{"id":39136,"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-excite-home-and-george-bell.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-excite-home-and-george-bell","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-excite-home-and-george-bell.html","title":{"rendered":"Employment Agreement &#8211; Excite@Home and George Bell"},"content":{"rendered":"<pre>September 18, 2000\n\nGeorge Bell\n\n\n\nDear George,\n\nOn behalf of the Board of Directors, I am very pleased to inform you that the\nBoard has approved an increase in your total targeted cash compensation. Your\nbase compensation will be adjusted to $400,000 per year. This adjustment is\neffective as of August 16, 2000.\n\nIn addition to your base salary compensation, you will continue to be a\nparticipant in the Excite@Home Executive Incentive Plan. Your annual incentive\ntarget has been increased to 60% of your base salary ($240,000 for fiscal year\n2000). Your total compensation (assuming 100% payout of EIP) is $640,000.\n\nIn addition, the Board of Directors has approved a stock option for you to\npurchase 400,000 shares if Series A Common Stock. This stock option grant was\napproved on August 16, 2000 at that day's closing price of $13.5625. Your\nright to purchase your option shares will be subject to a four-year vesting\nschedule that provides for vesting at the rate of 2.083% per month over the\nnext forty-eight months. The vesting commences immediately (no cliff).\n\nThe Board has approved a provision to accelerate 37.5% of your new grant\n(150,000 options) on December 31, 2000, if you achieve the following goals as\nof December 31, 2000:\n           .  Achievement of staffing goals\n           .  Achievement of new Board approved P&amp;L Plan\n           .  Achievement of 3.5 Million subscribers\n\nTo assist you in exercising your current options, the Board has approved a\n$500,000 loan. This loan will be granted at the lowest prevailing rate provide\nby IRS at the time of the loan and will be collateralized with exercised\noptions. You must provide at least 30 days notice to the Excite@Home Human\nResources if you wish to exercise this loan. This loan shall be repayable in\ncash on each 12-month anniversary of the loan. On each 12-month anniversary,\none fourth of the original principal and annual interest will be repaid except\nto the extent that any stock options have been exercised and sold, in which\ncase all post-tax proceeds from any such sale will be immediately applied to\nthe outstanding principal amount and interest until the principal amount and\ninterest are paid in full. If you voluntarily resign, you will need to\nimmediately repay the unpaid balance of the principal and all interest due.\nHowever, if your termination from Excite@Home is involuntary, you will have 90-\ndays to repay the unpaid and all interest due.\n\nSincerely,\n\n\/s\/ Will Hearst\n________________\nWill Hearst\nBoard of Directors, Compensation Committee\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6782],"corporate_contracts_industries":[9510],"corporate_contracts_types":[9539,9544],"class_list":["post-39136","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-at-home-corp","corporate_contracts_industries-technology__programming","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\/39136","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=39136"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39136"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39136"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}