Summary of Charles Vinick Employment Arrangement Effective August 1, 2010
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Summary
This agreement outlines the employment terms for Charles Vinick as Executive Chairman, effective August 1, 2010. Mr. Vinick will receive a $225,000 annual salary and 1,000,000 non-qualified stock options, with 250,000 options vested immediately and the remainder vesting in equal parts every June 30 and December 31 until June 30, 2013. He is also eligible for an annual bonus equal to one percent of the company's year-over-year EBITA growth.
EX-10.4 2 esph_ex104.htm SUMMARY OF VINICK EMPLOYMENT ARRANGEMENT esph_ex104.htm
Exhibit 10.4
Summary of Charles Vinick Employment Arrangement
Effective August 1, 2010, Charles Vinick was appointed full-time Executive Chairman. Mr. Vinick receives an annual salary of $225,000 and was granted 1,000,000 five-year non-qualified stock options exercisable at $0.82 per share. Of the options: (i) 250,000 are fully vested and (ii) the balance vest in equal increments each June 30th and December 31st with the first vesting date being June 30, 2011 and the last vesting date being June 30, 2013. Mr. Vinick will receive an annual bonus equivalent to one percent of the annual growth in EBITA year-over-year.
