Plumtree Software Inc. Contracts
Sample Business Contracts
Employment Agreement - Plumtree Software Inc. and James J. Flatley
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.
- Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
- Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
- Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
- Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
- More Employment Agreements
June 20, 1999 Mr. James J. Flatley 7 Magnolia Lane Colts Neck, NJ 07722 Dear Jim: I am very pleased to extend an offer for you to join Plumtree Software as Vice President, Sales & Services, reporting to the Chief Executive Officer. You will be responsible for the overall sales and services organization. This will include, but not be limited to, pre-sales, direct sales, indirect sales, tele-sales, sales operations, services/delivery, account & customer management and other executive level tasks that leverage your skills. As discussed, your start date will be no later than July 12th of 1999. We have structured a compensation package that consists of six components: salary, bonus, equity, severance, relocation and benefits: 1. Salary Base salary of $200,000 paid according to standard company payroll policy. 2. Bonus Your bonus, upon attainment of corporate plans, objectives and target revenue plan, will be 100% of your base salary ($200,000 per annum). The specific objectives and target plan will be mutually agreed upon by you and the Chief Executive Officer at a later date. 3. Equity You will be granted options to purchase 2% of Plumtree Software's outstanding shares under the Company's Stock Option Plan. The exercise price of such options will be based on the fair market value on the day you start your employment. Additionally, following the Company impending series D round of financing you will be granted options to purchase 2% of any newly created shares. 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 25% vesting after 1 year and the remaining shares vesting 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 will Plumtree Software is 'at will.' If employment is terminated by the Company without cause, within your first 12 months of employment, you 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. In the event of a change of control of the Company 50% of the then unvested shares shall immediately vest. <PAGE> 5. Relocation Assistance The Company shall reimburse you for the costs associated with moving your family and possessions to the greater San Francisco area. This amount shall not exceed $30,000. In addition, the Company shall reimburse you for up to three months "temporary housing" and up to three months rental car usage in the greater San Francisco area. 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 sets 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 21st, 1999. A copy is being sent to your house for your records. Jim, 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/ James J. Flatley -------------------------------- James J. Flatley John Kunze Chief Executive Officer Plumtree Software Date Date June 20, 99 ---------------- -----------------