EMPLOYMENT AGREEMENT (for Donald Wallroth)
Exhibit 10.1
EMPLOYMENT AGREEMENT
(for Xxxxxx Xxxxxxxx)
(for Xxxxxx Xxxxxxxx)
THIS EMPLOYMENT AGREEMENT (this “Agreement”), effective as of August 13, 2007 (the “Effective
Date”), is made by and between Molecular Insight Pharmaceuticals, Inc., a Massachusetts corporation
having its principal place of business at 000 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx 00000 (the
“Employer”), and Xxxxxx Xxxxxxxx (the “Employee”).
WITNESSETH:
WHEREAS, the Employer is engaged in the business of developing and marketing imaging
pharmaceuticals which detect human disease; and
WHEREAS, the Employee possesses the experience necessary in administration and general and
active supervision and direction of the daily operations of a biopharmaceutical business in order
to fulfill the responsibilities as Chief Financial Officer of the Employer; and
WHEREAS, the Employer desires to employ the Employee, and the Employee desires to be employed
by the Employer, all in accordance with the terms and provisions of this Agreement.
NOW, THEREFORE, in consideration of the covenants and promises hereinafter contained, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Employer and the Employee represent, covenant and agree as follows:
1. Employment. The Employer hereby employs the Employee to serve as Chief Financial
Officer in accordance with the terms and provisions of this Agreement, and the Employee hereby
accepts such employment with the Employer.
2. Term. The term of this Agreement shall commence on the Effective Date and shall
continue until this Agreement is terminated as hereinafter provided.
3. Compensation. As compensation for all services rendered by the Employee to the
Employer pursuant to this Agreement, the Employer shall pay to the Employee the following amounts
during the term of this Agreement:
(a) Base Compensation. The Employer shall pay to the Employee base compensation at no
less than the rate set forth on Schedule A attached hereto and herein incorporated by
reference (the “Base Compensation”). The Base Compensation shall be payable pursuant to the
Employer’s standard payroll practices, except as otherwise noted on Schedule A. The Base
Compensation shall be reviewed by the compensation committee of the Board of the Employer annually
and increases in the Base Compensation, if any, shall be evidenced by the updating and initialing
of Schedule A by both parties hereto.
(b) Incentive Bonus. In addition to the Base Compensation, the Employee shall be
eligible to receive an annual fiscal year incentive bonus with a maximum annual amount equal to
thirty percent (50%) of the then current Base Compensation (the “Incentive Bonus”). Payment of the
Incentive Bonus shall be subject to the discretion of the Board and will be based upon
accomplishment of goals provided to the Employee by the Chief Executive Officer (“CEO”) from time
to time and based upon revenue growth, profitability and achievement of specific corporate
milestones. The Board may elect to award the Incentive Bonus to the Employee in cash or in the
Employer’s capital stock (at its then-current fair market value), but a capital stock bonus
requires the consent of the Employee.
4. Vacation and Employee Benefits.
(a) Vacation. The Employee shall be entitled to an annual paid vacation equal to four
(4) weeks annually. Vacation shall be taken at such times so as not to interfere with the proper
operation of the Employer’s business.
(b) Benefits Generally. The Employee shall be entitled to receive and participate in
such employee benefits as the Employer shall from time to time determine to provide to its
executives generally.
5. Stock Incentives.
(a) Options. Pursuant to the provisions of the Employer’s 2006 Equity Incentive Plan,
as may be amended from time to time (the “Plan”), and subject to approval of the Employer’s Board
of Directors or its Compensation Committee, the Employee will be granted an option to purchase
200,000 shares of the Employer’s Common Stock (the “Options”) at an exercise price equal to the
fair market value per share on the date of grant (as determined by the Employer’s Board of
Directors or its Compensation Committee pursuant to the Plan), with such Options to be subject
further to the terms and conditions of the Plan and a separate option agreement.
(b) Vesting. Of the Options, 150,000 will be subject to the Employer’s four (4) year
vesting schedule with 25% vesting on each anniversary of the Employee’s date of hire or a date
designated by the Employer’s Board of Directors or its Compensation Committee (“Time Options”) and
50,000 will be subject to vesting on the satisfaction of certain performance milestones
(“Performance Options”) to be set forth in the applicable separate option agreement. In the event
of a Change of Control (as defined below), all of the unvested Time Options and Performance Options
shall vest immediately prior to Change in Control, provided that the Employee is still employed by
the Employer on the date of such Change of Control, or is then receiving a Severance Package.
