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Document Preview Letter Agreement Re: Offer of Employment |
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Title: |
Letter Agreement Re: Offer of Employment |
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Date: |
2004 |
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$32 |
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ID: |
#328149 |
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[QUESTCOR
LETTERHEAD]
September 2, 2003 Charles J. Casamento
Chairman, President & CEO
R. Jerald Beers
3260 Whipple Road
Union City, CA 94587
Re: Offer of Employment
Dear Mr. Beers:
Questcor Pharmaceuticals, Inc. (the "Company") is pleased to offer you the
position of Vice President, Marketing, a corporate officer, on the terms
described below. Should you accept our offer of employment, your start date will
be September 15, 2003.
You will report to Charles J. Casamento, Chief Executive Officer. Your office
will be located at our facility in Union City, California. Of course, the
Company may change your reporting responsibilities, position, duties, and work
location from time to time, as it deems necessary.
Your base compensation will be $184,000 per annum ($7,666.66 semi-monthly) less
all amounts the Company is required to hold under applicable laws. Effective
January 1, 2004, you will be a participant in the annual management incentive
program for executives, which has been approved by the Compensation Committee.
Your incentive bonus will be based on the attainment of specific milestones
during each calendar year. The milestones will be communicated to you in writing
by Mr. Casamento following the start of your employment and will be updated
annually as part of the performance review process. Your maximum bonus
opportunity will be 33% of your base compensation earnings in the calendar year
to which it applies. The Company will provide you a relocation allowance of an
amount not to exceed $75,000, to cover all reasonable and customary expenses
associated with your relocation to the San Francisco Bay area. Those expenses
paid by you which affect your income tax liability will be "grossed-up"
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