Exhibit 10.23
[QUESTCOR LETTERHEAD]
Charles J. Casamento
Chairman, President & CEO
May 2, 2000
Questcor Pharmaceuticals, Inc.
3260 Whipple Road
Union City, CA 94587
Dear Ken:
I am pleased to offer you the position of Vice President, Marketing and Sales
for Questcor Pharmaceuticals, Inc. The terms of your offer are as follows:
- - A base salary of $184,000 annually.
- - An annual performance review and corresponding merit increase based on
performance, each January 1, beginning in 2001.
- - Stock options in the amount of 150,000 shares. The price will be determined
as of the closing price on your first day of employment. Your options will
vest monthly over a forty-eight month period with vesting beginning in
month seven at which point you will be vested in 6/48ths of your options
with another 1/8th being vested each month thereafter.
- - Participation in our management bonus plan. Historically, our corporate
officers have been eligible for a bonus equal to 33% ($61,000 in your case)
of base salary. The exact amount to be paid will be determined based on
achievement of agreed upon objectives.
- - Participation in sales commission plan that will provide up to an
additional $40,000 income based on over-achievement of the sales budget.
5/2/00 letter from C. Casamento
Page 2
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- - You will participate in the Company's benefits, which are appropriate for
individuals on a Vice President level. This includes medical, dental, life
insurance, disability, 401-K plan and a company stock purchase plan.
- - You currently have commission due from your current employer. They
will not pay commission if you leave the company prematurely. To
compensate for this we will pay a one-time bonus of $20,000 when you
become employed by Questcor.
- - We will provide you with six months severance should your employment
be terminated. If the Company ever merges or is acquired and a severance
plan is put in place providing for severance for a period of time different
than six months, you will receive severance for the greater period of time.
Ken, I believe you can make significant contributions to the growth and
development of Questcor. I look forward to a mutually beneficial working
relationship.
Sincerely, Accepted by,
/s/ Charles J. Casamento /s/ Kenneth R. Greathouse
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Charles J. Casamento Kenneth R. Greathouse
Chairman, President and CEO
Questcor Pharmaceuticals, Inc.
Date: May 2, 2000 Date: 5/3/00
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CJC:ls