Exhibit 10.2
May 15, 2009
Dr. Robert G.
Aldrich
DayStar Technologies, Inc.
2972 Stender Way
Santa Clara, CA 95054
Re: Interim CEO
Terms
Dear Robert:
This letter agreement (the “
Agreement ”) confirms the terms of your employment
with DayStar Technologies, Inc. (“ DayStar ” or
the “ Company ”) in the position of Interim
Chief Executive Officer (“ Interim CEO ”). Your
employment as Interim CEO commenced effective May 12,
2009.
You will serve in an executive
capacity and shall perform the duties of Interim CEO as commonly
associated with this position, as specified in the Bylaws of the
Company, and as required by the Board of Directors of the Company
(the “ Board ”). You will report to the Board,
and your base of operations will be the Company’s corporate
headquarters. Your employment as Interim CEO (or the termination of
your employment as Interim CEO) does not alter or affect your
separate position as Chairman of the Board.
Your base salary will be paid at the
rate of $10,000 per week, less payroll deductions and all required
withholdings. You will be paid on the Company’s normal
payroll schedule. Your position is classified as exempt, which
means that you will be expected to work the hours necessary,
including extended hours, to complete your job duties, and you will
not be eligible for overtime compensation.
Due to your temporary employee
status, you will not be eligible for the Company’s standard
employee benefits, including but not limited to: health coverage,
paid vacation, sick leave, other insurance coverage, and bonuses or
incentive compensation. However, you will be eligible for certain
minimum benefits required by law, such as workers’
compensation insurance coverage and Social Security. The Company
may change compensation and benefits from time to time in its
discretion.
As a DayStar employee, you will be
expected to abide by Company rules and policies, acknowledge in
writing that you have read the Company’s Employee Handbook,
and sign and comply with DayStar’s Employee Confidential
Information and Inventions Assignment Agreement which, among other
things, prohibits unauthorized use or disclosure of DayStar’s
proprietary information.
In your work for the Company, you
will be expected not to use or disclose any confidential
information, including trade secrets, of any former employer or
other person to whom you have an obligation of confidentiality.
Rather, you will be expected to use only that information
which
Robert G. Aldrich
May 15, 2009
Page 2
is generally known and used by persons
wit
