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EXHIBIT 10.20
XX0.XXX, INC.
P.O. Box 910091
San Diego, CA 92191
April 30, 1999
Xxxxx Xxxxxx
c/o XX0.xxx, Inc.
P.O. Box 910091
San Diego, CA 92191
RE: EMPLOYMENT TERMS
Dear Delon:
XX0.xxx, Inc., a Delaware corporation, (the "Company") is pleased to offer you a
full-time position as an employee of the Company, on the following terms.
You will be responsible for such duties as are determined by the Chief Executive
Officer of the Company. You will report to Xxxxxxx Xxxxxxxxx, the Chief
Executive Officer of the Company. You will work at our facility located in San
Diego. Of course, the Company may change your position, duties, and work
location from time to time as it deems necessary.
Your compensation will be $11,666.67 per month, less payroll deductions and all
required withholdings. You will be paid bi-weekly and you will be eligible for
standard benefits, such as medical insurance, sick leave, vacations and
holidays, according to standard Company policy as may be adopted by the Company
from time to time. Details about these benefits will be provided in an Employee
Handbook and in Summary Plan Descriptions, which will be prepared by the Company
and made available for your review in due course. The Company may modify your
compensation and benefits from time to time as it deems necessary.
Upon commencement of employment with the Company pursuant to this letter (the
"Commencement Date"), and subject to the approval of the Company's Board of
Directors, you will be granted an Incentive Stock Option to purchase 50,000
shares of the Common Stock of the Company under the Company's 1998 Equity
Incentive Plan (the "Plan"). The exercise price per share of the Incentive Stock
Option will be at the then current fair market value of the Company's Common
Stock, as determined by the Company's Board of Directors in good faith.
The shares of Common Stock subject to your Incentive Stock Option will be
subject to vesting over four years so long as you continue to be employed by the
Company.
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Xxxxx Xxxxxx
April 30, 1999
Page 2
according to the following schedule: 25% of such shares will vest as of the one
year anniversary of the Commencement Date; an additional one forty-eighth
(1/48th) of such shares will vest as of the end of each monthly period
thereafter.
The specific terms and conditions of your Incentive Stock Option will be set
forth in an Incentive Stock Option Agreement between you and the Company. Such
agreement shall be in substantially the form approved by the Board of Directors
of the Company for use with the Plan, and will be executed after you commence
your employment with the Company pursuant to this letter.
As a Company employee, you will be expected to abide by Company rules and
regulations, and acknowledge in writing that you have read the Company's
Employee Handbook (once it has been made available to you). As a condition of
employment, you will be required to sign and comply with a Proprietary
Information and Inventions Agreement, a copy of which is attached hereto as
Exhibit A, which, among other things, prohibits unauthorized use or disclosure
of Company proprietary information.
Normal working hours are from 8:30 a.m. to 5:30 p.m., Monday through Friday. As
an exempt salaried employee, you will be expected to work additional hours as
required by the nature of your work assignments.
You may terminate your employment with the Company at any time and for any
reason whatsoever simply by notifying the Company in writing no later than two
weeks prior to the date of such termination. Likewise, the Company may terminate
your employment at any time and for any reason whatsoever, with or without cause
or advance notice. This at-will employment relationship cannot be changed except
in a writing signed by a Company officer.
The employment terms in this letter supersede any other agreements or promises
made to you by anyone, whether oral or written, and comprise the final, complete
and exclusive agreement between you and the Company. As required by law, this
offer is subject to satisfactory proof of your right to work in the United
States.
Please sign and date this letter, and return it to me as soon as possible if you
wish to accept employment at the Company under the terms described above. If you
accept our offer, we would like you to commence your employment with us as soon
as practicable.
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Xxxxx Xxxxxx
April 30, 1999
Page 3
We look forward to your favorable reply and to a productive and enjoyable work
relationship.
Sincerely,
XX0.XXX, INC.
By: /s/ XXXXXXX XXXXXXXXX
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Xxxxxxx Xxxxxxxxx
Chief Executive Officer
ACCEPTED BY:
/s/ XXXXX XXXXXX
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Xxxxx Xxxxxx
5-3-99
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EXHIBIT A
PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
