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8-K - FORM 8-K - SPENDSMART NETWORKS, INC. | f557329v2bmpihernandez8k.htm |
October 16, 2012
Bill Hernandez
150 Southfield Ave, Suite 1332
Stamford, CT 06902
Dear Bill,
Thanks for your interest in BillMyParents. I am excited about the opportunity to work closely with you. Your skill set will be very valuable to our organization and we will make a great team.
Please review the letter below and let me know if you are in agreement. Please keep in mind BMPI is an exciting company with a big future but today we are a small company still reliant on investor capital.
Bill, I am pleased to offer you the following opportunity:
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Title: President, reporting directly to me. You will also be a member of the BMPI Board of Directors. We will nominate you at our next meeting.
• Compensation:
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Annual salary $350,000
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Annual bonus 50% of salary; bonus criteria to be agreed on between you and me.
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In year one, BMPI will guarantee one half of your annual bonus. You will suggest criteria for the remaining half.
• Options:
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In recognition of our significant role in the organization you will receive 5 million in options. Price to be set at the close of business the day prior to your start of employment.
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One million shares are guaranteed to vest and will vest in 60 days from your start date, the remaining 4 million options will vest over 3 years, 1/36 per month.
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Severance: In the event of termination without cause, you will receive an amount equivalent to one year's salary and receive any unvested shares due for that year of employment.
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Change of Control: In the event a termination due to a change of control of the company (acquisition, buyout, etc.) you will receive one year salary and all unvested options will vest.
• Miscellaneous:
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Cell phone allowance up to $150 per month.
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You may choose to office out of your home. BMPI will also work with Transactis to secure space when you are in the city.
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All fringe benefits such as Medical, Dental, 401K, etc. with be included.
Bill, please let me know if you have any questions. I'm convinced you and I can work through any other issues. I'm excited about having you on the team as soon as possible.
All the best,
/s/ Michael R. McCoy
Michael R. McCoy, Chief Executive Officer
/s/ William M. Hernandez-Ellsworth
William M. Hernandez-Ellsworth