EXHIBIT 10.8
ID TECHNOLOGIES CORPORATION
ADMINISTRATIVE OFFICES
0000 XXXX XXXX XX. SUITE C
WILSON, NC 27896
TEL: 000-000-0000 FAX: 000-000-0000
November 9, 1999
Xx. X. Xxxxxxxx X. Xxxxxxxx, Xx.
ID Technologies Corporation
NCSU Centennial Campus
000 Xxxx Xxxxxx Xxxxx
Xxxxx 000
Xxxxxxx, XX 00000
Dear Xx. Xxxxxxxx,
This letter will serve to confirm your agreement to join ID Technologies
Corporation ("IDTEK") as its CEO/President reporting to the Board of Directors.
Our agreement is as follows:
1. Your Start Date is deemed to be July 26, 1999 when the Board of Directors
elected you CEO. You agreed to work without compensation until October 1, 1999;
2. You will be granted incentive stock options to purchase 250,000 shares of
common stock to vest equally over three (3) years, with 83,000 vesting on Start
Date, options to be governed by IDTEK's 1999 Stock Option Plan (the "SOP");
3. You will be eligible to receive additional options and earn both salary
increases and cash bonuses pursuant to the attainment of mutually agreeable,
annual milestones set by you and the Compensation Committee of IDTEK's Board of
Directors;
4. Your employment relationship at IDTEK is at will and it may be ended by
you or by IDTEK at any time and for any reason;
5. You will receive two (2) weeks of paid vacation annually, but you will be
expected to coordinate your vacation in advance with the Chairman. You may not
carry unused vacation forward, and IDTEK will not pay you for any unused
vacation on termination for cause;
6. Your annual salary will be $150,000 effective October 1, 1999, you and
will be eligible for increases once IDTEK has closed its next round of external
financing; and
7. You will be entitled to participate in all disability, health, dental,
and life insurance plans and other welfare benefit programs, plans, and
practices made available from time to time by IDTEK to its senior executives.
If you are in agreement with the aforementioned arrangement, please sign below
and return one fully executed copy to me.
On behalf of the Board of Directors, I appreciate your interest in becoming
involved with ID Technologies, and I look forward to working closely with you to
support the long-term success of this exciting company.
Sincerely,
/s/ Xxxxxxx X. Xxxx
Xxxxxxx X. Xxxx
Chairman
AGREED TO AND ACCEPTED:
By: /s/ Xxxxxxx X. Xxxx
----------------------
X. Xxxxxxxx X. Xxxxxxxx, Xx.
cc: Xxx Xxxx
Xxxxx Xxxxx
