Employment Agreement - Sagent Technology Inc. and David Eliff
May 9, 2000
11606 Mockingbird Lane
Houston, TX 77024
I am very pleased to offer you the position of Chief Financial Officer with
Sagent Technology, Incorporated. In this position you will be responsible for
the world wide Financial Operations of Sagent Technology, Inc.. You will report
to the President and CEO and your start date will be Monday, May 15, 2000.
Your compensation will consist of salary, available employee benefits and a
stock option grant. Your monthly salary will be $15,000.00 annualized to
$180,000.00. In addition, you will participate in the Sagent Quarterly
Objectives Plan. Your Bonus Base Amount will equal 40% of that quarters
earnings. In addition you will receive a stock option grant of 175,000 shares
subject to final approval by the Board of Directors. The options will vest at
the rate of one forty-eighth per month for forty-eight months.
As we discussed, upon your demonstration of mastery of the unique Accounting
that applies to the software industry, I will recommend an additional grant of
75,000 shares to the Board of Directors.
Sagent will provide you with a relocation package. Included in that package are:
- the shipment your household goods.
- temporary housing and storage of household goods for a period of 90 days.
- one month's salary for miscellaneous expenses.
- airfare for your family to California.
- a loan from the company for the down-payment of your new home (max 20% of
value of the home) up to a maximum of $400,000.00.
- reimbursement for closing costs on the new home.
If you leave the company within one year, you agree to reimburse the company for
moving expenses paid on your behalf.
Sagent Technology, Inc. is an "at will" employer, and consequently, employment
at Sagent is for no definite period of time and can be terminated at the will of
either Sagent or the employee at any time and for any reason, with or without
As an employer based in the United States, Sagent Technology, Inc. is required
to verify that its employees are eligible to work in the United States. On your
first day of employment, you will be required to certify that you are a citizen
or lawful permanent resident or an alien authorized to work in the U.S. Please
bring your Employment Eligibility Verification (Form I-9) and acceptable
supporting documents (as listed on the reverse side of the I-9 Form) to your
first day of work. If you expect to have any difficulty in producing these
documents, please contact our Human Resources Department prior to your
employment to discuss alternative suitable documentation.
You will be required to sign a statement agreeing to hold the company's
proprietary information confidential during and after your employment and
assigning to the company any patentable inventions that you create through your
work with the company.
Please indicate your acceptance of this offer by signing below. Our fax number
is 650-815-3333. If you have any questions please feel free to call Loretta
Booker at 650-815-3161.
All of the members of Sagent Technology, Inc. look forward to working with you
and appreciate the talents you bring to your position and the company.
/s/ KENNETH C. GARDNER
Kenneth C. Gardner
President and CEO
/s/ David Eliff March 9, 2000
Employee Name Today's Date