Employment Agreement - Informix Corp. and Wes Raffel
September 18, 1997
Wes Raffel
1976 Tasso Street
Palo Alto, CA 94301
Dear Wes:
We are very pleased that you are considering joining us at Informix Software,
Inc. (Company). The purpose of this letter is to set forth our offer of
employment. We propose that you begin employment with Informix Software, Inc.
in the capacity of Vice President, North American Sales, reporting to Bob
Finocchio, Chairman, President and Chief Executive Officer.
Your salary, computed on an annual basis beginning on the date you become an
employee of the Company, will be $250,000 per year and shall be paid in equal
semi-monthly installments.
You will also participate in the Sales Incentive Compensation Plan in 1997 at an
annual incentive target of $150,000 for 100% achievement of target. Targets
will be mutually agreed to as the budgeting process is completed for 1998. Your
incentive payment will be guaranteed at 100% of target for the first six (6)
months of your employment.
It will be recommended to the Board of Directors that you receive a
non-qualified stock option under the Informix Corporation Employee Stock Option
Plan to acquire 325,000 shares of the common stock of Informix Corporation on
terms and conditions to be determined solely by the Board of Directors at the
time of the grant. You, of course, will be under no obligation to exercise any
stock options which may be granted to you. If the Board accelerates option
vesting pursuant to a change in control for the executive staff, you will be
included as a member of the executive staff for this purpose.
In the event of a change in CEO or change in ownership of the company, you will
be entitled to receive as severance an amount equal to one (1) year base salary,
if your employment terminates within 90 days of the initiating event
irrespective of which party initiates the termination.
This offer of employment is contingent upon the following:
- Your signing of the Company's Employee Agreement for Nondisclosure of
Confidential Information, in the form attached.
- Your acceptance of this offer by signing this letter below.
- Your signing of the enclosed W-4 form.
Approval by the Informix Board of Directors.
- Within your first day of employment, you must provide for examination,
proof of your legal right to work in the United States and complete the
Immigration Form I-9 as required by the U.S. Immigration and Naturalization
Service. These include either 1) a U.S. passport, a U.S. certificate of
citizenship, a U.S. certificate of naturalization, an unexpired foreign
passport with attached employment authorization or an alien registration
card with photograph; OR 2) a state driver's license, a state I.D. card, a
U.S. military card AND a Social Security card or a
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Wes Raffel
September 18, 1997
U.S. birth certificate. If you do not have proof of identification on the
first day of employment, you will be sent home to obtain the documents. You
will not be placed on the payroll until this form is completed by a Company
representative. If for any reason you are unable to provide proof of your
identity as well as your legal right to work in the United States within the
first three days the Company may terminate your employment. From time to time
after your first day of employment, you may be asked to provide proof of your
identity as well as your legal right to work in the United States.
This offer of employment is not for any specific period of time and your
employment may be terminated with or without cause by yourself or the Company at
any time for any reason.
As an employee of Informix, you also agree to comply with company policies,
procedures and standards of conduct that may be established by the Company.
This offer of employment contains all of the terms and conditions of your
employment with the Company and supersedes any and all prior, oral or written
representations or agreements made by anyone employed by, or associated with,
the Company.
The terms of this offer, if accepted, will become your terms of employment and
can only be added to or modified by a written document signed by the Vice
President of Human Resources or the President of the Company.
I am looking forward to your acceptance of this offer. Please be advised that
this offer of employment is valid only to September 25, 1997. Please
acknowledge your acceptance by signing and dating this letter and returning it
to us before September 28, 1997. In addition, please complete the W-4 form and
return it to the Human Resources Department prior to beginning your employment
or no later than 3 days after your date of hire. Enclosed for your convenience
in making the return is a self-addressed envelope. Please bring your I-9 form,
required identification, and Non-Disclosure Agreement with you on your first day
of employment for verification and witnessing by your manager.
Sincerely,
INFORMIX SOFTWARE, INC.
Bob Finocchio
Chairman, President and
Chief Executive Officer
Enclosures
1. Non-Disclosure Form
2. I-9 Form
3. W-4
4. Employee Handbook
AGREED ON THE 22ndDAY OF September 1997
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ANTICIPATED START DATE: 22nd DAY OF September 1997
SIGNED: /s/Wes Raffel