Employment Offer Letter for President/CEO between Inrad Optics, Inc. and Amy Eskilson
Inrad Optics, Inc. offers Amy Eskilson the position of President/CEO of Inrad and CEO of its subsidiary, MRC Precision Metal Optics, effective October 1, 2012. She will report to the Board and be nominated for Board membership. The compensation package includes a $180,000 annual salary, eligibility for performance-based bonuses, and a grant of 30,000 stock options vesting over three years. The letter clarifies that employment is at-will and not for a specific term. Existing employee benefits continue, subject to change.
Exhibit 10.1
CONFIDENTIAL
September 12, 2012
Ms. Amy Eskilson
5 Ike Williams Rd.
Newton, New Jersey 07860
Dear Amy:
On behalf of the Board of Directors of Inrad Optics, Inc. (“Inrad”), I am pleased to offer you the position of President/CEO of Inrad and CEO of MRC Precision Metal Optics (“MRC”), our wholly owned subsidiary. In this position, you will report directly to the Board of Inrad. Following your acceptance, the Board intends to nominate you for Inrad and MRC Board membership at the earliest possible date in accordance with the Corporation’s By Laws. You will assume the responsibilities as President/CEO of Inrad and CEO of MRC effective October 1, 2012.
We have put together what we believe is a comprehensive and appropriate compensation package consisting of base salary, eligibility for performance based incentive compensation, and a grant of stock options as enumerated below:
| - | Your base salary will be $180,000 per annum. |
| - | You will be eligible for additional compensation in cash and /or stock for 2012, the amount of which will be tied to the performance of the company. |
| - | You will be awarded a grant of 30,000 Incentive Stock Options as of the date you accept this position. This grant will be awarded in accordance with the rules of the Corporation’s 2010 Equity Compensation program, one third of which vest after 12, 24, and 36 months, respectively. |
Your current package of Inrad employee benefits remains in effect and subject to modification, amendment and revocation in accordance with their terms.
Amy, as you know, this letter is not a contract of employment either for a specific duration or period, nor does it alter your current at-will employment relationship between Inrad and yourself.
The Board appreciates the solid contributions you have already made to the company and we fully believe you will provide the leadership and management we need to meet the business objectives of Inrad Optics.
Sincerely,
Jan M Winston
Chairman of the Board
Inrad Optics, Inc.
