings and cash flow (payable semi-annually). | |
Options: | $75,000, three (3) year vesting at 1/3 at end of year one (1) and monthly in equal amounts for the remainder. Strike equal to market on Thursday, June 8, 2000. Options subject to the 3CI option program rules and Board will have to create a plan to cover these options. |
3CI will cover expenses for a vehicle and living quarters in Shreveport, mutually agreed upon.
Participation in any other 3CI employee benefits.
Mr. Smith will sign a two (2) year non-compete in similar form as the one signed by the prior President.
| Agreed: | ||
/s/ OTLEY SMITH III Otley Smith III | ||
Agreed: | ||
/s/ FRANK TEN BRINK Frank ten Brink Director of Board, on behalf of 3CI | ||
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