Exhibit 10.14
Re: Offer of Employment
Dear Alex:
Sorrent, Inc. (the
“Company”) is pleased to offer you a position with
the Company as
Chief
Technical Officer commencing on
September 30, 2002 (the
“Start Date”). We are please to find
someone with your vision and commitment to work as an integral part of our team.
You will be entitled to receive an annual salary of $130,000 (the
“Base Salary”) to be paid in
accordance with
the Company’s normal payroll procedures. You may also be entitled to receive a
bonus, at
the Company’s sole discretion, of up to 30% of your Base Salary (the
“Cash Bonus”).
Based upon meeting, among other things, certain employee performance milestones and certain Company
financial milestones (which milestones will be established in advance by
the Company) you may
receive 0% – 200% of your bonus amount.
We will recommend that
the Company’s Board of Directors (the
“Board”) grant you an option to
purchase up to 200,000 shares of the common stock of
the Company at the then current fair market
value, as determined by the Board. Such stock options shall vest over four (4) years, whereby
50,000 stock options shall vest twelve (12) months after the option grant date (which will be no
earlier than the Start Date), with the remaining 150,000 stock options vesting monthly thereafter
at the rate of 1/36 over the course of 36 months. All stock options issued to you shall be
governed by the terms and conditions of
the Company’s 2001 Stock Option Plan and Stock Option
Agreement, which agreement will be executed by you and
the Company upon Board approval of the grant
of the incentive stock options hereunder.
As a Company employee, you will also be eligible to receive certain employee benefits, as
modified by
the Company from time to time, including medical coverage, to the extent that your
position, tenure, salary, age, health and other qualifications make you eligible to participate,
subject to the rules and regulations applicable thereto.
Your employment with
the Company is for no specified period and constitutes an
“AT-WILL”
employment arrangement. As a result, you are free to resign at any time, with or without notice,
for any reason or for no reason. Similarly,
the Company is free to conclude its employment
relationship with you at any time, with or without notice and with or without cause.
For purposes of federal immigration law, you will be required to provide to
the Company
documentary evidence of your identity and eligibility for employment in the United States. Such
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documentation must be provided to us within three (3) business days of the Start Date, or our
employment relationship with you may be terminated.
As a condition of your employment, you will be expected to sign and comply with the Employee
Proprietary Information and Inventions Agreement, a copy of which is attached hereto as
Exhibit
A. In addition, you agree that you will not engage in any other employment, occupation,
consulting or other business activity related to the business in which
the Company is now involved
or becomes involved during the term of your employment, nor will you engage in any activities that
conflict with your obligations to
the Company.
This letter, along with the Employee Proprietary Information and Information Agreement, sets
forth the terms and conditions of your employment with
the Company and supersede any prior
representations or agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed both by an officer of
the Company and you.
To accept
the Company’s offer of employment, please sign and date this letter in the space
provided below and return it to me no later than
September 30, 2002. Please print a duplicate
original for your records.
We believe Sorrent, Inc. is poised to achieve great success. We anticipate that you will be a
critical component of that success. We look forward to working with you.
ACCEPTED AND AGREED TO
this 23rd day of September, 2002
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