Torvec, Inc. Employment and Compensation Agreement with Kathleen A. Browne (CFO)
This agreement outlines the terms of Kathleen A. Browne's employment as Chief Financial Officer of Torvec, Inc. Her annual salary is set at $150,000 effective March 1, 2016, increasing to $200,000 on June 1, 2016. She is eligible for company benefits, and her employment is at-will, meaning the company can change her role or terminate her employment at any time. If she is terminated without cause, removed as CFO, or if there is a change in control, she will receive six months' severance pay.
Exhibit 10.1
March 3, 2016
Kathleen A. Browne
80 Georgian Ct.
Rochester, NY 14610
Dear Kathy:
In connection with the change in your position as Chief Financial Officer of Torvec, Inc. to a full time role your annual compensation will be modified as follows:
| Effective March 1, 2016 | $150,000 |
| Effective June 1, 2016 | $200,000 |
Your employment continues at the convenience of the Company and your roles and responsibilities can be changed from time to time as deemed necessary by management. You will be eligible to participate in all of the Company’s benefit programs. In the event that Torvec terminates your employment status without cause, or removes you as the company’s Chief Financial Officer, or there is a change in control of the company, you will receive 6 months’ pay as severance.
Please review and sign this offer letter as confirmation of your acceptance of the terms of your employment and return to my attention.
Sincerely,
/s/ Richard A. Kaplan
Richard A. Kaplan
Chief Executive Officer
Torvec, Inc.
Accepted: /s/ Kathleen A. Browne
Date: March 3, 2016
