Enova Systems Promotion and Severance Agreement with John Mullins (August 31, 2009)
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Summary
Enova Systems offers John Mullins a promotion to Chief Operating Officer (COO), pending board approval, with an effective salary increase to $200,000 starting September 15, 2009. Until board approval, he remains Vice President of Technology. If his employment is terminated without cause, or if his duties are significantly reduced or made demeaning, he is entitled to 12 months of salary and three months of health benefits as severance. Stock compensation will be discussed at a future board meeting. This agreement recognizes Mullins as a key employee of the company.
EX-10.22 3 f58694exv10w22.htm EX-10.22 exv10w22
Exhibit 10.22
August 31, 2009
Mr. John Mullins
Enova Systems
Mr. John Mullins
Enova Systems
John,
As we discussed, I have evaluated your current role and the results you have given Enova thus far. With this said, and with the newly assumed responsibilities for Sales and Marketing, I am pleased to offer you the following promotion within the Enova Team:
Effective Date:
September 15, 2009 (Salary)
October 20, 2009 (Title and Stock)
October 20, 2009 (Title and Stock)
Position (Not Approved):
COO (requires Board Approval; est. decision 10/20/09)
* Remain VP of Technology until such time of Board Approval (est. 10/20/09)
Salary:
$200,000 (effective 9/15/09); stock to be discussed at BoD Meeting 10/20/09
Retention/Change of Control/Severance:
In the event that your employment is terminated by Enova without cause, you are entitled to receive as severance three months of health benefits and 12 months payment of your current base salary, to be paid on a monthly basis. If your duties or responsibilities are materially diminished or if you are assigned duties that are demeaning or otherwise materially inconsistent with the duties then currently performed by you, you will have the right to terminate this agreement and receive the same severance payment as if your employment had been terminated without cause.
With the current climate and many challenges that face us, I am comfortable that the above distinguishes you as a key employee of the company.
Congratulations! | |
 President and CEO Enova Systems |  |
