Employment Agreement between 3189 Airway Avenue Bldg. C (Company) and Charles H. Seeman as CFO and EVP Finance & Administration
This agreement is between the company at 3189 Airway Avenue, Costa Mesa, CA, and Charles H. Seeman, who is being hired as Chief Financial Officer and Executive Vice President of Finance & Administration. Mr. Seeman will report directly to the Chairman/CEO and oversee accounting staff. He will receive a $100,000 base salary, a $20,000 bonus based on performance targets, stock options, and standard benefits including 401k, health and dental insurance, vacation, and a car allowance. The agreement also allows him to continue part-time teaching, provided it does not interfere with his job duties.
Exhibit 10.24
3189 Airway Avenue Bldg. C
Costa Mesa, CA 92626
714 ###-###-####
Fax ###-###-####
Mr. Charles H. Seeman
6518 Austin Creek Drive
Wake Forest, NC 27587
September 18, 2008
Dear Charles,
We would like to make you the following job offer:
Chief Financial Officer, and
Executive Vice President Finance & Administration
Reporting: Directly to Chairman/CEO
Direct reports: Head of accounting, A/P person (works also as assistant for the president/COO)
Compensation package:
| • | $100,000 base pay, plus $ 20,000 bonus (targets year 1: 50% finance and administration structured in a way compliance is established, 50% 10q and 10k filed in a timely manner) |
| • | Options as per company stock option plan: |
| • | Sign-up bonus: 50,000 options, vested 1 year, issued after three months of employment |
| • | Options: 50,000 options per end of each year of employment, vested 1 year |
Benefits:
| • | 401k as per company regulation |
| • | Health and dental insurance |
| • | 15 days of vacation |
| • | $ 800 per month car allowance |
Equipment
| • | Blackberry, or I-phone, of choice |
| • | Laptop computer, of choice |
Work base
| • | Raleigh-Durham |
Teaching
We support your part-time professorship at Mount Olive College under the assumption that you will be able to coordinate your work schedule and the teaching assignment so there is no disadvantage to us.
Most company regulations are documented in the employee handbook.
| Sincerely, | Accepted | |||
| Date | ||||
| 9/19/08 | ||||
| /s/ Chris J. Stern | /s/ Charles H. Seeman | |||
| Chris J. Stern | Charles H. Seeman | |||
| Chairman/CEO | ||||
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