Attached files
| file | filename |
|---|---|
| 10-K - Protagenic Therapeutics, Inc.\new | v178944_10k.htm |
| EX-23.1 - Protagenic Therapeutics, Inc.\new | v178944_ex23-1.htm |
| EX-31.1 - Protagenic Therapeutics, Inc.\new | v178944_ex31-1.htm |
| EX-31.2 - Protagenic Therapeutics, Inc.\new | v178944_ex31-2.htm |
| EX-21.1 - Protagenic Therapeutics, Inc.\new | v178944_ex21-1.htm |
| EX-32.1 - Protagenic Therapeutics, Inc.\new | v178944_ex32-1.htm |
| EX-10.20 - Protagenic Therapeutics, Inc.\new | v178944_ex10-20.htm |
| EX-10.22 - Protagenic Therapeutics, Inc.\new | v178944_ex10-22.htm |
| EX-10.23 - Protagenic Therapeutics, Inc.\new | v178944_ex10-23.htm |
ATRINSIC,
INC.
469
7th
Avenue, 10th Floor,
New York, NY 10018
January
29, 2009
Thomas
Plotts
469
7th
Avenue, 10th
Floor,
New York,
NY 10018
Dear
Tom:
Atrinsic,
Inc. (the “Company”) is pleased to offer you employment on the following
terms:
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1.
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Position. You
will serve in the capacity as Interim Chief Financial Officer of the
Company effective as of December 16, 2009. In addition to
assuming the customary responsibilities of a Chief Financial Officer,
while serving as Interim Chief Financial Officer you will assist the Board
of Directors and Chief Executive Officer in locating a full-time Chief
Financial Officer. You will report to the Company’s Chief
Executive Officer. By signing this letter agreement, you
represent and warrant to the Company that you are under no contractual
commitments inconsistent with your obligations to the
Company.
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2.
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Salary. You
will be paid a salary of $250,000 per annum in semi-monthly installments
in accordance with the Company’s standard payroll practices for salaried
employees.
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3.
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Restricted Stock
Units. Upon your execution of this letter agreement, the
Company will issue to you 25,000 restricted stock units pursuant to the
Company’s 2009 Stock Incentive Plan and a Restricted Stock Unit Agreement,
a form of which is attached hereto as Exhibit
A.
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4.
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Bonus. Upon
the Company’s filing of its annual report on Form 10-K on or before March
31, 2009, provided that you sign such report as the Principal Financial
Officer of the Company, you will receive a bonus of $25,000 payable in
accordance with the Company’s standard payroll practices for salaried
employees.
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5.
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Expenses. While
serving as Interim Chief Financial Officer, the Company will reimburse you
for all expenses you incur on the Company’s
behalf.
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6.
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Period of
Employment. Your employment with the Company will be “at
will,” meaning that either you or the Company will be entitled to
terminate your employment at any time and for any reason, with or without
cause. Any contrary representations which may have been made to
you are superseded by this offer. This is the full and complete
agreement between you and the Company on this term. Although
your job duties, title, compensation and benefits, as well as the
Company’s personnel policies and procedures, may change from time to time,
the “at will” nature of your employment may only be changed in an express
written agreement signed by you and a duly authorized officer of the
Company.
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7.
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Outside
Activities. While you render services to the Company,
you will not engage in any other gainful employment, business or activity
without the written consent of the Company. While you render
services to the Company, you also will not assist any person or
organization in competing with the Company, in preparing to compete with
the Company or in hiring any employees of the Company. Set
forth on Exhibit
B hereto is a list of all of your business involvements (other than
passive non-operating investment activities) as well as a list of all
directorships which you currently
hold.
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8.
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Withholding
Taxes. All forms of compensation referred to in this
letter are subject to reduction to reflect applicable withholding and
payroll taxes.
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9.
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Entire
Agreement. This letter and the Exhibits attached hereto
contain all of the terms of your employment with the Company and supersede
any prior understandings or agreements, whether oral or written, between
you and the Company.
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10.
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Amendment and Governing
Law. This letter agreement may not be amended or
modified except by an express written agreement signed by you and a duly
authorized officer of the Company. The terms of this letter
agreement and the resolution of any disputes will be governed by New York
law.
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We hope
that you find the foregoing terms acceptable. You may indicate your agreement
with these terms and accept this offer by signing and dating the enclosed
duplicate original of this letter and returning it to me.
If you
have any questions, please call me at (212) 716-1977.
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Very
truly yours,
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Atrinsic,
Inc.
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By:
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/s/
Jeffrey
Schwartz
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Jeffrey
Schwartz
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Interim
Chief Executive
Officer
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I
have read and accept this employment offer:
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/s/
Thomas Plotts
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Signature
of Thomas Plotts
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Dated: January
29, 2009
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