Effective as of June 5, 2007, the Chairman and Chief Executive Officer of Patriot Scientific Corporation (the “Company”), David H. Pohl, will retire from the positions of President and Chief Executive Officer and James L. Turley, currently a director of the Company, will be the Company's new President and Chief Executive Officer.
In connection with Mr. Turley’s appointment as President and Chief Executive Officer, and also commencing on June 5, 2007, the Company entered into an Employment Agreement with Mr. Turley for a one-year term (the “Agreement”). Pursuant to the Agreement, Mr. Turley is to receive a base salary of $225,000 per year and is eligible to receive an annual merit bonus as determined in the sole discretion of the Board of Directors. Also pursuant to the Agreement and on the date of the Agreement, Mr. Turley received incentive stock options to purchase 400,000 shares of the Company’s common stock and non-qualified stock options to purchase 1.5 million shares of the Company’s common stock. The Agreement also provides for Mr. Turley to receive customary employee benefits, an automobile allowance, and reimbursement for reasonable lodging and commuting expenses for the first six months of the term of the Agreement.
The description of the Agreement herein is only a summary and is qualified in its entirety by the full text of such document, which is filed as an exhibit hereto and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
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10.1 |
Employment Agreement dated June 5, 2007, between Patriot Scientific Corporation and James Turley. |