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September 6, 2000 EXHIBIT 10.10
Keith Palmer
1506 Maple Crest Dr.
Castleton, NY 12033
Dear Keith,
This letter will serve as our offer and your acceptance of a position with
American Bio Medica Corporation, effective on your first day of employment at
ABMC which I understand to be October 2, 2000. Please sign and return a copy.
Title: Vice President, Finance and Chief Financial Officer
Reports to: CEO/Chairman
Compensation Package:
Base Salary: $100,000 per year
Bonus available (up to 100% of base salary)
25% of paid base upon achieving EBITDA of $1 million
2% of paid base for each additional $100,000 EBITDA
Stock Option Program:
100,000 shares (at market price upon start date) and vesting as follows:
25,000 shares vested after first 12 months of employment
25,000 shares vested after second 12 months of employment
25,000 shares vested after third 12 months of employment
25,000 shares vested after fourth 12 months of employment
Expenses:
all expenses related to business
automobile allowance of $500 per month
Vacation: three weeks per year
Other Benefits:
401(k) program
Health Insurance program as available to all officers/employees
Sincerely,
/s/ Stan Cipkowski
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Stan Cipkowski Accepted by: /s/ Keith E. Palmer Date: 9/19/00
CEO/Chairman ------------------- -------
Keith E. Palmer
