Employment Agreement - Plumtree Software Inc. and Eric Borrmann
June 23, 2000
Mr. Eric Borrmann
9520 MacDonald Court
Pleasanton, CA 94588
Dear Eric:
I am very pleased to extend an offer for you to join Plumtree Software as Chief
Financial Officer, reporting to the Chief Executive Officer. You will be
responsible for the overall finance and administration organization. This will
include, but not be limited to, accounting, treasury, investor relations,
information systems, legal, human resources, real estate and other executive
level tasks that leverage your skills. As discussed, your start date will be no
later than July 17th of 2000.
We have structured a compensation package that consists of five components:
salary, bonus, equity, severance and benefits:
1. Salary
Base salary of $180,000 paid according to standard company payroll policy.
2. Bonus
Your bonus, upon attainment of corporate plans, objectives and target
revenue plan, will be $40,000. This will be paid on a quarterly basis and
pro-rated for 2000. The specific objectives and target plan will be
mutually agreed upon by your and the Chief Executive Officer at a later
date.
3. Equity
You will be granted options to purchase 400,000 of Plumtree Software's
outstanding common stock, subject to Board approval at the next Board of
Directors meeting. The terms and conditions of this issuance shall be
governed by Plumtree Software's standard stock option plan. Your options
will vest over a four (4) year period, with twenty five percent of such
options vesting upon your first year of employment with the Company.
After your first year the remaining shares vest 1/36th each month
thereafter for three (3) years.
4. Severance & Change of Control
Although we hope that the employment relationship will be mutually
satisfactory, your employment with Plumtree Software is 'at will.' If
employment is terminated by the Company without cause, within your first
year of employment, your will receive 12 months of base salary
continuation. If employment is terminated by the Company without cause
following your one year anniversary with the Company, you will receive 6
months of base salary continuation.
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In the event of a change of control of the Company and if you lose job
responsibility as a result of the change of control, 50% of the then
unvested shares shall immediately vest.
6. Benefits
The Company provides a comprehensive health plan to its employees. A copy
of the complete medical plan will be sent to you at a later date.
This letter set forth, fully, all understandings and agreements between you and
Plumtree Software regarding your employment. Please acknowledge your
acceptance of our offer by signing and dating this letter and returning it to
me no later than June 23, 2000. A copy is being sent to your house for your
records.
Eric, I think Plumtree Software is an excellent opportunity for you to leverage
your background and abilities to build an incredibly successfully company. The
Board of Directors and I look forward to partnering with you to achieve both
your personal and professional goals at plumtree Software.
Sincerely,
/s/ JOHN KUNZE /s/ ERIC BORRMANN
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John Kunze Erick Borrmann
Chief Executive Officer
Plumtree Software
Date 6/23/00 Date 6/23/00
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