November 28, 2012
26362 Ibeza Rd
Mission Viejo, CA 92692
On behalf of Sonendo, Inc, (the Company), I am pleased to offer you the position of President & Chief Executive Officer, effective as of July 1, 2012 (the Effective Date).
The primary duties and areas of responsibility of this role have been discussed with you previously. Your compensation for this full-time position will be $250,000.00 per annum, paid semi-monthly. You will be eligible to receive an annual bonus in an amount of up to twenty percent (20%) of your base salary based upon mutually agreed upon objectives.
I will also recommend to the Sonendo Board of Directors that you receive stock options in accordance with Sonendos Stock Option Plan.
The companys scheduled working hours are 8:00a-5:00p (PT), Monday through Friday, excluding holidays. It is of course understood that your role may require you to work outside of scheduled working hours as is customary for your position in the Company.
The Company offers a benefits package that includes medical and dental insurance. Details about these benefits will be discussed with you when you start in your position. You will receive five weeks vacation, which accrue on a monthly basis. In addition, the Company offers several paid holidays per year (see attached schedule).
Upon commencement of your employment you will need to sign the Companys standard Patent, Copyright and Non-Disclosure Agreement.
Your employment with the Company will be at will, which means that either you or the Company may terminate your employment at any time for any reason whatsoever upon thirty (30) days written notice. However, in the event that your employment is terminated by the Company without cause or there is a change of control of the Company, you shall be entitled to continue to be compensated by the Company, at your then annual base salary, for a period of twelve (12) months. A determination as to whether or not your employment is being terminated for cause shall be made in good faith by the Board.
26051 MERIT CIRCLE. SUITE 102
LAGUNA HILLS, CALIFORNIA 92653