(c) Change of Control. Treatment of options on a Change of Control (as defined in the
Plan) will be as set forth in the applicable separate option agreement.
6. Description of Duties. During the term of this Agreement, the Employee shall be
the Chief Financial Officer of the Employer and shall:
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(a) Devote on a full time basis all necessary time, best efforts, professional skills,
attention and energies to the fulfillment of the duties customarily associated with such position
and the accomplishment of the goals provided by the CEO of the Employer to the Employee from time
to time; and
(b) Act in accordance herewith, and in all accounts be responsible and responsive to the Board
of Directors and CEO of Employer.
7. General Services. During the term of this Agreement, the Employee shall:
(a) Observe the Employer’s policies and standards of conduct, as well as customary standards
of business conduct, including any standards prescribed by law or regulation;
(b) Perform his duties hereunder in a manner that preserves and protects the Employer’s
business reputation; and
(c) Do all things and render such services as may be necessary or beneficial in carrying out
any of the foregoing.
8. Non-Disclosure of Proprietary or Confidential Information and Confidential
Communications. For the purposes of this Section 8, the term “Employer” shall include, and the
protections granted the Employer hereunder shall extend to any other entities now or hereinafter
affiliated, acquired or created by the Employer. The Employee recognizes and acknowledges that the
marketing plans and business strategy, the names and addresses of the Employer’s customers, the
particular needs and application of such customers for diagnostic imaging techniques, the names and
addresses of the Employer’s suppliers, the Employer’s purchasing history with its suppliers, the
names and other pertinent data concerning the persons employed by the Employer’s suppliers who are
responsible for supplying the Employer with products and services, the Employer’s proprietary
computer software programs, trade secrets and any other confidential and proprietary information
concerning the business or affairs of the Employer (including but not limited to marketing and
business plans and strategies, research protocols, procedures data, results, and cost information)
(hereinafter collectively referred to as the Confidential Information) constitute a valuable,
proprietary, special and unique asset of the Employer’s business. The Employee further recognizes
and acknowledges that any communications, whether written, oral or otherwise, that the Employer or
any of the Employer’s employees has with the Employer’s existing or prospective customers and
clients and affiliated research institutions and scientists are extremely confidential (hereinafter
the “Confidential Communications”). The term Confidential Information shall exclude any
information that has been made public through no fault of the Employee.
The Employee shall not, for any reason whatsoever, during or after the termination of his
employment with the Employer, use, disclose or allow access to, for his own benefit or for that of
another, the Confidential Information or the Confidential Communications (or any part
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thereof) to any person, firm, corporation, association or other entity for any reason or for any
purpose whatsoever.
In the event of a breach or threatened breach by the Employee of the provisions of this
Section, the Employer shall be entitled to an injunction restraining the Employee from so using,
disclosing or allowing access to, in whole or in part, the Confidential Information and the
Confidential Communications or from rendering any services to any person, firm, corporation,
association or other entity to whom the Confidential Information or the Confidential
Communications, in whole or in part, have been disclosed or are threatened to be disclosed.
Nothing herein shall be construed as prohibiting the Employer from pursuing any other remedies
available to the Employer for such breach or threatened breach, including, but not limited to, the
recovery of damages and reasonable attorneys’ fees from the Employee.
Upon termination of this Agreement by either party for any reason, the Employee shall return
to the Employer any of the Confidential Information, Confidential Communications, charts, company
literature, reports, Employer credit cards or other proprietary materials of the Employer then in
the Employee’s possession and all other materials of the Employer which the Board of Directors of
the Employer requests the Employee to so return.
This Section shall in all respects survive any termination of this Agreement and shall remain
in full force and effect thereafter. In the event that any provision of this Section 8 shall
conflict with any term or condition of any other confidentiality agreement between the Employer and
the Employee, then the more restrictive provision shall be deemed to apply in order to accomplish
the purposes of this Section 8 and such other agreements, that being to protect the Employer’s
Confidential Information and Confidential Communications.
In the event of the Employee’s breach of this Section 8, the Employee shall immediately and
irrevocably forfeit future payments under the Severance Package as hereinafter defined in Section
15. Nothing in this paragraph shall be construed to limit or cap the Employer’s damages in the
event of a breach of this Section 8.
9. Covenant Not to Compete; Non-Solicitation of Employees and Customers. For the
purposes of this Section 9, the term “Employer” shall include, and the protections granted the
Employer hereunder shall extend to any other entities now or hereinafter affiliated, acquired or
created by the Employer. The Employee agrees that while employed by the Employer and for a
continuous period of one (1) year following the date of the termination of his employment with the
Employer either voluntarily without “Good Reason” or involuntarily by the Company for “cause” (the
“Restricted Period”), he shall not (without the express prior written consent of the Board of
Directors of the Employer), directly or indirectly, compete with the Employer. In construing the
foregoing prohibition, the Employee shall be deemed to be competing with the Employer if he shall
become self-employed in, or accept employment with, consult with, render services to or become
associated with, own, manage, operate, join, control, or participate in the ownership, management,
operation, or control of, or be connected in any material manner with, or directly or indirectly
enter into the employment of, or make a substantial investment in, any corporation, partnership,
proprietorship or other type of business organization or entity which engages in, any business (a
“Competing Business”) involving the sale, distribution, development
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or research concerning diagnostic imaging of the human cardio-vascular system or other lines of the
Employer which directly and materially competes with the product lines in or with which the
Employer is then currently involved.
The Employee further agrees that, during his employment with the Employer and during the
Restricted Period, he shall not solicit any of the Employer’s employees, existing customers or
prospective customers (of which the Employee is then currently aware), affiliated research
institutions or scientists, on behalf of himself or any Competing Business.
This Section 9 shall in all respects survive any termination of this Agreement and shall
remain in full force and effect during the Restricted Period.
In the event of the Employee’s breach of this Section 9 during the Restricted Period, the
Employee shall immediately and irrevocably forfeit future payments to the Employee under the
Severance Package as hereinafter defined in Section 15.
10. Assignment of Rights. Any and all information, data, inventions, discoveries,
materials, notebooks and other work product which the Employee conceives, develops or acquires
during his employment with the Employer, which directly or indirectly relates to work performed for
the Employer, shall be the sole and exclusive property of the Employer. The Employee shall
promptly execute any and all documents necessary and take such further actions as the Employer may
deem necessary to assign any and all of the Employee’s right, title and interest in such property
to the Employer.
11. Intellectual Property. For the purposes of this Section 11, the term “Employer”
shall include, and the protections granted the Employer hereunder shall extend to any other
entities now or hereinafter affiliated, acquired or created by the Employer. During the Employee’s
employment at the Employer, the Employee shall promptly assist with and execute any and all
applications, assignments or other documents which an officer or director of the Employer shall
deem necessary or useful in order to obtain and maintain patent, trademark or other intellectual
property protection for the Employer’s products or services. After the termination date of his
employment with the Employer, the Employee shall use reasonable efforts to assist the Employer on
intellectual property matters as they relate to his employment, and the Employer shall reasonably
compensate the Executive for his time and expense.
12. Documents, Records, etc. All documents, records, data, apparatus, equipment and
other physical property, whether or not pertaining to Confidential Information, which are furnished
to the Employee by the Employer or are produced by the Employee in connection with the Employee’s
employment will be and remain the sole property of the Employer. The Employee will return to the
Employer all such materials and property as and when requested by the Employer. In any event, and
whether or not the Employer so specifically requests, the Employee will return all such materials
and property immediately upon termination of the Employee’s employment for any reason. The
Employee will not retain any such material or property or any copies thereof after such
termination.
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13. Third-Party Agreements and Rights. The Employee hereby confirms that he is not
bound by the terms of any agreement with any previous employer or other party which restricts in
any way the Employee’s use or disclosure of information or the Employee’s engagement in any
business. The Employee represents to the Employer that the Employee’s execution of this Agreement,
the Employee’s employment with the Employer and the performance of the Employee’s proposed duties
for the Employer will not violate any obligations the Employee may have to any such previous
employer or other party. In the Employee’s work for the Employer, the Employee will not disclose
or make use of any information in violation of any agreements with or rights of any such previous
employer or other party, and the Employee will not bring to the premises of the Employer any copies
or other tangible embodiments of nonpublic information belonging to or obtained from any such
previous employer or other party.
