DBT Online Inc. Contracts
Sample Business Contracts
Employment Agreement - DBT Online Inc. and Kevin Barr
Employment Forms
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[DBT ONLINE LETTERHEAD]
February 4, 1998
Kevin Barr
#9 Ash Grove
Republic of Singapore
289790
Dear Kevin,
I am really very pleased to confirm our offer of employment as a Vice
President, Human Resources of DBT Online, Inc., reporting to me. Consistent
with our prior discussions, I'm anticipating you would start on or about March
1, 1998, and the details of our offer are:
1. SALARY -- Your base salary will be $135,000.00 per annum, reviewed
annually, with increases for 1999 and 2000 estimated per the attached
spreadsheet.
2. BONUS -- You will participate in a management incentive plan which is
based upon financial results of the Corporation for 1998. At certain
target levels, that have not yet been approved by the Company's Board,
you will have the opportunity to earn a bonus of 40% of your salary.
At maximum performance levels, you will have the opportunity to double
your bonus potential. For 1998, 25% of your bonus, or $33,750.00 is
guaranteed and will be paid to you ratably throughout the year.
3. SIGN ON BONUS -- You will receive a $50,000.00 sign on bonus.
4. STOCK OPTIONS -- You will receive an option grant for 40,000 shares of
the Company's common stock. This option will be granted by the Board
of Directors at their February 24, 1998 meeting and be priced at the
closing price of the company's stock on that day. The options will
vest over four years, at the rate of 25% per annum beginning on the
first anniversary of the option grant.
<PAGE> 2
Kevin Barr
February 4, 1998
Page 2
5. BENEFITS -- You are entitled to all benefits provided to Database
employees. The Company's 401(k) Plan provides a match of two-thirds on
a dollar basis up to 6% of your salary. You will also be entitled to
three weeks vacation in calendar 1998. You will participate in a
"first dollar" health care plan where you will be fully compensated
for all medical expenses for you and your family, with no deductible.
6. CAR ALLOWANCE -- You will be entitled to up to a $500.00 per month
lease payment for a Company car. We estimate this translates to a car
value of $27,000.00 - $29,000.00.
7. INTEREST FREE LOAN -- You can borrow up to $125,000.00 from the
Company on an interest free basis, for purposes of assisting in your
relocation to South Florida. The foregone interest cost will be
included as imputed taxable income to you.
8. MOVING COSTS -- The Company will reimburse you for your moving costs
to South Florida.
9. SEVERANCE -- If you are terminated without cause during your first two
years of employment with the Company, you will receive severance equal
to one year's base salary. At the time that a policy is proposed and
approved by the board relative to severance for the executive group,
you will fall under the policy.
Kevin, we are all excited that you are joining our team. We look forward to
working with you and your help in continuing to accelerate DBT's growth. Please
feel free to call me if you have any questions on this. If you agree that the
above accurately summarizes our previous discussions, please indicate your
acceptance by signing in the space below and returning it to me. My fax number
is 954-283-1047.
Very truly yours,
/s/ Charles A. Lieppe
--------------------------
Charles A. Lieppe
Chief Executive Officer
/s/ Kevin Barr
--------------------------
Accepted, Kevin Barr
<PAGE> 3
Anticipated Compensation Program for Kevin Barr
1998 1999E 2000E
Annualized
------------- -------- ---------
Salary $ 135,000 $160,000 $162,000
Bonus @40% Target 54,000 64,000 64,800
@80% Max 108,000 118,400 129,600
Bonus Guarantee @25% 33,750 @11% (17,600) @15% 24,300
+ Salary 135,000 160,000 162,000
Total Guaranteed Cash $ 168,750 $ 177,600 $186,300
Balance Bonus - @ 100%
Target 20,250 46,400 40,500
Total Est. Cash @
Target Bonus Level* $ 189,000 $ 224,000 $226,800
Sign on Bonus: $50,000
Options: 40,000 shares granted at 2/24/98 Board meeting. Vesting 25%
per year over 4 years.
Car: $27,000 - 29,000 value: up to $500/mo. lease payment
Health Care: 1st Dollar coverage - doctors of your choice
401K Plan: Yes
* 1997 Estimated Payment will be 110-120% of basic level.