Employment Arrangement Summary for Joe Lam as Vice President
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Summary
Joe Lam is employed as Vice President of the company on an at-will basis, with a starting annual salary of $150,000. Subject to board approval, he will receive options to buy 2,000,000 shares of company stock at $0.061 per share. These options vest in two equal parts: half after one year of employment and the remaining half after two years.
EX-10.2 4 v014951_ex10-2.htm
Exhibit 10.2
Summary of Employment Arrangement with Joe Lam
Joe Lam is employed as Vice President of the Company on an "at will" basis. Mr. Lam’s arrangement with the Company provides for a starting annual salary of $150,000. In addition, the arrangement provides that, upon the approval of the Company’s Board of Directors, he shall be granted options to purchase 2,000,000 shares of the Company’s Common Stock at an exercise price of $0.061 per share. Such options become exercisable 50% on the first anniversary of his employment and 50% on the second anniversary thereof.
