Employment Agreement Outline between GAIN and Samantha Roady as Director of Marketing
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Summary
This agreement outlines the terms of employment for Samantha Roady as Director of Marketing at GAIN. She will receive a salary of $80,000, no cash bonus, and 45,000 stock options vesting over three years, subject to board approval. Benefits include health, disability, and life insurance, as well as a 401k plan. Samantha must sign confidentiality, non-compete, and non-hire agreements, and her employment is at-will. She is entitled to three weeks of vacation per year, with special approval required for vacations in the first half of 2000.
EX-10.51 4 y79727dexv10w51.htm EX-10.51 exv10w51
EXHIBIT 10.51
Employment Outline
For
Samantha Roady
For
Samantha Roady
Director of Marketing
1. Salary | $80,000 | |
2. Bonus | No cash bonus | |
3. Options | 45,000 out of a current 10,000,000 shares outstanding following GAIN’s completed first venture round. Strike price to be set between $.50 - -$1.10 per share. Three year vest – straight line (ie. You get 1/3 of your options on your first anniversary date). After closing, you will receive a detailed option agreement. Your options are part of an employee options pool that covers yourself and all other GAIN employees. The grant of options will be subject to approval by the Company’s Board of Directors. On top of the 15% employee pool dilution, GAIN will actively be looking for a strategic partner to invest in GAIN and give us additional credibility. This amount is likely to be at least 10% of existing shares. | |
4. Right to Purchase Preferred Stock | None | |
5. Benefits | At this time we are anticipating health insurance (PPO not HMO) 75% funded by GAIN, long-term disability insurance (60% of salary after 180 days), short-term disability insurance, life insurance (equal to salary), workman’s compensation, and a 401k package. | |
6. Legal | All GAIN employees must sign a confidentiality, non-compete and non-hire agreement. All GAIN employees are employees at will. | |
7. Hours | As many as possible. | |
8. Vacation | Three weeks per year. All vacations during the first 6 months of the year 2000 must be approved in advance by the CEO. |
This offer shall terminate if not signed by both parties.
/s/ Mark E. Galant CEO | /s/ Samantha Roady | ||
10/1/99 | 10/1/99 |
