Exhibit 10.6
FORT CADY CALIFORNIA CORPORATION
9329 Mariposa Road, Suite 210 Hesperia, CA 92344
May 2021
Paul Weibel
1895 Fox Lair Drive
Quakertown, Pennsylvania 18951
Dear Paul:
We are pleased to extend an offer to you for the position of Project Controller and Interim CFO at Fort Cady California Corporation (“Company”), reporting to Chief Executive Officer. We are excited about the opportunity of working with you. We believe that it is important to a healthy working relationship that both parties understand the terms and conditions of employment before commencing employment. In order to ensure that both you and the Company have a common understanding, we set forth below some of the fundamental premises.
Your start date will be May 10, 2021 or such other date as communicated to you by the Company. This is a full-time exempt position.
Your initial annual gross base salary will be $200,000 (“Base Salary”), paid less deductions and withholding required by law or approved by you, paid in accordance with the Company’s normal and customary payroll practices.
Your primary place of work will be the Company’s office at 9329 Mariposa Road, Suite 210 Hesperia, CA 92344 (“Primary Workplace”). You are required to be on-site.
Bonus: In addition to the Base Salary described above, for each full year of employment with the Company, you shall be eligible to earn an annual bonus of up to 40% of your then in effect Base Salary (and at on-target achievement the bonus will equal 20% of your then in effect Base Salary) (“Annual Bonus”), based on your and the Company’s achievement of performance goals established in advance by the Board of Directors of the Company (“Board”) and provided to you in writing, as well as you remaining actively employed with the Company through the payment date of each Annual Bonus. The Annual Bonus, if any, will be earned and paid no later than two and a half months after the end of the fiscal year, at which point the Board will also have determined goals for the then current fiscal year. All bonus payments shall be made less deductions and withholdings required by law or approved by you.
Stock Options: The Company shall recommend to the Board that Executive be granted an option to purchase 500,000 ordinary shares of American Pacific Borates Limited (“APB”) with a per share exercise price equal to the fair market value of the ordinary shares on the date of grant (the “Options”). The Options shall vest over three (3) years in three (3) equal annual installments commencing on your start date of employment and shall have a term of four (4) years measured from the grant date. The Options shall be subject to such other terms and conditions as are set forth in the Long Term Incentive Plan and the agreement evidencing the grant. Any future share-based compensation or other long-term incentive compensation shall be at the discretion of the Board.
Relocation: The Company will also pay you a one-time lump sum payment of $35,000 to assist you with your expenses to relocate to California (“Relocation Allowance”), less deductions and withholdings required by law. The payment will be made in your first paycheck provided you are employed on this date. If your employment ends for any reason or your resign prior to the first year anniversary of your start date, you will be required to repay to the Company the pro-rata portion of the Relocation Allowance based on the number of days worked.
As a Company employee you are also eligible to participate in the Company’s employee benefit plans in accordance with the terms of such plans all of which may be modified or terminated from time to time and in accordance with these plans.
After the submission of expense reports sufficient to substantiate the Company’s federal income tax deductions for such expenses under the Internal Revenue Code of 1986, as amended (the “Code”) to the extent deductible under the Code and in compliance with the written expense report procedures and policies as may be established by the Company from time to time, the Company shall reimburse you for all reasonable business expenses incurred in the performance of your duties hereunder on behalf of the Company. Subject to the Company’s policies as may be amended from time to time, the Executive shall obtain written approval from the Board prior to incurring any business expenses in excess of $10,000.
This position is a full time job with the understanding that during your employment you will not engage in outside consulting activities, whether compensated or not, which materially interfere with the performance of your job duties with the Company or create a conflict of interest, nor will you establish a competing business during your employment with the Company.
You confirm that you are not bound by any other lawful agreement with any prior or current employer, person or entity that would prevent you from fully performing your duties with the Company, and that you will not during your employment with the Company, or have not during the pre-hire process, use or disclose any proprietary or confidential information, or trade secrets, of your former or concurrent employers or companies.
This offer is not for any specific period of time; instead your employment is at all times “at will.” This means that you may terminate your employment with or without cause or prior notice, and the Company has the same right. In addition, the Company may change your compensation, benefits, duties, assignments, responsibilities, location of your position, or any other terms and conditions of your employment, at any time to adjust to the changing needs of our dynamic company. These provisions expressly supersede any previous representations, oral or written. Your at-will employment status cannot be modified unless it is written and signed by both you and the Board of Directors of the Company.