14. Restricted Activities. During the term of this Agreement, the Employee shall not
engage in any business activities or ventures outside of the business activities of the Employer
without the express prior written consent of the Employer’s Board; provided, however, that nothing
in this Agreement shall be construed as preventing the Employee from:
(a) investing the Employee’s assets in any company or other entity in a manner not prohibited
by Section 9 and in such form or manner as shall not require any material activities on the
Employee’s part in connection with the operations or affairs of the companies or other entities in
which such investments are made; or
(b) engaging in religious, charitable or other community or non-profit activities that do not
impair the Employee’s ability to fulfill the Employee’s duties and responsibilities under this
Agreement.
15. Termination.
A. Termination Without Cause.
(a) Notwithstanding anything herein to the contrary, this Agreement may be terminated by
either the Employer or the Employee, at any time, without cause; provided, however, that the party
desirous of terminating this Agreement shall give the other party prior written notice of such
termination. In either event, the Employer may determine the Employee’s final day of employment
hereunder. The date specified in any notice of termination as the Employee’s final day of
employment shall be referred to herein as the Termination Date.
(b) In the event that the Employer (by act of its Board) terminates this Agreement without
cause pursuant to this subsection (A) of Section 15, or the Employee voluntarily resigns for Good
Reason (defined below), then the Employee shall be entitled to receive severance pay equal to the
Base Compensation rate as of the Termination Date in equal monthly installments for a period of
twelve (12) months (the “Post-Termination Period”) which payments shall commence six (6) months
after the Termination Date and continue for the twelve (12) months thereafter (the “Severance
Package”). The Employer also agrees to make available to the Employee, as part of the Severance
Package, continuation of group health plan benefits to the extent authorized by and consistent with
29 U.S.C. § 1161 et seq. (commonly known as
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“COBRA”), and any other benefits the Employee is receiving as of the Termination Date with the cost
of the regular premium for such benefits shared in the same relative proportion by the Employer and
the Employee as in effect on the Termination Date. The Employee acknowledges that receipt of the
Severance Package is conditioned upon the prior execution and delivery of a Separation Agreement
and General Release that contains a general release of claims against the Employer.
(c) For purposes of this Agreement, “Good Reason” shall mean:
(i) a reduction of the Employee’s Base Compensation or insurance benefits other than a
reduction approved by the Employee in writing; or
(ii) a significant change in the Employee’s title, responsibilities and/or duties which
constitutes, when compared to the Employee’s title, responsibilities and/or duties as of the
Effective Date, a demotion; or
(iii) the relocation of the offices at which the Employee is principally employed as of the
Effective Date to a location more than fifty (50) miles from such office, which relocation is not
approved by the Executive.
(d) In the event of the Employee’s voluntary termination, then the Employee shall, at the
request of the Board of the Employer, continue as an employee of the Employer for an additional
thirty (30) day period after the Termination Date for the purpose of assisting the Employer in
locating and training a suitable replacement for the Employee. During such additional period, the
Employee shall be entitled to full compensation and benefits and the Employee shall continue to be
bound by all of the terms contained herein. Any such extended term shall extend the
Post-Termination Period by an equal number of days.
B. Termination With Cause.
(a) The Employer (by act of its Board) may terminate this Agreement immediately for “cause” by
giving written notice to the Employee. As used herein, the term “cause” shall mean the Employee’s:
(i) addiction to illegal drugs; (ii) willful failure or refusal to perform his duties hereunder
after written notice from the Board and an opportunity to cure; (iii) knowing acts of dishonesty
which materially adversely affect the Employer; (iv) indictment for a felony or crime involving
moral turpitude, fraud, embezzlement or misrepresentation. In the event that this Agreement is
terminated pursuant to this subsection (B), the Employee forfeits and shall not be entitled to the
Severance Package, or other benefits or bonus of any kind whatsoever for any period after the
Termination Date set forth in the notice given by the Employer to the Employee.
C. Disability.
(a) If the Employee shall be disabled so as to be unable to perform the essential functions of
the Employee’s then existing position or positions under this Agreement, the Employer may remove
the Employee from any responsibilities and/or reassign the Employee to another position with the
Employer during the period of such disability. If the period of
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disability extends for more than six (6) months, the Employer may terminate the Employee’s
employment without further liability on the part of the Employer, except that the Employee shall be
entitled to the Severance Package. The Employer may elect, at its sole discretion, to purchase a
disability insurance package for the Employee. In the event that the Employer so elects to
purchase a disability insurance package and the Employee subsequently becomes entitled to payments
of the disability insurance benefit, any payments pursuant to the Severance Package, as defined in
this Section 15, or payments of salary by the Employer will be reduced by the amount of the
disability insurance benefit payments received by the Employee.
