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Re:
Amendment of Employment Agreement
This letter will
constitute an amendment to your employment agreement with us dated
March 14, 2008, effective as of the date that you sign below.
These amendments are:
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Your new position with us will be
President and Chief Executive Officer.
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Your base salary shall be $300,000
per year effective as of January 1, 2009, payable in
accordance with our current payroll practices. You shall receive a
lumpsum of $15,000 (subject to normal tax withholding) as part of
your salary for the next pay period after the effective date of
this letter representing the balance of your base salary owed to
you retroactive to January 1 from the date hereof.
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For
the periods ending on January 1 and July 1 of a given year
(beginning on July 1, 2009), you may be awarded a cash
performance bonus to be determined by, and to be payable at the
sole discretion of, our Compensation Committee. As a result of this
amendment, the provisions of Section 3(c) of your employment
agreement will be of no further force or effect.
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Effective February 9, 2009, as
a result of your participation in our option exchange program, you
received options to acquire 87,500 shares of common stock which
vested based on the achievement of the same performance criteria as
your prior performance based grant which was cancelled in the
option exchange. This grant is currently vested as to 25% of such
shares. We will terminate this performance option and replace it
with an option to purchase 87,500 shares of our common stock, which
shall be vested as to 25% of the shares as of the effective date of
this letter, and shall vest as to an additional 25% on each of the
first three anniv
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