Summary of Unwritten Compensation Arrangements for Saum Noursalehi as CEO of tZERO
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Summary
This document outlines the compensation arrangements for Saum Noursalehi upon his appointment as Chief Executive Officer of tZERO, a subsidiary of Overstock.com. Effective May 8, 2018, Mr. Noursalehi's annual salary was set at $1,000,000. He was also to receive a 2% equity award in tZERO and was granted 200 stock options with an exercise price of $27,502 per share. The options vest 50% after one year and the remaining 50% after two years from the grant date.
EX-10.4(A) 3 ostk-20180630xexx104a.htm EXHIBIT 10.4(A) Exhibit
Exhibit 10.4(a)
Summary of Unwritten Compensation Arrangements
On May 4, 2018 but effective May 8, 2018, Saum Noursalehi was appointed Chief Executive Officer of t0.com, Inc. (“tZERO”), an indirect majority-owned subsidiary of Overstock.com, Inc. (the “Company”). In connection with Mr. Noursalehi’s appointment as Chief Executive Officer of tZERO, the Company agreed to cause Mr. Noursalehi’s salary to be increased to an annual rate of $1,000,000, effective May 8, 2018, and agreed to use its best efforts to cause tZERO to issue a 2% equity award of tZERO's common stock to Mr. Noursalehi. On May 21, 2018, the Board of Directors of tZERO approved an option grant to Mr. Noursalehi of 200 options under the tZERO Amended and Restated Option Plan. The options have an exercise price of $27,502 per share, and vest 50% on the first anniversary of the grant date with the balance vesting on the second anniversary of the grant date.
