Compensation and Employee Benefits Contract Clauses (22)

Compensation and Employee Benefits. 2.1 Base Salary. Your base salary will be three hundred ninety-four thousand dollars ($394,000) on an annualized basis, less payroll deductions and required withholdings, paid according to the Company's regular payroll schedule and procedures. Subject to the other terms of this letter agreement, your base salary may be modified by the Company in its sole discretion. 2.2 Discretionary Bonus. You will be eligible to participate in the Company's annual bonus program pursuant to the terms of that pr...ogram and you will be eligible to receive a bonus of up to forty percent (40%) of your annual base salary. Your actual bonus, if any, will be determined by the Company's Board of Directors (the "Board"), or the Compensation subcommittee thereof, in its sole discretion, based upon its evaluation of your performance, the Company's performance, and any other considerations it deems relevant. For your initial year of employment, your bonus will be pro-rated for the time elapsed in the bonus period for which you were employed by the Company. You must be employed through the bonus payment date to be eligible for, and to earn, any such bonus. Bonuses are typically paid within sixty (60) days after the end of the calendar year. Any bonus payment will be subject to payroll deductions and required withholdings. Page 2 2.3 Employee Benefits. You will be entitled to all employee benefits, including vacation accrual of twenty (20) days per year and health and disability benefits for which you are eligible under the terms and conditions of the standard Company benefit plans that may be in effect from time to time and provided by the Company to its senior executive-level employees generally. Currently, such benefits include twelve (12) paid holiday days, as well as paid sick leave of up to five (5) days per year. Notwithstanding the foregoing, the Company reserves the right to adopt, amend or discontinue any employee benefit plan or policy, including changes required by applicable law. 2.4 Stock Options. Subject to the approval of the Board, or the Board's Compensation Committee, pursuant to the Company's equity incentive plan you will be granted a stock option covering two hundred and seventy-five thousand (275,000) shares of Company common stock at a per share exercise price equal to the per share fair market value of the Company's common stock on the grant date. The term of such stock option will be ten (10) years, subject to earlier expiration in the event of the termination of your service with the Company. Such stock option will vest and be exercisable as to twenty-five percent (25%) of the shares covered by the option on the first year anniversary of your employment commencement date and the remaining seventy-five percent (75%) of the shares covered by the option will vest in thirty-six (36) equal monthly installments with the first monthly installment vesting one month following the first year anniversary of your employment commencement date, as long as you remain in continuous service with the Company. Notwithstanding the foregoing, a portion of the shares subject to your outstanding option may vest on an accelerated basis pursuant to Articles 7 or 8. Except as provided herein, such stock option will be subject to the provisions of the equity incentive plan of the Company under which the options are granted and the applicable form of stock option agreement thereunder (the "Plan Documents"). View More

Compensation and Employee Benefits. You will be paid a starting USD 210,000 per year, payable on the Company's regular payroll dates. [As a regular employee of the Company you will be eligible to participate in a number of Company-sponsored benefits, which are described in the employee benefit summary that I have enclosed with this letter.]