Trulite, Inc. Three Riverway Suite 1700 Houston, TX 77056-1948
Exhibit
10.27
Trulite,
Inc.
Three
Riverway
Suite
1700
Houston,
TX 77056-1948
713-888-0660
April
7,
2006
Xxxx
Xxxxxx
Re: Employment
Agreement with Trulite, Inc.
Dear
Xxxx:
On
behalf
of Trulite, Inc., a Delaware corporation (the “Company”),
I am
pleased to extend this Employment Agreement to join the Company as its Senior
Design Engineer and Team Leader reporting to the Vice President of Product
Development. In this position, you will be expected to devote your full business
time, attention and energies to the performance of your duties with the Company.
The effective date of your employment will be April 7, 2006 and the Employment
Agreement will be in effect until April 30, 2007.
The
terms
of this offer of employment are as follows:
Compensation.
The
Company will pay you a salary of $2230.76
per pay
period payable in accordance with the Company’s standard payroll policies,
including compliance with applicable withholding. This is equivalent to
$58,000
per
year.
Stock
Option.
Subject
to approval by the Company’s Board of Directors, you will be granted an option
to purchase 20,000
shares
of the Company’s Common Stock at the fair market value on the date the Board
approves the option grant. Vesting will be over a four year period: eighteen
and
a half percent (18.5%) of the shares subject to any option will become
exercisable on the first anniversary of your employment with the Company; twenty
two and a half percent (22.5%) of the shares subject to any option will become
exercisable on the second anniversary of your employment with the Company;
twenty six and a half percent (26.5%) of the shares subject to any option will
become exercisable on the third anniversary of your employment with the Company;
and, thirty two and a half percent (32.5%) of the shares subject to any option
will become exercisable on the fourth anniversary of your employment of the
Company. Options will be exercisable for no more than seven years from the
date
of your employment with the Company.
Benefits
and PTO.
You
will be entitled to the Company’s standard vacation and benefits covering
employees at your level, as such may be in effect from time to time. The company
has 8 standard holidays that you are eligible for time off. The company will
allow you to accrue 15 days of Paid time off for vacation, sick and personal
time. You cannot carry more than 5 days over per year into the next calendar
year.
Confidential
Information, Inventions Assignment, and non-competition
agreement.
As a
condition of this offer of employment, you will be required to complete, sign
and return the Company’s standard form of Confidential Information, Inventions
Assignment, and non-competition agreement.
General.
This
Employment Agreement and the stock option agreement (if approved by the Board)
covering the grant described in paragraph 2, when signed by you, set forth
the
terms of your Employment Agreement with the Company and supersede any and all
prior representations and agreements, whether written or oral. Any amendment
of
this Employment Agreement or any waiver of a right under this Employment
Agreement must be in a writing signed by you and an officer of the Company.
This
Employment Agreement will be governed by Texas law.
Sincerely,
By:
Xxxx
Xxxxxxx
President,
TRULITE, INC.
AGREED
TO AND ACCEPTED:
“Employee”
/s/
Xxxx Xxxxxx
Xxxx
Xxxxxx
Date:
