Employment Agreement - Instant Video Technologies Inc. and Richard B. Jones
September 14, 1999
Richard B. Jones
6435 Camino Verde Dr.,
San Jose, CA 95119
RE: Offer of Employment
Dear Richard:
On behalf of Instant Video Technologies Inc., it is my pleasure to make you an
offer of employment as our Chief Financial Officer. In this capacity you will be
reporting to the Chief Operating Officer or his designated representative and
will be responsible for the following duties:
o Organize, build and manage our accounting department including
account payable and receivable, tax cmpliance, audit requirements,
and other accounting functions.
o Responsible for all financial matters including the various
filings with SEC and other regulatory agencies.
o Support the CEO in all funding and financing matters as required.
o Create business plans, pro-forma financial statements and make
presentations to potential investors.
o Conduct "road shows" in an effort to show the viability of IVT to
the financial community as needed.
o Any other duties related to accounting and financial needs of the
company.
As an exempt employee, your compensation and benefits are as follows:
Salary $150,000 per year.
Stock Options Subject to Board approval, you will be granted as
soon as practicable after you start as an employee
with the Company, 70,000 common stock options. The
options will vest over a period of four years, as
follows: 17,500 options will vest at the end of
twelve months after the date of grant; Following the
12 month anniversary date, 1458 options will vest
monthly thereafter for 35 months and 1470 options
will vest in the 36th month. The options will have a
term of five years from the date of grant. The
options will also be subject to the terms and
conditions of an option agreement to be signed at the
time the option is granted.
Vacation 15 days of personal time.
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Benefits Eligible for the standard package as offered to
employees of Instant Video Technologies.
Options Eligible for all ISO programs as approved by the
Board periodically.
All properly documented and normal business expenses will be reimbursed by the
company, and must conform to IRS and company policies and procedures.
You will be eligible for a performance and salary review every twelve (12)
months. As you know, we are anxious to fill this position as soon as possible.
This offer valid until September 17th, 1999 and is contingent upon your review
and signature of this letter and receipt of satisfactory proof of identification
and work authorization as required by the Immigration Reform and Control Act.
IVT reserves the right to perform background verifications of information and
previous employment at company expense.
Your employment and compensation with Instant Video Technologies are "at will"
in that they can be terminated with or without cause, and with or without
notice, at any time, at the option of either yourself or Instant Video
Technologies, except as otherwise provided by law. The terms of this offer
letter, therefore, do not and are not intended to create an expressed or implied
contract of employment with Instant Video Technologies. No manager or
representative of Instant Video Technologies other than an Officer of the
company has authority to enter into any agreement for employment for any
specified period of time or to make any agreement or contract to the foregoing,
and any promises to the contrary may only be relied upon by you if they are in
writing and signed by an Officer of Instant Video Technologies.
Richard, let me close by reaffirming our belief that the skill and background
you have brought to Instant Video Technologies will be instrumental to the
future success of the company. The single most important factor in the success
of Instant Video Technologies will be our people. We look forward to your
joining us. Please confirm your acceptance of this offer by signing on the space
provided below and returning the copy to me.
Sincerely,
Thomas Koshy
Chief Operating Officer
ACCEPTED:
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Richard B. Jones Date