January 3, 2005
Michael
Riedlinger
30 Alpine
Drive
Rochester, New
York 14618
Dear
Michael,
We are pleased
to extend to you an offer of employment as the President of
NaturalNano, Inc. (“the company”) effective April 4,
2005. Your annual full time salary will be $100,000 which will be
paid on a bi-weekly basis at the rate of $3846.15 in gross wages
every two weeks. You will be entitled to four weeks vacation (20
days) annually, earned on a pro-rata basis of 1.67 days each month.
You will be eligible for a review of this compensation package
effective January 1, 2006.
In addition to
the statutory benefits defined by federal and local laws, (FICA,
FUTA, New York State Disability Insurance and Workers Compensation)
you will be entitled to the benefits available to other NaturalNano
officers and employees. Currently this includes employer paid
health and dental insurance coverage. You will also be eligible for
an initial grant of 1,500,000 stock options at grant price of $.10
per share. These shares will vest as follows: 500,000 on the date
of grant, 500,000 on March 1, 2006 and the remaining 500,000 on
March 1, 2007. Notwithstanding any provision herein to the contrary
any unvested portion of the option shall immediately expire upon
termination of employment for any reason. This option grant will be
governed pursuant to the “NaturalNano, Inc. 2004 Stock Option
Plan.”
Your job
responsibilities will include all strategic, operational and
financial matters of the company. You will report directly to the
Board of Directors and be responsive as requested to the board
members and related sub-committees of the board.
This agreement
is terminable by you or the company upon ninety (90) days’
written notice
