Summary of Employment Arrangement for Charles Vinick as Chief Executive Officer
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Summary
This agreement outlines the employment terms for Charles Vinick as Chief Executive Officer, effective January 18, 2011. Mr. Vinick receives a $275,000 annual salary, is eligible for a discretionary annual bonus, and was granted 1,000,000 stock options at $0.48 per share, with half vesting immediately and the rest vesting in 2011. Prior to this role, he earned $225,000 annually as Executive Chairman and received separate stock options, some of which were relinquished upon his CEO appointment. The company also covers his travel expenses between California and Florida offices.
EX-10.1 2 esph_ex101.htm SUMMARY OF EMPLOYMENT ARRANGEMENT - VINICK esph_ex101.htm
Exhibit 10.1
Summary of Charles Vinick
Employment Arrangement
Effective January 18, 2011, upon becoming Chief Executive Officer, Charles Vinick began receiving an annual base salary of $275,000 per year and may receive an annual bonus to be determined by our Board of Directors. Additionally, Mr. Vinick was granted 1,000,000 non-qualified options (exercisable at $0.48 per share) over a five-year period. Of the options, 500,000 vested upon his becoming Chief Executive Officer. The balance vest in equal increments on June 30, 2011 and December 31, 2011. Prior to being appointed Chief Executive Officer, Mr. Vinick received an annual salary of $225,000 and was granted 1,000,000 five-year non-qualified stock options exercisable at $0.82 per share for service as Executive Chairman. Of the options: (i) 250,000 are fully vested and (ii) the remaining were relinquished upon being appointed Chief Executive Officer. The Company also pays travel and related expenses for Mr. Vinick to travel from his California home to our Florida offices
