Peter Hughes Employment Terms Agreement Effective January 23, 2006

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement outlines the employment terms for Peter Hughes as Chief Operating Officer of the company, effective January 23, 2006. He will receive a $250,000 annual salary, be eligible for a $50,000 performance-based bonus, and is employed at-will. If terminated without cause, he will receive a severance payment equal to six months of his base salary. Additionally, he is granted an option to purchase 150,000 shares of company stock at $6.20 per share, vesting over five years.

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EX-10.2 3 v20408exv10w2.htm EXHIBIT 10.2 exv10w2  

EXHIBIT 10.2
MATERIAL TERMS OF PETER HUGHES EMPLOYMENT
EFFECTIVE JANUARY 23, 2006
•   Hired as the Company’s Chief Operating Officer effective January 23, 2006.
 
•   Annual salary of $250,000.
 
•   Eligible for a performance-based $50,000 annual bonus.
 
•   Hired as an at-will employee. If terminated without cause, eligible for a one-time payment equal to six months of base salary.
 
•   Was granted an option to purchase 150,000 shares of the Company’s common stock, at an exercise price equal to the common stock’s market price on the date of grant of $6.20. The option vests in equal installments over a five year period, beginning on the first anniversary of the January 23, 2006 grant date and continuing on each subsequent anniversary date until fully vested.