LM Funding Offer of Employment Letter to Richard Russell for CFO Position
This letter from LM Funding to Richard Russell confirms his offer of employment as Chief Financial Officer, starting November 29, 2017, with an annual salary of $180,000, 25,000 stock options at a $12.50 strike price, family health coverage, and three weeks of paid leave. He will report to Carollinn Gould and Bruce, with a review of management objectives and potential bonuses after 60 days. Bonuses are discretionary and determined by the compensation committee. Acceptance is indicated by signing and returning the letter.
Exhibit 10.1
November 16, 2017
Mr. Richard Russell
Re: Offer of Employment
Dear Rick:
As a follow-up to LM Funding’s verbal offer of employment through Ferreri Search, I wanted to take a moment to outline what we discussed and to provide you with a list of benefits you will receive upon your official start date of November 29, 2017.
1. Position/Title: CFO
2. Compensation: $180,000 Annually
3. 25,000 options at the strike price of $12.50
4. LMF will provide family coverage for you and immediate family members with a PPO health plan with Aetna.
5. We offer three (3) weeks of paid leave per year.
6. You will report directly to me and Bruce.
After 60 days of employment we will have a formal discussion about specific Management Objectives that you will be tasked with accomplishing in 2018 that will be aligned with specific target bonuses. As discussed, bonuses at LM Funding are discretionary and determined by the independent compensation committee.
If you are in agreement with the information outlined above, please sign below. An executed copy of this letter should be sent to me by e-mail at ***@***
We are very excited to have you on board.
Sincerely,
Carollinn Gould
