Employment Agreement - Instant Video Technologies Inc. and June White
[LOGO] 500 Sansome Street, Suite 503 tel 415.391.4455
San Francisco, fax 415.391.3392
California 94111 http.//www.burst.com
Instant Video Technologies, Inc.
September 25, 1998
Ms. June White
20 Plaid Place
Hillsborough, CA 94010
RE: Offer of Employment
June:
On behalf of Instant Video Technologies Inc., it is my pleasure to make you
an offer of employment as our Vice President, Engineering. In this capacity
you will be reporting to the Chief Technology Officer and will be
responsible for the following duties:
o Manage the day to day operations of the Engineering department.
o Interface with other departments to define product
requirements and develop schedules and other materials to
deliver on product releases.
o Work to increase staff to meet product development and support
needs.
As an exempt employee, your compensation and benefits are as follows:
Salary $120,000 per year.
Bonus Subject to the approval of the Board at a later
Stock date.
Subject to Board approval, 65,000 common stock
options with 4 year vesting with one-fourth
(1/4) to vest at the end of the first year
"cliff" period. The remaining three-quarters
(3/4) to vest monthly on a prorata basis over
the remaining 3 years.
Vacation 15 days of personal time.
Benefits Eligible for the standard package as offered
Options to employees of Instant Video Technologies.
Eligible for all ISO programs as approved by
the Board periodically.
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 and we would like your start date to be September, 1998. This offer
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.
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.
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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.
June, let me close by reaffirming our belief that the skill and background
you bring to Instant Video Technologies will be instrumental to the future
success of the company. Without hesitation, 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,
/s/ David Morgenstein
David Morgenstein
Chief Operating Officer
ACCEPTED:
/s/ June White 9/25/98
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June White Date