Employment Agreement between Vision-Sciences, Inc. and Yoav Cohen for Chief Financial Officer Position
Vision-Sciences, Inc. offers Yoav Cohen the position of Chief Financial Officer at its Orangeburg, NY location, starting September 25, 2006, with an annual salary of $185,000. The agreement includes eligibility for an annual bonus, participation in company benefits, three weeks of vacation, and stock options vesting over four years. If terminated without cause after one year, Cohen is entitled to severance pay of up to six months’ salary, with full severance if termination follows a change of control. The agreement is signed by both parties.
EXHIBIT 10.1
September 22, 2006
Mr. Yoav Cohen
By: e-mail
Dear Yoav,
I am pleased to offer you employment with Vision-Sciences, Inc. (the “Company”), at our Orangeburg, NY location, pursuant to the following terms and conditions:
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| Chief Financial Officer |
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| Salary: |
| $185,000 per annum, payable in accordance with the Company’s normal payroll schedules. |
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| Annual Bonus: |
| Following the first anniversary of your Effective Date you will be eligible to participate in the Annual Management Bonus program if one is available. |
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| Effective Date: |
| Your first date of employment – Monday, September 25, 2006 |
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| Benefits: |
| You will be entitled to participate in the Company’s standard benefits package, which may be changed from time to time, currently including insurance for medical, dental, life, short-term disability and long-term disability and the Company’s 401K plan. |
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| Vacation: |
| You will be eligible for three (3) weeks vacation. |
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| Options: |
| You will receive an incentive stock option to purchase 150,000 shares of common stock of Vision-Sciences, Inc., subject to approval of the Compensation Committee of the Board of Directors, at a purchase price equal to the closing market price on your effective date, with vesting as follows: |
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| · 37.500 shares vesting on the first anniversary of your effective date |
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| · 37.500 shares vesting on the second anniversary of your effective date |
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| · 37.500 shares vesting on the third anniversary of your effective date |
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| · 37.500 shares vesting on the fourth anniversary of your effective date |
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| Term & |
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| Severance: |
| If the Company terminates your employment for no-cause after the first anniversary of the Effective Date, you will be eligible to receive one (1) month salary for each year of being employed by the Company, with a total of up to six (6) months. |
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| It the Company terminates your employment for no-cause at any time following a change of control of the Company to a third party, you will be eligible to the entire six (6) months salary, according to the Company’s normal payroll schedules. |
I look forward to working together.
| Yours truly, | |||||
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| Ron Hadani | |||||
| President & CEO | |||||
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| Accepted: |
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| Date: |
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| Yoav Cohen |
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