Sample Business Contracts

Employment Agreement - Diversa Corp. and Karin Eastham

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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April 2, 1999

Karin Eastham
4965 Gunston Court
San Diego, CA 92130

Dear Karin,

We are pleased to make you an offer to join Diversa Corporation as a full-time
employee. The Terms of the offer are as follows:

Title:                   Sr. VP, Finance and Chief Financial Officer, reporting
                         to CEO & President.

Starting Salary:         $17,500/Month. (Please note, however, we are paid
                         semi-monthly; annual salary divided by 24 pay periods.)

Annual Bonus:            An annual bonus of up to 20% of your base salary as
                         outlined in the Annual Bonus Plan. The first year bonus
                         will be a guaranteed 20% bonus. Diversa reserves the
                         right to amend this Plan in support of the business

Equity:                  600,000 stock options shares (approx. .74% of the
                         outstanding shares), to be vested over a four year
                         period, subject to the approval of the Board of
                         Directors and the conditions stated in the Employee
                         Incentive and Non-Statutory Stock Option Plan. The
                         expected grant price is 60 cents/share. The first 25%
                         vesting will occur the earlier of completing one year
                         of service or a successful IPO. Also, there will be
                         opportunities for additional stock options based on

Insurance/401(K):        You will be eligible to participate in medical, dental
                         and vision insurance benefits the first of the month
                         following your date of hire. You will also be eligible
                         to enroll in our 401(K) Plan the first of the month
                         following three (3) full time months of employment.
                         Diversa may make a discretionary employer match decided
                         on each year by the Company's Board of Directors.
                         Currently the Company match equals 25% up to the first
                         6% contributed by employees.

Vacation:                Up to four weeks of paid vacation annually, accrued at
                         a monthly rate.

Outside Board
  Memberships:           Ability to participate on outside Boards assuming no
                         conflict of interest with Diversa's business, and no
                         impact on Diversa's daily business operation. These
                         Board positions will be subject to Diversa's Board of
                         Directors' approval.

Karin Eastham
Page 2 of 2
April 2, 1999

Home Office
 Equipment:              Home based computer and printer for business purposes
                         during the term of employment, not to exceed $4,000.

Agreements:              This offer of employment is subject to and expressly
                         conditioned upon your execution of the Company's
                         standard invention and non-disclosure agreement. A copy
                         is enclosed.

Terms of Employment:     In a dynamic environment in which Diversa does
                         business, the company must be able to respond rapidly
                         to business and technological changes. We are also
                         aware that employees want the freedom to respond to
                         changing career opportunities. For these reasons, as an
                         employee of Diversa Corporation, you will enjoy the
                         At-Will Employment Policy. This means you are free to
                         terminate your employment and the company may terminate
                         your employment, at any time, with or without any
                         reason or cause. Any oral representations to the
                         contrary are invalid. Any employment contract for
                         anything other than At-Will Employment Policy is only
                         valid if made in writing and signed by the Chief
                         Executive Officer of the Company. Upon beginning
                         employment, you will be presented with an employee
                         handbook that will also describe our Company's At-Will
                         Employment Policy, as well as other personnel
                         guidelines and various benefits to which you may be

If these terms are acceptable, please indicate by signing and returning a copy
of this letter. If you have any questions about this offer, please call me

Karin, we are convinced that you will make a tremendous contribution to Diversa.
Please let me know by April 8, 1999, if you wish to accept this position. The
starting target date is May 3, 1999.

Diversa Corporation

/s/ Jay Short
Jay Short
CEO & President

I accept Diversa's employment offer:

/s/ Karin Eastham                              4-2-99
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Karin Eastham                                Date