Exhibit 4.10
PRIVATE AND CONFIDENTIAL
July 5, 2001
Mr. Xxxxxx Xxxxx
000 Xxxxxx Xxxxx
Xxxxxxxxx, XX X0X 0X0
Dear Xx. Xxxxx:
On behalf of World Gaming plc, I am pleased to offer you the position of Vice
President and Chief Financial Officer. This letter will confirm the general
terms of our agreement.
The general terms of this offer are:
Annual Base Salary: $200,000 (to be reviewed annually). The first review
will be in February 2002.
Bonus Plan: You will be eligible for a bonus of up to one-half of
your base salary on an annual basis payable in February.
For the remainder of the current fiscal year, the bonus
payment will be on a pro-rated basis from July 16, 2001.
Annual Vacation: Four weeks.
Group Insurance: Regular health, dental, and ancillary benefits as per
World Gaming's current policies. Where policies do not yet
exist, you will develop such policies.
Business Expenses: You will be reimbursed for all reasonable business expenses
including, but not limited to cell phone use and automobile
expenses as per World Gaming's current policies. Where policies
do not yet exist, you will develop such policies.
MR. XXXXXX XXXXX
JULY 5, 2001
PAGE 2
Confidentiality: You will agree to execute a confidentiality agreement in a form
acceptable to World Gaming's solicitor, which will be effective
for 6 months after termination of your employment.
Severance: If you are released for any reason other than for cause in the
first six months of your employment, you will receive three months
severance pay consisting of base salary and bonus in lieu of notice.
If released for any reason other than cause between months six and
twelve of your employment, you will receive six months severance
consisting of base salary and bonus in lieu of notice. If released
for any reason other than cause between months twelve and twenty-four
of your employment, you will receive twelve (12) months severance
consisting of base salary and bonus in lieu of notice.
Options: Options on 200,000 shares in the equity of World Gaming at a share
price of $1.34 (USD). Options will vest 33 1/3% per year. In the
initial year of your employment, the first of the otherwise annual
grants will vest on a quarterly basis.
Additional Options: 50,000 additional options on shares in equity of World Gaming. All of
these options vest 33 1/3% per year on an annual basis at a share
price of $2.25 (USD)
World Gaming recognizes that your credibility in public financial markets is
important to you. It also realizes that it may require 4-5 weeks before you
are fully conversant and comfortable with the full extent of World Xxxxxx's
operations. Accordingly, the Chief Executive Officer and Chief Operating
Officer will use their best efforts to avoid putting you in situations where
interactions with public markets might demand knowledge and information
levels that surpass your "comfort level."
This contract is subject to laws applicable in the Province of Ontario.
MR. XXXXXX XXXXX
JULY 5, 2001
PAGE 3
Would you kindly confirm acceptance of this offer by returning an executed
copy of this offer letter? If you have any questions or would like
clarification on any point, please call me at your convenience.
Sincerely,
/s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx
Chief Operating Officer
World Gaming plc
JCK/pbo
Xxxxxx and accepted this 7th day of July, 2001.
/s/ Xxxxxx Xxxxx
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Xxxxxx Xxxxx
