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Alex
Galvagni
2135 Sacramento St., #408
San Francisco, CA 94109
Sorrent, Inc. (the
“Company”) is pleased to offer you a position with the
Company as Chief Technical Officer commencing on
September 30, 2002 (the “Start Date”). We are
please to find someone with your vision and commitment to work as
an integral part of our team.
You will be
entitled to receive an annual salary of $130,000 (the “Base
Salary”) to be paid in accordance with the Company’s
normal payroll procedures. You may also be entitled to receive a
bonus, at the Company’s sole discretion, of up to 30% of your
Base Salary (the “Cash Bonus”). Based upon meeting,
among other things, certain employee performance milestones and
certain Company financial milestones (which milestones will be
established in advance by the Company) you may receive 0% –
200% of your bonus amount.
We will recommend
that the Company’s Board of Directors (the
“Board”) grant you an option to purchase up to 200,000
shares of the common stock of the Company at the then current fair
market value, as determined by the Board. Such stock options shall
vest over four (4) years, whereby 50,000 stock options shall
vest twelve (12) months after the option grant date (which
will be no earlier than the Start Date), with the remaining 150,000
stock options vesting monthly thereafter at the rate of 1/36 over
the course of 36 months. All stock options issued to you shall
be governed by the terms and conditions of the Company’s 2001
Stock Option Plan and Stock Opt
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