{"id":38870,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-accrue-software-inc-and-p-k-karnik.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-accrue-software-inc-and-p-k-karnik","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-accrue-software-inc-and-p-k-karnik.html","title":{"rendered":"Employment Agreement &#8211; Accrue Software Inc. and P. K. Karnik"},"content":{"rendered":"<pre>\nMay 15, 2001\n\n\nMr. P. K. Karnik\n301 Albert Drive\nLos Gatos, CA  95032\n\n\nDear P.K.:\n\nOn behalf of Accrue Software, Inc. (the \"Company\"), I am pleased to offer you\nthe position of Vice President, Customer Services reporting to me and starting\nno later than May 28, 2001. Your salary will be $ 210,000 per year, paid on a\nbi-monthly basis. Your salary will be payable in accordance with the Company's\nstandard payroll policies (subject to normal required withholding). You will be\ncovered by the Company's standard benefits package including health insurance\nand seventeen days paid time off per year.\n\nIn addition, you will be eligible for an annual commission bonus, based on\ntarget metrics set by me, equal to up to 30% of your base salary, and paid\nquarterly at the completion of the Company's fiscal quarter. The Company will\nguarantee the first 25% of this commission if you are employed with the Company\nthrough your first three months of your employment. All commission and bonus\npayments are paid within 30-60 days of the close of a fiscal quarter; you must\nbe employed in good standing to receive these payments.\n\nYou will be granted an incentive stock option to purchase 150,000 shares of\nCommon Stock exercisable at the fair market value on the date of grant by the\nCompany's board of directors. The option will become exercisable at the rate of\n33% of the shares one year after your commencement of employment and 2.78% of\nthe shares subject to the option each month thereafter, so that at the end of\nthree years, the option will be fully vested provided you remain an employee of\nthe Company. The option will be subject to approval and grant by the Company's\nboard of directors, which will occur at the first regular board meeting\nfollowing the commencement of your employment, and the execution of the\nCompany's standard Option Agreement under its 1996 Stock Plan.\n\nIn the event you are terminated without cause, due to a Change of Control, there\nwill be a 25% acceleration of vesting in addition to what has been vested to\ndate, and your salary and benefits will continue for three months beyond the\ndate of termination.\n\nOur offer to you is conditioned upon your execution of the Accrue Software, Inc.\nProprietary Information and Inventions Agreement, and conditioned upon your\nability to provide and maintain the proper and necessary visa and other\ndocumentation required for you and Accrue to comply with all applicable United\nStates immigration laws and regulations. In addition, you will abide by the\nCompany's strict policy that prohibits any new employee from using or bringing\nwith him or her from any previous employer any confidential information, trade\n\n\n\n\n\n\nsecret, or proprietary materials or processes of such employer.\n\nYour employment by Accrue will be for an indefinite term and on an \"at-will\"\nbasis. This means that Accrue may terminate the employment relationship at any\ntime, with or without cause. This \"at-will\" relationship may be changed only by\na written agreement entered into for this purpose and signed by the Company's\nChief Executive Officer. The other terms and conditions of your employment will\nbe governed by various policies and programs of the Company, in writing and\notherwise, and that those policies and programs may be changed from time to time\nby the Company in its discretion. The voluntary \"at-will\" nature of my\nemployment shall not be affected nor changed by any other employment policies or\nprograms the Company may have, now or in the future.\n\nPlease sign at the bottom of this letter to indicate your acceptance of this\noffer and to confirm our agreement that your employment will commence June 4,\n2001\n\nAgain, let me indicate how pleased we all are to extend this offer, and how much\nwe look forward to working together. Please indicate your acceptance by signing\nand returning the enclosed copy of this letter.\n\n\nVery truly yours,\n\/s\/ Jeffrey S. Walker\n\n\n\nJeffrey S. Walker\nPresident and CEO\nAccrue Software, Inc.\n\nI, P.K. Karnik, understand the foregoing terms and conditions and hereby accept\nthem as stated:\n\nSigned: \/s P.K. Karnik                 Date: May 18, 2001\n       ------------------------             -----------------\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6556],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-38870","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-accrue-software-inc","corporate_contracts_industries-technology__software","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38870"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38870"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38870"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}