EXHIBIT 10.30
October 8, 1999
Xx. Xxxxxxx Xxxxxxxx
Dear Xxxxxxx:
I am pleased to extend our offer to you with Xxxxxxx.xxx (the "Company") in the
position of Vice President of Strategic Development reporting to the CEO. This
letter is intended to set forth the terms and conditions of Xxxxxxx.xxx's offer
of employment.
Your full-time employment will begin October 25, 1999, or sooner contingent upon
execution of this letter of agreement prior to commencement date. Your semi-
monthly rate of pay will be $7,708.33, which is equivalent to $185,000.00
annually. You will also be eligible for an annual bonus, paid quarterly, equal
to 30% of your annual salary, based on company performance and individual
objectives. This bonus will be guaranteed at $25,000 for 1999 and will be paid
out no later than January 31, 2000. You will be eligible to receive certain
employee benefits including health, vision and dental insurance effective your
first day of employment, and our 401(k) plan effective at a later date.
Additionally, you will be eligible for fifteen days of Paid Time Off (PTO) and
eleven paid holidays per year, which are pro-rated based upon your date of hire.
The Company will grant you an option to purchase 155,000 shares of Common Stock
at an exercise price to be determined by the Board of Directors based upon the
fair market value of the common stock at the time of grant. The options will
vest as follows: 10% of the shares will be vest upon grant, 15% of the remaining
balance will vest upon the first anniversary of the grant date and the balance
will vest on a pro rata monthly basis over 3 years subject to Board of Director
approval.
If you choose to accept this offer, your employment with the Company will be
voluntarily entered into, at will. As a result, either party may conclude its
employment relationship at any time, with or without cause. If the Company
terminates your employment for any other reason than cause, the Company will pay
you a lump sum payment of 6 months annual base compensation. In the event of a
Change of Control, 50% of your unvested options will vest, if you are not
retained as an employee of the Company at a similar level position located in
the Bay Area. If a new Change of Control policy is adopted for Officers of the
Company you will be covered under the terms of the new policy.
Mr. Xxxxxxx Xxxxxxxx
Page 2
October 8, 1999
For purposes of federal immigration law, you will be required to provide to the
Company documentary evidence of your identity and eligibility for employment in
the United States. Such documentation must be provided to us within three (3)
business days of your date of hire. Because of this federal law, our employment
offer must be contingent upon your timely provision of information for
immigration purposes. Please let us know as quickly as possible if you foresee
some delay in obtaining the necessary documents, so that we can do whatever we
can to help. Your employment offer is also contingent upon the completion of an
application and the results of a Background Check as authorized in your
application.
In the event of any dispute or claim relating to or arising out of our
employment relationship, this agreement, or the termination of our employment
relationship (including, but not limited to, any claims of wrongful termination
or age, sex, disability, rate or other discrimination), you and the Company
agree that all such disputes shall be fully, finally and exclusively resolved by
binding arbitration conducted by the American Arbitration Association in Santa
Xxxxx County, California, and we waive our rights to have such disputes tried by
a court or jury. However, we agree that this arbitration provision shall not
apply to any disputes or claims relating to or arising out of the misuse or
misappropriation of the Company's trade secrets or proprietary information.
To indicate your acceptance of the Company's offer, please sign and date this
letter in the space provided below and return it to me as soon as possible. I
have enclosed a duplicate original for your records. You will be required to
sign an Employee Inventions and Proprietary Rights Assignment Agreement and an
Employee Non Disclosure Agreement as a condition of your employment. This
letter, along with any agreements relating to proprietary rights between you and
the Company, set forth the terms of your employment with the Company and
supersede any prior representations or agreements, whether written or oral.
This letter may not be modified or amended except through a written agreement
signed by the Company. This offer will expire 10/14/99.
We look forward to working with you at Xxxxxxx.xxx. Welcome aboard!
Sincerely,
/s/ Xxxx XxXxxxx
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Xxxx XxXxxxx
Chairman, President & CEO
AGREED TO AND ACCEPTED:
/s/ Xxxxxxx Xxxxxxxx
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Xxxxxxx Xxxxxxxx
