EXHIBIT 10.29
EMPLOYMENT AGREEMENT BETWEEN TURBOCHEF, INC AND XXXXXX
X. XXXXXXXX.
[LETTERHEAD OF TURBOCHEF APPEARS HERE]
March 5, 1998
Xx. Xxxxxx X. Xxxxxxxx
00 Xxxxxx Xxxx Xxxx
Xxx Xxxxxx, XX 00000
Dear Xxxxxx:
On behalf of the Board of Directors of TurboChef, Inc., I am pleased to confirm
our agreement that you will join TurboChef, Inc. as Chairman of the Board and
Acting Chief Executive Officer, effective March 5, 1998.
As we discussed, we expect you will be active on behalf of the Company during
the next few months. However, after a new CEO is hired, your role will be cast
in the model of non-executive Chairman representing 30-40 days per year.
Specifically, The Board of Directors would expect you to provide leadership and
expertise in positioning TurboChef to become a dominant factor in cooking
technologies. To this end, you will take a lead role in working with the Board
to hire a Chief Executive Officer.
- Hire a Chief Executive Officer
- Establish a research and development, joint venture and licensing
agreements with major companies around the world
- Focus the Company's resources on high priority projects
- Develop an effective organization (which may require additional
hiring and organization changes)
- Create an effective model for selling TurboChef technologies
- Promote TurboChef to the financial community
Xxxxxx X. Xxxxxxxx
March 5, 1998
Page 2
Your compensation for this activity will be structured as follows:
* Term: Two years
* Annual Salary: $300,000
* Benefits: Company medical plan
* Stock Options: Options to purchase 200,000 shares at a
price equal to the market value per
share on March 5, 1998.
1) 66,667 shares will vest when the
Company signs an employment
agreement with a new Chief Executive
Officer
2) 66,667 will vest on March 5, 1999
3) 66,666 will vest on March 5, 2000
4) Additional grants may be made in the
sole discretion of the Board of
Directors
5) You will simultaneously execute
TurboChef's standard non-disclosure
non-compete agreement.
On behalf of the TurboChef Board of Directors, I am excited at the prospect of
you joining the Company.
To accept our proposal, please sign a copy of this letter and return it to me.
I look forward to building TurboChef together.
Sincerely,
/s/ XXXXXXX X. XXXXXXX
Xxxxxxx X. Xxxxxxx
Signed: /s/ XXXXXX X. XXXXXXXX
---------------------------------
Xxxxxx X. Xxxxxxxx
