EX-10.12
from 10-K
2 pages
Mr. Vartan Hagopian 170 Clocktower Drive, Unit 406 Waltham, Ma 02452 November 23, 2011 Dear Mr. Hagopian: Please Accept This Letter as Our Official Offer of Employment at Timepayment Corp. We Would Be Pleased to Have You Join Our Team and Look Forward to Your Participation in Our Efforts. This Letter Is to Confirm Our Offer for the Position of Vice President of Sales Which Would Commence on Monday, December 5, 2011 at 9:00 Am. the Following Summarizes the Financial and Benefits Package for Which You Will Become Eligible: • Compensation: • Base Salary. You Will Be Paid a Base Salary at an Initial Rate of $200,000.00 Per Annum. Your Salary Will Be Paid in Substantially Equal Installments on a Bi-Weekly Basis. • Bonus Incentive. Beginning With Calendar Year 2012, You Will Be Eligible to Receive an Annual Cash Bonus of Up to 80% of Your Base Salary. Annual Bonuses, if Any, Will Be Determined by Timepayment in Its Sole Discretion and Will Be Weighted by Timepayment’s Assessment of the Following Factors: • Total Increase in Originations • Increase in Market Penetration From Existing Vendors • Increase in Market Penetration From New Vendors • Increased Market Footprint • Productivity Goals for the Sales Team
12/34/56