{"id":39214,"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-handspring-inc-and-bernard-whitney.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-handspring-inc-and-bernard-whitney","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-handspring-inc-and-bernard-whitney.html","title":{"rendered":"Employment Agreement &#8211; Handspring Inc. and Bernard Whitney"},"content":{"rendered":"<pre>\nBernard Whitney\nMay 31, 1999\n\nDear Bern:\n\nHandspring, Inc. (the \"Company\") is pleased to offer you a\nposition as Chief Financial Officer reporting me, on the terms\nset forth in this letter agreement. The effective date is your\nstart date, which is anticipated to be June 21, 1999.\n\nCOMPENSATION. Your initial salary will be $180,000 annually,\npayable in accordance with the Company's customary payroll\npractice as in effect from time to time. You also will receive\nthe Company's standard employee benefits package, and will be\nsubject to the Company's vacation policy, as such package and\npolicy are in effect from time to time.\n\nSTOCK OPTION. Effective at the next Company's Board of\nDirectors meeting, I will recommend that the Board grant you\nan incentive stock option, effective upon the date of your\ncommencement of employment, to purchase 300,000 shares of\nCompany Common Stock pursuant to the Company's Stock Option\nPlan. The exercise price for this option will be the\nthen-current fair market value of the Company Common Stock at\nthe date of the grant. The option will become exercisable\naccording to the Company's standard four year exercise\nschedule, which calls for an initial vesting of 25% of the\ntotal after the first year of continuous service, and\nthereafter an additional 1\/36 per month will become\nexercisable, at the close of each month during which you\nremain employed with the Company, over the remainder of the\nexercise term.\n\nIf the Company raises money through an additional outside,\nprivate equity financing of Preferred B stock, you will be\nissued additional options at that time so as to not dilute\nyour then current ownership position in the Company\nrepresented by the 300,000 options. This anti-dilution option\ndoes not apply to subsequent private equity financings after\nthe Preferred B, a public offering of the Company's stock, a\nreasonable expansion of the employee stock option pool, or\nconvertible debt. These additional options will be priced at\nthe current market value as of the date of issue, and will\nvest 25% on the anniversary of that grant, with an additional\n1\/36 per month at the close of each month thereafter.\n\nIf the Company experiences a change of control event such that\nmore than 50% of the Company is sold to another corporation,\nyour unvested stock options will immediately vest. If any such\nvesting would result in any taxes under Section 280G of the\nInternal Revenue Code, you may either decline such vesting or\nretain such vesting at your election so as to maximize your\nbenefits from the Company. An initial public offering of the\nCompany's stock is not considered a change of control event.\nThe sale of the shares which are the subject of this letter\nhas not been qualified with the Commissioner of Corporations\nof the State of California, and the issuance of shares or the\npayment or receipt of any part of the consideration for the\nshares prior to such qualification is unlawful, unless the\noffer and sale are exempt from the qualification provisions.\nThe rights of all parties to this letter are expressly\nconditioned upon such qualification being obtained or an\nexemption being available.\n\nCONFIDENTIAL INFORMATION. As an employee of the Company, you\nwill have access to certain Company confidential information\nand you may, during the course of your employment, develop\ncertain information or inventions which will be the property\nof the Company. To protect the interest of the Company, you\nwill need to sign the Company's standard \"Employee Inventions\nand Confidentiality Agreement\" as a condition of your\nemployment. We wish to impress upon you that we do not wish\nyou to bring with you any confidential or proprietary material\nof any former employer or to violate any other obligation to\nyour former employers.\n\nAT-WILL EMPLOYMENT. You will be an at-will employee of the\nCompany, which means the employment relationship can be\nterminated by either of us for any reason at any time. Any\nstatements or representations to the contrary should be\nregarded by you as ineffective. Further, your participation in\nany stock option or benefit program is not to be regarded as\nassuring you of continuing employment for any particular\nperiod of time.\n\nAUTHORIZATION TO WORK. Because of Federal regulations adopted\nin the Immigration Reform and Control Act of 1986, you will\nneed to present documentation demonstrating that you have\nauthorization to work in the United States. This requirement\napplies to U.S. and non-U.S. citizens alike.\n\nACCEPTANCE OF OFFER. If you decide to accept our offer, please\nsign the enclosed copy of this letter and return it to me.\nUpon your signature below, this will become our binding\nagreement with respect to the subject matter of this letter,\nsuperseding all other or prior agreements by you with the\nCompany as to the specific subjects of this letter, will be\nbinding upon and inure to the benefit of our respective\nsuccessors and assigns and your heirs, administrators and\nexecutors, will be governed by California law, and may only be\namended in writing signed by both you and the Company.\nThis offer will expire on June 1, 1999. We're all excited to\nhave you join the company!\n\nBest regards,\nDonna Dubinsky\nPresident &amp; CEO\n\nAgreed by:\n\/s\/  Bern Whitney\n-----------------------------------\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7716],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9544],"class_list":["post-39214","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-handspring-inc","corporate_contracts_industries-technology__hardware","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\/39214","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=39214"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39214"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39214"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}