(b) If any question shall arise as to whether during any period the Employee is disabled so as
to be unable to perform the essential functions of the Employee’s then existing position or
positions, the Employee may, and at the request of the Employer shall, submit to the Employer a
certification in reasonable detail by a physician selected by the Employer, to whom the Employee or
the Employee’s guardian has no reasonable objection, as to whether the Employee is so disabled or
how long such disability is expected to continue, and such certification shall, for the purposes of
this Agreement, be conclusive of the issue. The Employee shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and
the Employee shall fail to submit such certification, the Employer’s determination of such issue
shall be binding on the Employee. Nothing in this Section 15(c) shall be construed to waive the
Employee’s rights, if any, under existing law including, without limitation, the Family and Medical
Leave Act of 1993, 29 U.S.C. 2601, et seq. and the Americans with Disabilities Act, 42 U.S.C. 12101
et seq.
D. Death or Retirement. The Employee’s employment under this Agreement will be deemed
to have terminated without further liability on the part of the Employer if the Employee dies or
retires.
E. Certain Termination Benefits. Unless otherwise specifically provided in this
Agreement or otherwise required by law, all compensation and benefits payable to the Employee under
this Agreement shall terminate on the date of termination of the Employee’s employment under this
Agreement.
F. No Right to Continuing Employment. The Employee agrees that nothing contained in
this Agreement shall be construed to give the Employee a right to continuing employment beyond the
Termination Date.
16. Litigation and Regulatory Cooperation. During and after the Employee’s
employment, the Employee shall cooperate fully with the Employer in the defense or prosecution of
any claims or actions now in existence or which may be brought in the future against or on behalf
of the Employer which relate to events or occurrences that transpired while the Employee was
employed by the Employer. The Employee’s full cooperation in connection with such claims or
actions shall include, but not be limited to, being available to meet with counsel to prepare for
discovery or trial and to act as a witness on behalf of the Employer at mutually convenient times.
During and after the Employee’s employment, the Employee also shall cooperate fully with the
Employer in connection with any investigation or review of any federal, state or local regulatory
authority as any such investigation or review relates to events or
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occurrences that transpired while the Employee was employed by the Employer. The Employer shall
reimburse the Employee for any reasonable out-of-pocket expenses incurred in connection with the
Employee’s performance of obligations pursuant to this Section 16.
17. Injunction. The Employee agrees that it would be difficult to measure any damages
caused to the Employer which might result from any breach by the Employee of the promises set forth
in Section 8, and that in any event money damages would be an inadequate remedy for any such
breach. Accordingly, the Employee agrees that if the Employee breaches, or proposes to breach, any
portion of this Agreement, the Employer shall be entitled, in addition to all other remedies that
it may have, to an injunction or other appropriate preliminary equitable relief to restrain any
such breach without showing or proving any actual damage to the Employer.
18. No Assignment. The Employee acknowledges that the services to be rendered by him
pursuant to this Agreement are unique. Accordingly, the Employee shall not assign any of his
rights or delegate any of his duties or obligations under this Agreement.
19. Severability. Subject only to the reformation of time, geographical and
occupational limitations as set forth in Section 20 hereof, all of the terms and provisions
contained in this Agreement are severable and, in the event that any portion or provision of this
Agreement (including, without limitation, any portion or provision of any section of this
Agreement) shall to any extent be deemed unenforceable or invalid by a court of competent
jurisdiction, then the remainder of this Agreement, or the application of such portion or provision
in circumstances other than those as to which it is so declared unenforceable or invalid, shall not
be affected thereby, and each portion and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.
20. Reformation of Time Geographical and Occupational Limitations. In the event that
any provision in this Agreement is held to be unenforceable by a court of competent jurisdiction
because it exceeds the maximum time, geographical or occupational limitations permitted by
applicable law, then such provision(s) shall be and hereby are reformed to the maximum time,
geographical and occupational limitations as may be permitted by applicable law.
