Ms. Tina
Mendoza
6385 Flanders Drive, St. 100
San Diego, CA 92121
As you are
aware. Planet Technologies, Inc. (the “Company”) is in
the process of acquiring Allergy Control Products, Inc.
(“ACP”), located in Ridgefield, CT. After the close,
ACP will continue operations as a wholly-owned subsidiary of the
Company. Prior to December 31,2005. the Company plans to
relocate all operations related to the Allergy-Free business,
including inbound and outbound sales, to ACP’s Ridgefield, CT
facility.
The Company is
pleased to offer you the position of Sales Director, Outbound Call
Center. pursuant to the terms of this letter agreement
(“Agreement”). This offer will expire October 1,
2005. This Agreement is made and entered into as of the last day
either party executes the Agreement (the “Effective
Date”). You and the Company agree as follows:
You will be
expected to do and perform all services, acts or things necessary
or advisable to manage and conduct the business of the Company,
including those duties normally associated with the position of
Sales Director, Outbound Call Center, including, but not limited
to, sales representative recruiting, sales training, sales
scripting, sales analysis, and day-to-day management of sales floor
operations.
You will work
at the facility located in San Diego, California until
October 1, 2005, at which time you will relocate and work at
the ACP facility located in Ridgefield, CT. Upon the move to
Ridgefield, CT you will report to the President of Allergy Control
Products, Ed Steube, unless otherwise assigned by the
Company.
2. Base
Salary, Benefits and Term
Your base
salary will remain $62,000 per annum, less payroll deductions and
all required withholdings payable semi-monthly; You will be
eligible for the Company’s standard benefits. The benefits-
will include Medical and Dental Insurance (unless waived), and
401(k). retirement program. The Company may modify benefits from
time to time, as it deems necessary.
The term of
this Agreement shall be for twelve months commencing on
October 1, 2005 and ending September 29, 2006, unless
otherwise terminated by either party. In addition to your base
salary, you will receive the following benefits during the term of
the Agreement:
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Company will provide for your
housing in Ridgefield, CT in the form of direct rental payments,
not to exceed $2,250 per month, for a mutually agreed upon
one-bedroom, furnished apartment within reasonable distance of the
ACP facility.
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Company will provide for the
shipping of one vehicle, not to exceed $1,500, by a mutually agreed
upon third-party from San Diego,CA to Ridgefield, CT by October
1, 2005, and provide for shipment back to San Diego, CA at
the end of the term.
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Company will reimburse you for up to
two (2) round-trip coach airline tickets per month,
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not
to exceed $500 per ticket without prior approval by
Mr. Steube, for travel between Ridgefield, CT and San Diego,
CA, or other domestic destination mutually agreed upon with
Mr. Steube.
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The Board has
granted you a stock option under the terms of the Company’s
2000 Equity Incentive Plan (the “Plan”) to purchase
10,000 shares of the Company’s Common Stock (the
“Option”) at the time of the close of the ACP
transaction. To the maximum extent possible, the Option shall be an
Incentive Stock Option as such term is defined in Section 422
of the Internal Revenue Code of 1986, as amended. The Option will
be governed by and granted pursuant to a separate Stock Option
Agreement and the Plan. The exercise price per share of the Option
will be equal to the fair market value of the Common Stock
established on the date of grant. The Option will be subject to
vesting over four (4) years so long as you provide continuous
service to the Company in accordance with the Plan, according to
the fo
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