Employment Agreement Summary with Adrian Goldfarb as Chief Financial Officer
This agreement outlines the employment terms for Adrian Goldfarb, who was appointed Chief Financial Officer effective December 16, 2008, for a three-year term. Mr. Goldfarb will receive a $150,000 annual salary and stock options totaling 900,000 shares at specified exercise prices, with vesting schedules over several years. Some options are subject to performance milestones. The agreement was approved by the Board of Directors and includes compensation for prior services provided through another company.
EXHIBIT 10.18
“Summary Sheet” of Employment Agreement
With Adrian Goldfarb
Adrian Goldfarb was appointed as the Chief Financial Officer effective as of December 16, 2008. On this date the Board of Directors approved a financial package and authorized the entry into an Employment Agreement for a term of three years. Mr. Goldfarb receives an annual base salary of $150,000 per year over a three-year term. He was previously granted 400,000 five-year stock options exercisable at $0.27 per share, vesting in equal increments on December 20, 2009, 2010, and 2011. Mr. Goldfarb also received 500,000 five-year stock options exercisable at $0.45 per share which vest in six equal increments each June 30th and December 31st, beginning December 31, 2008. These options were transferred from WSR, a corporation which Mr. Goldfarb previously was president and which had provided services to the Company, including Mr. Goldfarb’s services. Additionally, 325,000 of Mr. Goldfarb’s st ock options received from WSR, are subject to further vesting based upon a specific performance milestone.