21. Specific Performance. Both parties recognize that the services to be rendered
under this Agreement by the Employee are special, unique and of an extraordinary character, and
that in the event of breach by the Employee of the terms or conditions of this Agreement to be
performed by him, the Employer shall be entitled, if it so elects, to institute and prosecute
proceedings in any court of competent jurisdiction, either at law or in equity, to obtain damages
for any breach of this Agreement to enforce the specific performance thereof by the Employee, or to
enjoin the Employee from engaging in such activity, but nothing contained herein shall be construed
to prevent such other remedy in the courts, in case of any breach of this Agreement by the
Employee, as the Employer may elect to invoke.
22. Massachusetts Law: Choice of Forum. This Agreement shall be governed, construed
and interpreted by, and in accordance with, the laws of the Commonwealth of
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Massachusetts, without reference to its principles of conflicts of laws. Any actions concerning
enforcement of this Agreement or in any way relating to the subject matter of this Agreement shall
be litigated only in Massachusetts state or federal courts of proper jurisdiction and venue. Each
party hereto expressly agrees to submit to such jurisdiction and venue for the purposes of this
Agreement. Notwithstanding the foregoing, the Employer may seek to enforce the Employee’s
covenants described in Sections 6, 7, 8 and 9 hereof in any jurisdiction and venue in which the
Employee then resides, breaches or threatens to breach such covenants.
23. Entire Agreement. This Agreement constitutes the entire agreement of the parties
hereto, and replaces all prior agreements, promises, representations and understandings between the
Employer and the Employee whatsoever concerning the limited subject matter hereof (other than the
Stock Plan and any related Stock Option Agreement entered into between the Employer and the
Employee). There are no other agreements, conditions or representations, oral or written, express
or implied, which form the basis for this Agreement.
24. Assignment; Successors and Assigns, Etc. Neither the Employer nor the Employee
may make any assignment of this Agreement or any interest herein, by operation of law or otherwise,
without the prior written consent of the other party; provided, however, that the Employer may
assign its rights under this Agreement without the consent of the Employee in the event that the
Employer shall effect a reorganization, consolidate with or merge into any other corporation,
partnership, organization or other entity, or transfer all or substantially all of its properties
or assets to any other corporation, partnership, organization or other entity. This Agreement
shall inure to the benefit of and be binding upon the Employer and the Employee, their respective
successors, executors, administrators, heirs and permitted assigns.
25. Modification. No waiver or modification of this Agreement or of any covenant,
condition, or limitation contained herein shall be valid unless in a writing of subsequent date
hereto and duly executed by the party to be charged therewith and no evidence of any waiver or
modification shall be offered or received in evidence in any proceeding, arbitration, or litigation
between the parties hereto arising out of or affecting this Agreement, or the rights or obligations
of the parties hereunder, unless such waiver or modification is in writing, duly executed as
aforesaid. The parties further agree that the provisions of this Section may not be waived except
as herein set forth.
26. Section Headings. The section headings contained in this Agreement are for
convenience only, and shall in no manner be construed as part of this Agreement.
27. Waiver of Breach. The waiver by either party of a breach or violation of any
provision of this Agreement shall not operate as, or be construed to be, a waiver of any subsequent
breach thereof.
28. Notices. Any and all notices required or permitted to be given under this
Agreement shall be sufficient if furnished in writing, sent by certified or registered mail, return
receipt requested to the party’s address set forth in the Prologue of this Agreement, or to such
other address as such party may specify in writing.
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29. Counterparts. This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.
IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year here above
first written.
| MOLECULAR INSIGHT PHARMACEUTICALS, INC. |
||||
| By: | /s/ Xxxxx X. Xxxxxx | |||
| Name: | Xxxxx X. Xxxxxx | |||
| Title: | Chairman & CEO | |||
| /s/ Xxxxxx Xxxxxxxx | ||||
| Xxxxxx Xxxxxxxx | ||||
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SCHEDULE A
(As Amended from time to time pursuant to Paragraph 3(a))
(As Amended from time to time pursuant to Paragraph 3(a))
Base Compensation
| Annual Rate of Base Compensation | Agreed to by Employee | Agreed to by Employer | ||||||
$274,992.00 ($11,458.00 semi-monthly) |
||||||||
(Must be initialed by both parties each time amended to be effective.)
Exhibit A — Incentive Stock Option Grant
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