Employment Letter of Understanding between Dr. Tattoff and Howard Sampson for Chief Financial Officer Position

Contract Categories: Human Resources › Employment Agreements
Summary

Dr. Tattoff offers Howard Sampson the position of Chief Financial Officer, initially on a temporary basis until the company's financing and reverse merger are completed, with the possibility of transitioning to a full-time role by mutual agreement. Mr. Sampson will earn $100 per hour, receive health care reimbursement up to $500 per month, three weeks of vacation, and company holidays. He is eligible for options to purchase 200,000 shares, subject to vesting and merger completion. The agreement includes severance, expense reimbursement, and indemnification by the company.

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EX-10.45 23 v118229_ex10-45.htm Unassociated Document
Exhibit 10.45
Employment Letter of Understanding

Dr. Tattoff is please to present to Howard Sampson this Employment Letter of Understanding for the position of Chief Financial Officer.

Position:
Temporary Chief Financial Officer (CFO) through completion of the initial financing with Brookshire Securities Corporation and Reverse Merger then transitioning to Full Time CFO upon mutual agreement with Company
 
 
Duties:
Those commensurate with the duties of a CFO
 
 
Start Date:
Next working day following the completion of the Bridge Loan Financing
 
 
Salary:
$100/hour
 
 
 
Benefits:
Reimbursed for health care premium, not to exceed $500/month, until included on Company’s Health Plan
 
 
Vacation:
3 weeks annually
 
 
Holidays:
Company selected
 
 
Option or Warrant:
To purchase the equivalent of 200,000 shares of common stock of Dr. Tattoff contingent on the completion of Reverse Merger
 
 
Vesting Start Date:
Date of hire
 
 
Option or Warrant Pricing:
FMV on Start Date
 
 
Vesting:
25% upon completion of the Reverse Merger then monthly vesting over 3 years for the remaining shares.
 
 
Severance:
One month salary
 
 
Commuting Expenses:
Reasonable expenses to be pre approved and reimbursed by Company
 
 
Overnight Expenses:
Reasonable expenses to be pre approved and reimbursed by Company
 
 
Indemnification:
Company agrees to provide Indemnification
 
 
DR. TATTOFF
 
By: /s/ James Morel
 
Name: James Morel
 
Title: CEO