Performance-Based Compensation Bonus from Employment Agreement
This Employment Agreement (Agreement) is made effective as of July 4, 2008 (Effective Date), by and between TRIA Beauty, Inc. (Company) and Toby Island (Employee).
Performance-Based Compensation Bonus. Employee will be eligible to receive individualized performance-based compensation (Bonus) and the criteria of such performance objectives to be defined by Employee and the CEO as well as the Companys Board of Directors (the Board). Employees performance will be reviewed on an on-going basis by the President/CEO over the course of his employment. Although there is no minimum guaranteed bonus, Employee can receive an annual total Bonus equal to 35% of Base Salary and such Bonus is contingent upon his achievement of the agreed upon performance criteria (Goals). Employees efforts toward achievement of the Goals shall be evaluated on an annual basis. If a Bonus is earned, it will be paid during the second pay period in February for the prior calendar year and the amount and payment of any such Bonus will be determined by Company in its sole and absolute discretion and any such payment shall be subject to applicable withholding. For the period beginning on the Effective Date and ending on December 31, 2008, the Bonus, if earned, will be pro-rated.