Sample Business Contracts

Employment Agreement - VA Research Inc. and Todd B. Schull

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.
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May 24, 1999

Todd B. Schull
7913 Paragon Circle
Pleasanton, CA 94588

Dear Todd:

At VA Research, we depend on the commitment, enthusiasm and skills of our team
members to lead the company's growth. Each person has both the luxury and the
duty to contribute to the future success of the company in the most meaningful
way he or she can.

With this in mind, we are pleased to offer you a permanent position as Chief
Financial Officer, effective immediately.

We view your appointment as the beginning of a new stage in the VA Research
business plan. We're looking to you to fulfill the company's goal to become a
recognized leader in Linux, with a sincere understanding of the Open Source
culture and an ability to deliver quality products in a timely manner.

As Chief Financial Officer, you will play a senior management role in directing
the company. Your areas of responsibility will include:

     Financial planning, budgeting, and reporting.

     Sales order administration.

     All general administrative functions of the company.

     Facilities management.

     General accounting functions including payables, receivables, and

     Human resources, recruiting, and payroll.

     Investor relations and financing.

     Representing the company on a variety of issues to customers, the Linux
     community, suppliers, investors, media representatives and the general

     Modifying your responsibilities as the company's needs warrant.

Your compensation will consist of:

     A monthly salary of $15,000.

     Subject to approval by the board of directors, participation in the
     company's stock option plan with 249,717 shares at the standard option
     price granted on your starting date and vesting according to the plan
     schedule (currently 25% vested after 1 year and 1/48 per month thereafter)

     Health insurance through Lifeguard and dental insurance through the

     3 weeks paid vacation each year.

In the event of involuntary termination for any reason, a severance package
equal to the higher of either 1 month salary for every year of service or 3
month's salary will be paid on a salary continuation basis with medical
benefits coverage during the severance period.

<PAGE>   2
As with all VA Research staff, your employment is "at will," meaning either you
or the company may terminate your employment with two weeks written notice. If
you ever feel it necessary to discuss issues of your employment, please feel
free to raise them frankly with us.

Welcome to our team.


Larry M. Augustin, PhD
President & CEO

Accepted by:

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Todd B. Schull                Date