Diversa Corp. Contracts
Sample Business Contracts
Employment Agreement - Diversa Corp. and Jay M. Short
Employment Forms
- 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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- More Employment Agreements
June 25, 1998 [LOGO] DIVERSA Jay M. Short, Ph.D. 320 Delage Drive Encinilas, California 92024 CONFIDENTIAL Dear Jay, The Board has been exceptionally pleased by your contributions to the success of Diversa. The Board wishes to recognize your contribution as follows: Title: President and Chief Technology Officer. Bonus Payment: $500,000 paid by June 25, 1998, and $500,000 paid on June 1, 1999, conditioned on your continued employment with Diversa Corporation on the date of each payment. This special bonus will not affect your participation in Diversa Corporation's bonus program for its executives. Stock Option Grant: An additional grant of incentive stock option at 4% of total Diversa Corporation's fully diluted shares effective June 25, 1998. Company Support: The Board, pursuant to an approved budget, will permit Management to operate Diversa within the current financial resources for a period of one (1) year. Vesting: Four (4) years, under the terms of the 1997 Stock Option Plan with 25% of the options vesting on the first anniversary and 1/12 of the remainder vesting quarterly thereafter and an accelerated immediate vesting of the unvested portion of stock options granted above upon the sale of the Company, or the involuntary termination of your employment without cause as defined in Diversa's Stock Purchase and Restriction Agreement. R&D Support: One to two people, as required, in the areas of R&D sales and partnership management; reporting to Jay Short. 1 <PAGE> Jay M. Short June 25, 1998 Page 2 Severance: In the event the Company is liquidated or is sold below the current valuation ($0.85 per share), salary will continue for two (2) years from the date of involuntary termination without cause, either under the current bi-monthly salary schedule or in a lump sum, at the election of the employer. In addition, all options and bonus payment mentioned above are accelerated. The two (2) year severance clause will revert to the previously agreed upon six (6) months clause after June 25, 2000. In addition, the provision of the Employee Invention and Non-Disclosure Agreement between you and Diversa Corporation will remain in full force and effect. Sincerely, /s/ Terrance J. Bruggeman Terrance J. Bruggeman Chairman and Chief Executive Officer I am in agreement with the aforementioned. /s/ Jay M. Short -------------------------------- Jay M. Short, Ph.D. 2