Employment Agreement between Image Sensing Systems, Inc. and Daniel W. Skites
This agreement outlines the terms of employment for Daniel W. Skites as Vice President of Sales at Image Sensing Systems, Inc. Key terms include a base salary of $172,000, a $22,500 signing bonus (repayable if he leaves within 90 days), eligibility for a bonus program, a recommendation for 15,000 stock options, 22 days of paid time off, and severance pay if terminated after a change in control. Employment is at-will, and benefits begin after 30 days. The offer is contingent on standard background checks and signing a proprietary information agreement.
Exhibit 10.1
|
|
|
|
| 500 Spruce Tree Centre |
| 1600 University Avenue West | |
| Saint Paul, Minnesota 55104-3828 | |
|
| |
| 651 ###-###-#### | |
| 651 ###-###-#### fax | |
| www.imagesensing.com |
Confidential
October 21, 2010
Mr. Daniel W. Skites
#### ####### ###
######, ## #####
Dear Dan:
On behalf of Image Sensing Systems, Inc. (ISS), I am pleased to confirm our employment offer to you as Vice President of Sales reporting to the Chief Executive Officer. Listed below are the items related to your employment:
|
|
|
| Start Date: | No later than November 16, 2010 |
|
|
|
| Annual Base Salary: | $172,000 |
|
|
|
| Signing Bonus: | $22,500. The bonus must be repaid to ISS if you voluntarily leave our employment within 90 days of your start date. |
|
|
|
| Bonus Program 2010: | Non-recoverable draw at a rate of $200/calendar day from start date |
|
|
|
| Bonus Program 2011: | See Exhibit A |
|
|
|
| Stock options: | You will be recommended to the board of directors to receive an option grant of 15,000 shares |
|
|
|
| Annual Vacation: | 22 days paid time off in lieu of standard ISS vacation and sick time |
|
|
|
| Severance: | Upon a change in control of ISS, if your employment is involuntarily terminated within 18 months of the change in control, you will receive a lump sum payment equal to one year’s annual base salary |
|
|
|
| Other Benefits: | As a full-time employee, you will be eligible to participate in selected benefits as defined on the Benefits Summary document you receive separately. Your health and dental coverage will be effective the first day of the month following thirty (30) days of employment. |
Skites page 2 of 2
The U.S. Immigration Reform and Control Act requires employers to verify employment eligibility for all new hires. You will be asked to provide documentation of your identity and of your authorization to work in the United States within three (3) days of your start date. Your employment may be contingent on successful reference and background checks.
It is important to note that neither this document, nor any other written or verbal communication, should be construed as creating a contract for employment or a warranty of benefits for any particular period of time, nor does it change the “at will” employment relations between Image Sensing Systems, Inc. and any of its employees. This means that employees have the right to terminate the employment relationship with Image Sensing Systems, Inc. at any time, with or without notice, for any reason. Image Sensing Systems, Inc. has the same right to terminate the employment relationship at any time, with or without notice, for any reason not prohibited by law.
This offer is contingent upon your execution of our standard proprietary information and inventions agreement which has been provided to you.
We are excited to have you join the team at Image Sensing Systems, Inc. If you are in agreement with this letter, please sign and date below and return to the undersigned as soon as possible. If you have any questions at any time, please feel free to contact me at ###-###-####.
|
|
|
|
| Gregory R. Smith |
| Applicant’s Signature Date |
| Chief Financial Officer |
|
|
Attachment – Exhibit A
