EX-10.2
from 8-K
7 pages
1) Duties and Scope of Employment. the Company Agrees to Employ You on an “At-Will” Basis in the Position of Interim Chief Executive Officer. You Will Report Directly to the Company’s Board of Directors (The “Board”) and Be Given Such Duties, Authorities, and Responsibilities That Are Consistent With Your Being the Company’s Most Senior Executive Officer as Determined by the Board. During Your Employment, You Will Devote Your Full Business Efforts and Time to the Company. You May Engage in Civic and Charitable Activities in Your Individual Capacity, And, Subject to the Consent of the Board, May Serve on the Board of Directors of Another Company So Long as Such Activities Do Not Interfere With the Performance of Your Responsibilities to the Company. Your Primary Work Place Will Be at the Company’s Corporate Headquarters in San Diego, California. 2) Board Service. You Agree to Serve as a Member of the Board, as Well as a Member of Any Board Committee to Which You May Be Elected or Appointed. Effective on the Start Date, You Will Resign From Membership on the Audit Committee of the Board. 3) Salary and Incentive Compensation. (A) Salary. During Your Employment, Your Monthly Base Salary Will Be U.S. $65,000.00, Which Totals an Annual Base Salary of U.S. $780,000.00, Payable Every Two Weeks in Accordance With the Company’s Normal Payroll Practices (Your “Salary”). (B) Incentive Equity Awards. You Will Be Eligible to Receive Incentive Equity Awards as Described Below
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