Common use of Position Duties and Location Clause in Contracts

Position Duties and Location. (a) The Employee shall serve as Chief Financial Officer of the Company, reporting to the Board, with such duties and responsibilities as are customarily assigned to such position and such other duties and responsibilities not inconsistent therewith as may be assigned to him from time to time by the Board. (b) During the Employment Period, and excluding any periods of vacation and sick leave to which the Employee is entitled, the Employee shall devote his full-time efforts to the business and affairs of the Company and use his best efforts to carry out such responsibilities faithfully and efficiently. It shall not be considered a violation of the foregoing for the Employee to (i) serve on corporate, civic or charitable boards or committees, (ii) deliver lectures or fulfill speaking engagements, (iii) manage personal investments, or (iv) engage in other business activities, so long as such activities do not materially interfere with the performance of his responsibilities as an employee of the Company in accordance with this Agreement. (c) Employee will initially be based at the Company’s U.S. headquarters in or around New York, New York (the “Initial Headquarters”); provided that the Company anticipates that its headquarters may be relocated to San Diego, California at which time Employee will be expected to move to that location.

Position Duties and Location. (a) The Employee shall serve as President and Chief Financial Executive Officer of the Company, reporting to the Board, with such duties and responsibilities as are customarily assigned to such position and such other duties and responsibilities not inconsistent therewith as may be assigned to him from time to time by the Board. (b) During the Employment Period, and excluding any periods of vacation and sick leave to which the Employee is entitled, the Employee shall devote no less than 80% of his full-time efforts to the business and affairs of the Company and use his best efforts to carry out such responsibilities faithfully and efficiently. It shall not be considered a violation of the foregoing for the Employee to (i) serve on corporate, civic or charitable boards or committees, (ii) deliver lectures or fulfill speaking engagements, (iii) manage personal investments, or (iv) engage in other business activities, so long as such activities do not materially interfere with the performance of his responsibilities as an employee of the Company in accordance with this Agreement. (c) Employee will initially be based at the Company’s U.S. headquarters in or around New York, New York (the “Initial Headquarters”); provided that the Company anticipates that its headquarters may be relocated to San Diego, California at which time Employee will be expected to move to that location.