Employment Agreement - BroadVision Inc. and Warren Utt
June 28, 2002
Warren Utt
Dear Warren:
BroadVision is pleased to offer you the position of Senior Vice President, Sales and Operations within the Sales. The following outlines the terms of our employment offer to you, based upon completion of a successful background check.
As a Senior Vice President, Sales and Operations, reporting directly to me, you will work from our facility in Waltham, MA.
Your starting salary will be $14,583.33 per month, paid on a semi-monthly basis, which would be an annualized rate of $200,000.00 per year. Your Variable Compensation Plan is $200,000 annual target, based upon MBO’s and commissions once the company returns to profitability.
In addition to the above, you will be recommended to a grant of an option to purchase 500,000 shares of BroadVision common stock at a fair market value to be determined at the next meeting of the option committee. The options vest over four years: twenty-five percent (25%) of the shares will vest after the first year of employment and the balance over the remaining three years on a monthly basis (2.083% of the original grant amount per month).
You will be eligible for the standard BroadVision employee benefits which include: medical, dental, vision, and prescription package, long-term disability insurance, group life insurance, participation in our 401(k) Savings Plan, participation in the Employee Stock Purchase Plan (ESPP), and two weeks paid vacation your first year of employment (vacation is based on length of service).
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Warren Utt
June 28, 2002
While BroadVision pays for the majority of your medical insurance, should you choose to participate in the plan, your financial contribution will be 10-20% of your monthly insurance premium, depending on your benefit selection. Benefits start the first of the month after your date of hire. You should also note that BroadVision may modify salaries and benefits from time to time as it deems necessary.
As a BroadVision employee, you will be required to sign an acknowledgment that you have read and understand the company rules as described in the company handbook and intend to abide by these rules and regulations. You will be expected to sign and comply with the attached Proprietary Information and Inventions Agreement. You will also be required to submit an I-9 form and satisfactory documentation regarding your identification and right to work in the United States no later than three (3) days after your employment begins.
As an employee, you may terminate employment at any time for any reason whatsoever with notice to BroadVision. We request that in the event of resignation, you give the company at least two weeks notice. Similarly, BroadVision may terminate your employment at any time for any reason whatsoever with or without cause or advance notice. This mutual termination of employment arrangement will supersede all previous written and oral communication with you and can only be modified by written agreement signed by all parties.
If you wish to accept employment at BroadVision under the terms set out above, please sign and date this letter, and return it to Staffing Department by June 30, 2002.
I look forward to your favorable reply and to a productive and exciting working relationship.
Sincerely,
Andrew Nash
Executive Vice President, COO
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/s/ Warren Utt |
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Approved and Accepted |
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