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Josh
Franklin
9020 Harvest Run Drive
O’Fallon, MO 63368
We
are pleased to inform you that after careful consideration,
Cornerstone Pharmaceuticals, Inc. (the “Company”) has
decided to make you this offer of Employment. This letter sets
forth the terms of the offer which, if you accept, will govern your
employment.
Position; Duties . Your position will be Vice
President, Marketing. Your position is based in the Cary, NC office
area and reports to the President/CEO. Your duties and
responsibilities will be as designated by the Company, with an
initial focus on directing all aspects of the Marketing
functions.
Full Time Employment . The employment term will begin
on Monday, September 29, 2008.
Compensation . Your compensation will be $210,000 a
year, paid bi-weekly, consistent with the Company’s payroll
practices. Your package will include participation in health, life
and disability insurance, and 401(k) plans of the Company pursuant
to their terms as may be amended by the Company from time to time.
You will be entitled to 3 weeks paid vacation (equivalent of
15 business days) for each year of full employment. Vacation for
the remainder of 2008 will be prorated, based upon your date of
hire. You will receive a monthly car allowance in the amount of
$850.00, plus reimbursement for gasoline expenses.
Options. You will be granted 300,000 options to
acquire shares of the Company’s Common Stock, vesting over a
four (4) year term with one (1) year cliff vesting
for 1
/ 4 of the
options. The options will be granted in accordance with the
Company’s Stock Option Plan. Strike price will be established
at close of pending merger agreement with Critical
Therapeutics.
Bonus . You will be eligible to participate in the
Company’s bonus program at a target bonus of 35% and is
contingent upon your meeting certain
performance
requirements and goals as established and agreed upon between
yourself and your manager in accordance with the Company’s
overall plan, which may be amended from time to time. Bonus paid
for work performed during calendar year 2008 will be prorated,
based on date of hire.
Relocation . You will be eligible to participate in
the Company’s relocation assistance program which includes
reimbursement for the actual costs of your immediate family’s
relocation expenses including: moving expenses for household goods;
travel, lodging and meal expenses while en route to the new
location; storage fees, temporary living, locating a n
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