{"id":39283,"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-intelligent-systems-for-retail-webvan.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-intelligent-systems-for-retail-webvan","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-intelligent-systems-for-retail-webvan.html","title":{"rendered":"Employment Agreement &#8211; Intelligent Systems for Retail, Webvan Group Inc. and Mark Holtzman"},"content":{"rendered":"<pre>\nAugust 4, 1999\n\n\nMr. Mark Holtzman\n5838 E. LeMarche Avenue\nScottsdale, AZ  85254\n\nDear Mark:\n\nWe are very pleased to extend you an offer to serve as the Chief Financial\nOfficer for Intelligent Systems for Retail (ISR).\n\nWe at ISR believe that your skills, experience, and personal attributes will\nenable us to be a leader in the development of this hybrid retail\/internet\ncommerce company.\n\nThis letter serves as an offer of employment to you from ISR. The terms of the\noffer supersede all prior oral and written communications between you and ISR or\nany representative thereof. If the terms below are acceptable, please sign and\nreturn one copy of the letter within two weeks of the above date to accept our\noffer of employment.\n\nPOSITION\n\nYour job title will be Chief Financial Officer (CFO).\n\nEFFECTIVE DATE\n\nYour first date to report to work at ISR, 1241 E. Hillsdale Blvd., Suite 210,\nFoster City, CA 94404, will be on a start date, as soon as possible, but not\nlater than July 14,1997.\n\nDUTIES\n\nYou will report to Louis H. Borders, President of ISR, and your primary\nresponsibilities will be to lead the development of financial procedures and\nmanage financial operations.\n\nYou will be a member of the Executive Team with responsibility for determining\nthe long term direction and goals of ISR, and for developing strategies and\ntactics to meet those goals, along with all other duties as assigned.\n\n\n\n\n   2\n\nSALARY\n\nYour salary shall be $14,583.33 per month. This salary shall be paid bi-weekly.\nYour salary shall be reviewed on a periodic basis in accordance with review\nprocedures established by the ISR Associate Handbook. Upon the completion of our\nsecond round of financing, which is targeted to be completed before December 31,\n1997, or upon a management decision that a second round of financing from\noutside parties is not required for a roll-out, then your salary will be\nincreased to $16,666.67 per month.\n\nINCENTIVE PLAN\n\nISR will offer a stock option plan. Your plan will include the option to\npurchase 105,000 shares of common stock with an exercise price of $.01 per\nshare, vested quarterly, under a modified cliff plan, over a four year period.\nThe modified cliff plan calls for 25% to be vested after 12 months of\nemployment, and 6 1\/4% to be vested quarterly for the next three (3) years.\n\nBENEFITS\n\nYou will receive the standard benefits for full-time Associates at ISR. These\nbenefits are listed and explained in the ISR Associate Handbook, a copy of which\nis provided for your information.\n\nIn addition, ISR makes available a 401(k) plan to all employees on the first of\nthe next month following you date of hire. Eligible Employees may elect to\ncontribute up to 15% of their salary to the 401(k) plan, subject to the legal\nmaximum per year. The Company will match 100 of the first $500 and 25%\nthereafter up to a maximum Employer match $2,000 per year of qualifying Employee\ncontributions. Further details will be provided in the 401(k) Plan Handbook at\nthe time of enrollment.\n\nMOVING ALLOWANCE\n\nYou will also be paid a moving expense reimbursement of $40,000. Expenses will\nbe paid upon presentation of receipts or invoices due. If expenses are less than\n$40,000, then the remaining balance will be paid on January 1, 1998, as salary.\nIn addition, ISR will pay travel and lodging costs for the first two months of\nemployment.\n\nNON-DISCRIMINATION\n\nISR is an equal-opportunity employer, and will not discriminate against its\nemployees or applicants in any employment decision or practice because of race,\ncolor, religion, sex, national origin, marital status, pregnancy, age, ancestry,\nphysical handicaps, or medical condition.\n\n\nPage 2\n\n   3\n\nPROPRIETARY INFORMATION\n\nYou will be required, as a condition of employment, to sign a Proprietary\nInformation Agreement. A sample Proprietary Information Agreement is attached\nhereto.\n\nOUTSIDE WORK\n\nAll ISR associates are expected to devote their full energies, efforts, and\nabilities to their employment. Accordingly, full-time associates are not\npermitted to accept outside employment on a full-time or part-time basis without\nfirst obtaining their supervisor's written approval.\n\nAT-WILL EMPLOYMENT\n\nThe relationship between you and ISR will be for an unspecified term and will be\nconsidered at will. No employment contract is created by the existence of any\npolicy, rule or procedure in the ISR Associate Handbook, any ISR document, or\nany verbal statements made to you by representatives of ISR. Consequently, the\nemployment relationship between you and ISR can be terminated at will, either by\nyou or ISR, with or without cause or advance notice.\n\nIn the event that your employment is involuntarily terminated for other than\ncause, or you resign for refusal to perform unlawful accounting practice(s),\nthen ISR will provide you with a six (6) month salary continuance. This\nsix-month continuance and your related stock option vesting will remain in\neffect as long as you are not elsewhere employed at a comparable salary. No\nsalary continuance shall be payable in the event that you terminate voluntarily\nor are involuntarily terminated for cause.\n\nPERSONNEL POLICIES\n\nISR has an Associate Handbook. The policies in the Associate Handbook govern the\nrelationship between ISR and its Associates. The policies are hereby\nincorporated by reference. Acceptance of this offer binds the offeree to follow\nthe policies.\n\nThis offer is contingent on compliance with the Immigration Reform and Control\nAct of 1986, which requires the company to verify that each employee hired is\nlegally entitled to work in the United States. Also enclosed is a copy of the\nEmployment Verification form, I-9, with instructions, as required by such act.\nPlease review and execute this document and be prepared to bring the appropriate\ndocumentation on the day you first report to work.\n\n\n\nPage 3\n\n   4\n\nWe look forward to your favorable consideration of this offer and to the\ncommencement of a long and rewarding relationship.\n\nSincerely,\n\n\/s\/ LOUIS H. BORDERS\n\nLouis H. Borders\nISR, President\n\n\n\nPage 4\n\n   5\n\nI hereby acknowledge that I have reviewed the terms and conditions of this offer\nof employment and have had the opportunity to consult with counsel. I hereby\naccept the offer of employment upon the terms and conditions contained in this\nletter.\n\n\n\nAccepted:  \/s\/ MARK HOLTZMAN        Date:  June 10, 1997\n         -----------------------         ------------------\n           Mark Holtzman\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9307],"corporate_contracts_industries":[9499],"corporate_contracts_types":[9539,9544],"class_list":["post-39283","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-webvan-group-inc","corporate_contracts_industries-retail__food","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\/39283","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=39283"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39283"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39283"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39283"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}