Because the Company’s proprietary information is extremely important, this offer of employment is expressly subject to your executing an Employee Confidential Information and Invention Assignment Agreement in the form enclosed with this letter as well as your agreement to follow all other rules and policies that the Company may announce from time to time. This offer is also contingent upon proof of identity and work eligibility. Under the Immigration Reform and Control Act of 1986, employers are required to verify the identity and employment eligibility of all new hires within three (3) business days of their first day of work. To assist us in complying with this requirement please bring appropriate documents with you on your first day.
Arbitration. Except for workers’ compensation claims, disputes solely before government agencies (including but not limited to the NLRB or EEOC), unemployment insurance claims, and other claims which may not be arbitrated as a matter of law, you and the Company agree that any and all disputes, controversies, or claims, whether based in contract, tort, common or statutory law, between you and the Company and/or its agents, and whether arising under or relating to this offer letter, the termination of your employment, or any other manner of the parties’ relationship (“Arbitrable Claims”) shall be resolved by final and binding arbitration conducted pursuant to the Federal Arbitration Act. You and the Company agree that arbitration shall be exclusive, final and binding remedy for all Arbitrable Claims, and you the Company and its agents hereby waive any rights each may have to a jury trial in regard to Arbitrable Claims. You and the Company further agree that the arbitrator shall have the sole authority to determine the arbitrability of Arbitrable Claims. The arbitration shall be conducted by a single arbitrator before JAMS in Los Angeles, California (or other mutually agreed upon city) under the JAMS Employment Arbitration Rules and Mediation Procedures and the JAMS Policy on Employment
Arbitration Minimum Standards of Procedural Fairness, if applicable, in effect on the date this Agreement is signed (“JAMS Rules”), except as expressly set forth herein or where such rules are not in compliance with applicable state or federal law. A copy of the JAMS Rules is available for review through the Company by submitting a request to the Human Resources Department, by contacting JAMS at telephone number 800-352-5267, or at JAMS’ website at www.jamsadr.com. Both you and the Company shall be entitled to file dispositive motions before the arbitrator to the same extent as would be allowed had the dispute been heard in a court of law having jurisdiction over the parties’ claims or counterclaims. The arbitrator shall have the same authority as a court to award equitable relief, damages, costs, and fees as provided by law or the applicable JAMS Rules for the particular claims asserted. You and the Company shall follow the JAMS Rules applicable to initial filing fees, but in no event will you be responsible for any portion of those fees in excess of the filing or initial appearance fees applicable to court actions in the jurisdiction where the arbitration will be conducted. The Company otherwise shall pay all costs and expenses unique to arbitration, including without limitation the arbitrator’s fees. The arbitrator must follow applicable law and may award only those remedies that would have applied had the matter been heard in court. All Arbitrable Claims must be brought within the statutes of limitations applicable to such claims. The arbitrator’s decision must be in writing and contain findings of fact and conclusions of law. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. This letter affects your ability to participate in class, collective or representative actions. Both the Company and you agree to bring any dispute in arbitration on an individual basis only, and not on a class, collective, or private attorney general representative basis on behalf of others. There will be no right or authority for any dispute to be brought, heard or arbitrated as a class, collective, representative or private attorney general action, or as a member in any such class, collective, representative or private attorney general proceeding (“Class Action Waiver”). This Class Action Waiver does not apply to any claim you bring in arbitration as a private attorney general solely on his own behalf and not on behalf of others. Notwithstanding any other provision of this offer letter or the JAMS Rules, disputes regarding the validity, enforceability or breach of the Class Action Waiver may be resolved only by a civil court of competent jurisdiction and not by an arbitrator.
If any term herein is unenforceable in whole or in part, the remainder shall remain enforceable to the extent permitted by law. This letter, except to the extent governed by the Federal Arbitration Act, will be governed under California law.
Please sign and date this letter below and return it to me to indicate your acceptance of the Company’s offer. A duplicate original is enclosed for your records.
We look forward to working with you at Fort Cady California Corporation.
| Sincerely, | ||
Fort Cady California Corporation
/s/ David Salisbury By: David Salisbury Title: Executive Chairman | ||
| ACCEPTED AND AGREED: | ||
| Date: 5/10/2021 | /s/ Paul Weibel Paul Weibel | |
| Signature | ||
Enclosure:
EXHIBIT A
EMPLOYEE CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENT
