| Base Pay |
$275,000 with annual merit/salary review on anniversary
or other date consistent with company practice. |
| Bonus |
Bonus target initially equal to 50% of Base Pay. Actual payout
will be proportionality higher or lower depending on the combination
of achievement of personal goals and business performance against
set targets.Annual target should grow proportionally to
the growth of the company according to some measure and ratio
to be determined. An example might be Net Income. |
| Sign On Bonus |
$75,000. |
| Company Equity |
Options on 250,000 shares vesting proportionally each month
over the next 24 months.
Stock grant of 50,000 shares vesting immediately.
|
| |
Interest free loan from company to purchase an additional
250,000 shares 90 days after employment date.
Additional option/share grants based on company performance
|
| Life Insurance |
Provide $1,500,000 at no cost to me. |
| Vacations |
5 weeks annually. |
| Disability |
Full salary for one year, 75% salary for 12 additional
months, 50% until age 65. |
Medical,
Dental& Vision |
Minimum 80% company paid, not HMO or Group/Network
based Vision Maximum $1,000 family deductible 100% Hospitalization.
Dental is all reasonable and customary fees paid including orthodontics.
Minimum lifetime orthodontic limit $2,000/person. |
| Company Car |
$800 after tax/month allowance for car plus gas
card and repairs. Car is for business and personal use. |
|
Financial, Estate, & Tax Planning
|
Company of my choice not to exceed $5,500/year.
|
| Pension Plan |
Company funded pension or 401k plan as well as 401k
thrift plan. |
| Employment Agreement |
It should be important to both of us that we have
the time to develop and accomplish the appropriate goals for the
company. I would expect a contract of 3-5
years with specific automatic renewals.
Severance for any reason other than for cause,
the definition of cause to be agreed upon, would require:
• Minimum three months notice.
• 12 months salary + bonus.
• Professional outplacement at firm of my choice.
• Continuation of insurance and benefits for
18 months.
Change of control or company relocation provision
triggering severance plus acceleration of option and/or stock
vesting with provision that any stock or options held by me
will be treated at least as well as I.C.C. in the sale transaction.
|