Questcor Pharmaceuticals, Inc. Employment Offer Letter to Kenneth R. Greathouse (Vice President, Marketing and Sales)

Summary

Questcor Pharmaceuticals, Inc. offers Kenneth R. Greathouse the position of Vice President, Marketing and Sales, with an annual base salary of $184,000, stock options, eligibility for bonuses and commissions, and participation in company benefits. The agreement includes a one-time $20,000 bonus to offset lost commissions from his previous employer and provides six months of severance pay if his employment is terminated. The offer outlines performance reviews, stock option vesting, and terms for severance in the event of a merger or acquisition.

EX-10.23 4 f87893exv10w23.txt EXHIBIT 10.23 Exhibit 10.23 [QUESTCOR LETTERHEAD] Charles J. Casamento Chairman, President & CEO May 2, 2000 Questcor Pharmaceuticals, Inc. 3260 Whipple Road Union City, CA 94587 Dear Ken: I am pleased to offer you the position of Vice President, Marketing and Sales for Questcor Pharmaceuticals, Inc. The terms of your offer are as follows: - - A base salary of $184,000 annually. - - An annual performance review and corresponding merit increase based on performance, each January 1, beginning in 2001. - - Stock options in the amount of 150,000 shares. The price will be determined as of the closing price on your first day of employment. Your options will vest monthly over a forty-eight month period with vesting beginning in month seven at which point you will be vested in 6/48ths of your options with another 1/8th being vested each month thereafter. - - Participation in our management bonus plan. Historically, our corporate officers have been eligible for a bonus equal to 33% ($61,000 in your case) of base salary. The exact amount to be paid will be determined based on achievement of agreed upon objectives. - - Participation in sales commission plan that will provide up to an additional $40,000 income based on over-achievement of the sales budget. 5/2/00 letter from C. Casamento Page 2 - ------------------------- - - You will participate in the Company's benefits, which are appropriate for individuals on a Vice President level. This includes medical, dental, life insurance, disability, 401-K plan and a company stock purchase plan. - - You currently have commission due from your current employer. They will not pay commission if you leave the company prematurely. To compensate for this we will pay a one-time bonus of $20,000 when you become employed by Questcor. - - We will provide you with six months severance should your employment be terminated. If the Company ever merges or is acquired and a severance plan is put in place providing for severance for a period of time different than six months, you will receive severance for the greater period of time. Ken, I believe you can make significant contributions to the growth and development of Questcor. I look forward to a mutually beneficial working relationship. Sincerely, Accepted by, /s/ Charles J. Casamento /s/ Kenneth R. Greathouse - --------------------------- ---------------------------- Charles J. Casamento Kenneth R. Greathouse Chairman, President and CEO Questcor Pharmaceuticals, Inc. Date: May 2, 2000 Date: 5/3/00 ---------------------- ------------------------------- CJC:ls