{"id":39243,"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-homestore-com-inc-and-patrick-whelan.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-homestore-com-inc-and-patrick-whelan","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-homestore-com-inc-and-patrick-whelan.html","title":{"rendered":"Employment Agreement &#8211; HomeStore.com Inc. and Patrick Whelan"},"content":{"rendered":"<pre>                               M E M O R A N D U M\n                               - - - - - - - - - -\n\n                                 March 29, 2002\n\nTo:   Patrick Whelan\n\nFrom: Jack Dennison\n\nRe:   Your compensation\n      -----------------\n\nI am pleased to confirm your new compensation package, which consists of the\nfollowing:\n\n.    an annual base salary of $325,000, effective as of January 21, 2002,\n     payable in accordance with Homestore's payroll policy;\n.    Executive will receive the Company's customary employee benefits package\n     for similarly situated executives of the Company including full\n     participation in current and future group health insurance plans. Executive\n     shall be entitled to vacation in accordance with the policies as\n     periodically established by the Board of Directors for similarly situated\n     executives of the Company, which shall in no event be less than four weeks\n     per year;\n.    an option grant of 337,500 options, effective as of January 17, 2002, at an\n     exercise price of $2.25 per share, which grant, in the aggregate, is equal\n     to 90 percent of your options that were out-of-the-money as of such date;\n     such options will vest ratably, on a monthly basis, and will be fully\n     vested, subject to the terms and conditions of the option agreement\n     reflecting the grant, 48 months from the date of grant;\n.    an option grant of 825,000 options, effective as of January 24, 2002, at an\n     exercise price of $1.76 per share; 6\/48th of such options will vest on July\n     24, 2002, and the remainder of such options will vest at a rate of 1\/48th\n     per month over the next 42 months, and will be fully vested, subject to the\n     terms and conditions of the option agreement reflecting the grant, 48\n     months from the date of grant;\n.    eligibility for an annual bonus for 2002, with a \"target\" bonus of 100\n     percent of your annual base salary, subject to achievement of certain goals\n     and objectives (to be determined and discussed with you at a later date),\n     with the ability to earn a bonus of up to 200 percent of your annual base\n     salary, subject to exceeding such goals and objectives (again, to be\n     determined and discussed with you at a later date);\n\n                                       1\n\n\n\n.    with regard to the bonuses referenced above, we jointly will endeavor to\n     establish mutually acceptable goals and objectives for each fiscal year\n     against which your eligibility for such bonuses will be measured; and\n.    in consideration of your entering into the Executive Retention and\n     Severance Agreement referenced below, Homestore.com, Inc. (the \"Company\")\n     agrees, effective January 21, 2002, to cancel (and waive repayment of) the\n     Promissory Note and all accrued interest thereon, dated June 9, 2000, made\n     by you in favor of the Company, in the principal amount of $200,000.\n\nIn addition, enclosed with this memorandum are two copies of an Executive\nRetention and Severance Agreement to be entered into between Homestore and you.\nKindly execute both copies and return them to me. After the Agreement has been\nexecuted on behalf of Homestore, we will return one executed copy to you.\n\nSeparately, you will be receiving Option Agreements reflecting the option grants\ndescribed above.\n\nIf you have any questions, please feel free to drop by or give me a call.\n\n\n-----------------------\nJack Dennison\nChief Operating Officer\n\n                                       2\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7788],"corporate_contracts_industries":[9486],"corporate_contracts_types":[9539,9544],"class_list":["post-39243","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-homestorecom-inc","corporate_contracts_industries-real__agents","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\/39243","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=39243"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39243"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39243"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}