Diversa Corp. Contracts
Sample Business Contracts
Employment Agreement - Diversa Corp. and William H. Baum
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
[LOGO APPEARS HERE] [LETTERHEAD OF RECOMBINANT BIOCATALYSIS(TM) INC.] July 31, 1997 Mr. William H. Baum 25 Lake End Place Mountain Lakes, New Jersey 07046 Dear Bill, We are pleased to offer you employment with Diversa Corporation with the following terms: TITLE: Vice President - Sales and Marketing. BASE SALARY: $16,250.00 per month. ANNUAL BONUS: An annual bonus of up to 20% of base salary based upon a combination of the Company's performance against the Business Plan and your performance against agreed upon goals, with a guaranteed bonus of $13,000 for 1997 only. START BONUS: The Company will pay you $15,000 on September 1, 1997, and $15,000 on March 1, 1998 to compensate for the loss of the vesting of your options and bonus payment which you represent you would have received from International Specialty Products. EQUITY: In August 1997, the Board will grant you an option on 275,000 shares at the fair market value as determined by the Board of Directors (currently $.146 per share). This is subject to the conditions stated in the Employee Incentive and Non-Qualified Stock Option Plan and vested over a four year period. SEVERANCE ON Up to six months base salary and benefits paid monthly TERMINATION WITHOUT until new employment begins. For cause termination's are CAUSE: those defined in the 1994 Stock Option Plan. EQUITY PURCHASE: You will be permitted to purchase $50,000 of the Series D Convertible Preferred Stock at the same price and on the same terms as the other Series D investors at the closing of the financing, which is expected to be in September 1997. BENEFITS: You will be entitled to the Company's health, dental, disability, life insurance 401(k) and other benefits on the same terms as other officers. VACATION: Four (4) weeks per year, accrued at 1.67 days per month. -------------------------------------------------------------------------------- <PAGE> Mr. William H. Baum July 31, 1997 page -2- RELOCATION: The Company will offer you the following relocation package from your home in New Jersey: (i) two (2) Company paid house or apartment hunting visits to San Diego; (ii) mortgage and closing costs, excluding points, for both New Jersey and California; (iii) moving costs; and (iv) a gross up for tax purposes of any taxable income associated with the moving expenses. The aforementioned is limited to a maximum of $50,000. AGREEMENTS: As a condition of employment you will be required to sign Diversa Corporation's standard form of invention, non- disclosure and non-compete agreement. An offer of employment will be subject to a satisfactory medical examination. TERMS OF In a dynamic environment in which Diversa Corporation does EMPLOYMENT: business, the Company must be able to respond rapidly to business and technological changes. We are also aware that employees want the freedom to respond to changing career opportunities. For this reason, as an employee of Diversa Corporation, you will enjoy the At-Will Employment Policy. This means you are free to terminate your employment and the Company may terminate your employment, at any time, with or without reason or cause. Any oral representations to the contrary are invalid. Any employment contract for anything other than the At-Will Employment Policy, is only valid if made in writing and signed by the Chief Executive Officer of the Company. Upon beginning employment, you will be presented with an employee handbook which will also describe our Company's At-Will Employment Policy, as well as other personnel guidelines and various benefits to which you may be entitled. This offer is open to August 4, 1997, and your employment is to commence by August 18, 1997. Please give me a call when you have had a chance to review this. If acceptable, please sign and return one copy of this letter. Bill, we are all convinced that you will make a tremendous contribution to Diversa Corporation. Best personal regards, /s/ Terrance J. Bruggerman Terrance J. Bruggerman Chairman and Chief Executive Officer ACCEPTED: /s/ William H. Baum --------------------- William H. Baum Aug. 1, 1997 --------------------- Date