EX-10.2
from 8-K
2 pages
Position: Senior Vice President and Chief Financial Officer, Reporting to Matthew C. Frost, Interim CEO and COO. Start Date: Your Employment and Appointment to the Position Described Above Will Commence Upon the Resignation or Termination of On2’s Current Chief Financial Officer. However, in Order to Ensure a Smooth Transition and Begin the Process of Getting Familiarized With Our Business, We Would Like to Engage You as a Consultant Working at Our Clifton Park Office Beginning on or About February 26, 2009 for a Consulting Fee of $666.66 Per Day. Such Consulting Services Will Be Performed Pursuant to a Mutually Acceptable Consulting Agreement. Salary: Your Salary Will Be Paid at the Semi-Monthly Rate of $6666.66, Pro-Rated Based on Date of Hire (Equivalent to $160,000.00 Per Annum) Less Applicable Deductions, Payable in Accordance With On2's Payroll Policy. Bonus: You Will Be Eligible to Participate in On2’s Senior Management Bonus Plan With a Maximum Bonus of 20% of Annual Salary. Equity Grant: Subject to Approval by On2’s Compensation Committee, You Will Receive a Restricted Stock Grant of 175,000 Shares of On2 Common Stock Under On2’s 2005 Incentive Compensation Plan. This Grant Will Vest in Three Equal Installments: 1/3 on the First Anniversary of Your Start Date, 1/3 on the Second Anniversary of Your Start Date and 1/3 on the Third Anniversary of Your Start Date. Vacation: 15 Days Per Year, Pro-Rated From Your Start Date for the Year 2009. Performance You Will Receive an Initial Performance Review Approximately Six Months Review: After Your Start Date, With Subsequent Performance Reviews to Be Conducted on an Annual Basis Unless Otherwise Determined by On2
12/34/56
