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Exhibit 10.50
October 26, 2005
Karen Jordan
13114 Evening Creek Drive
S.
San Diego, CA 92128
Dear Karen,
American Technology Corporation
("Company") is very pleased to confirm our offer of employment.
This offer is contingent upon satisfactory results of all
reference, education, and background checks and is based on the
following terms and conditions:
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Title:
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Director of Finance
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Reporting To:
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Michael A. Russell, Chief Financial
Officer
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Start Date:
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We have an anticipated your start
date as November 7, 2005
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Salary:
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Your starting salary as an exempt
employee will be $5,384.62 gross Bi-weekly or $140,000
annually.
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Management will recommend to the
Compensation Committee at its first meeting following your start
date, that you be granted stock options to purchase 30,000 shares
of common stock. These options are presently available to
accommodate this recommendation. The Compensation Committee has the
discretion to approve or deny the grant. The recommended options
will have an exercise price equal to the fair market value of our
common stock (determined in accordance with our 2005 Stock Option
Plan) on the date the Compensation Committee approves the grant,
and will be exercisable for five (5) years after grant, subject to
earlier termination as set forth in the 2005 Stock Option Plan. The
recommended options will vest over four (4) years with 25% vesting
on the first anniversary of grant, and then in equal quarterly
installments over the following three years of continuous service
with the Company.
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The Company offers a comprehensive
benefits plan that includes medical, dental, vision, short-term
disability, long-term disability and life insurances. The company
pays for 90% of the HMO medical insurance premiums (including
dependents). The employee can elect PPO coverage by paying the
difference in cost. The company pays for dental, vision, short-term
disability, long-term disability and life insurances. Benefits
begin the first day of the month following your hire
date.
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