Chris Mathers Employment Arrangement and Stock Option Grant
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Summary
This agreement outlines the employment terms for Chris Mathers as Chief Financial Officer, effective March 1, 2011. He will receive an annual salary of $100,000 and a five-year option to purchase up to 400,000 shares of company stock at $2.50 per share. The stock options vest monthly over three years, provided he remains employed, but will vest immediately if there is a change of control. The arrangement is at-will and was made verbally.
EX-10.17 8 ex10-17.htm ex10-17.htm
Exhibit 10.17
Summary of Chris Mathers
Employment Arrangement
Effective March 1, 2011, we entered into a verbal at-will employment arrangement with Chris Mathers, our chief financial officer, pursuant to which he will be paid an annual salary of $100,000. The Company also granted to Mr. Mathers a five year option under the Company’s 2008 Stock Option Plan to purchase up to 400,000 shares of our common stock at an exercise price of $2.50 per share. Mr. Mathers’ option vests 1/36 each month, beginning on March 31, 2011 and thereafter on the last day of each subsequent month, provided Mr. Mathers is employed by the Company on the vesting dates. The option will vest immediately upon a change of control transaction.
