Employment Agreement - Interwoven Inc. and Peng Tsin Ong
[Interwoven Letterhead]
February 29, 1996
Peng Tsin Ong
36 Waterside Circle
Redwood City, CA 94065
Dear Peng,
Re: Offer Letter
Interwoven, Inc. (the "Company" or "Interwoven") is pleased to offer you a
position as President and Chief Executive Officer starting on March 1, 1996, at
a monthly salary of $4,000 payable monthly. In addition, you will be compensated
$8,000 for the work you have already performed for the Company in January and
February 1996. You will also be entitled to the benefits that interwoven
customarily makes available to employees in positions comparable to yours.
The Company asks that you complete the enclosed "Employee Information and
Inventions Agreement" prior to commencing employment. In part, this Agreement
requests that a departing employee refrain from using or disclosing Interwoven's
Confidential Information (as defined in the Agreement) in any manner which might
be detrimental to or conflict with the business interests of Interwoven or its
employees. This Agreement does not prevent a former employee from using his or
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her general knowledge and experience -- no matter when or how gained -- in any
new field or position. If you should have any questions about the "Employee
Confidential Information and Inventions Agreement", please call me.
We hope that you and Interwoven will find mutual satisfaction with your
employment. All of us at Interwoven are very excited about your joining our team
and look forward to a beneficial and fruitful relationship. Nevertheless,
employees have the right to terminate their employment at any time with or
without cause or notice, and the Company reserves for itself an equal right.
Nothing in this letter is intended to modify this at will relationship
employment. We both agree that any dispute arising with respect to your
employment, the termination of that employment, or a breach of any covenant of
good faith and fair dealing related to your employment, shall be conclusively
settled by arbitration in accordance with the Voluntary Labor Arbitration Rules
of the American Arbitration Association (AAA) at the AAA office in San Jose.
For purposes of federal immigration law, you will be required to provide
Interwoven documentary evidence of your identity and eligibility for employment
in the United States. Such documentation must be provided to us within three
business days of your date of hire, or our employment relationship will be
terminated.
This letter and the "Employee Confidential Information and Inventions
Agreement" contain the entire agreement with respect to your employment. The
terms of this offer may
Initial: PTO
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only be changed by written agreement, although the Company may from time to
time, in its sole discretion, adjust the salaries and benefits paid to you and
its other employees. Should you have any questions with regard to any of the
items indicated above, please call me. Kindly indicate your consent to this
employment agreement by signing and returning a copy of this letter and a
completed "Employee Confidential Information and Inventions Agreement" to me by
March 1, 1996.
Yours truly,
/s/ Peng Tsin Ong
Peng Tsin Ong
Chairman
ACCEPTED:
Peng Tsin Ong
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Peng-Tsin Ong
1 March `96
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Date