{"id":39380,"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-mp3-com-inc-and-steven-sheiner.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-mp3-com-inc-and-steven-sheiner","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-mp3-com-inc-and-steven-sheiner.html","title":{"rendered":"Employment Agreement &#8211; MP3.com Inc. and Steven Sheiner"},"content":{"rendered":"<pre>                                  MP3.COM, INC.\n                                 P.O. Box 910091\n                               San Diego, CA 92191\n\n\nJanuary 29, 1999\n\nSteven Sheiner\nc\/o MP3.com, Inc.\n\nRE: EMPLOYMENT TERMS\n\nDear Steve:\n\nMP3.com, Inc., a Delaware corporation (the \"Company\"), is pleased that you have\naccepted our offer to join the Company as Vice President, Advertising &amp; Marketing. The terms of your employment are set forth below.\n\nYou began serving the Company as Vice President, Advertising &amp; Marketing on\nJanuary 25, 1999 (your \"Commencement Date\") and are responsible for such duties\nas are normally associated with such position or as otherwise determined by the\nPresident of the Company. You report to Robin Richards, the President of the\nCompany. You work at our facility located in San Diego. Of course, the Company\nmay change your position, duties, and work location from time to time as it\ndeems necessary.\n\nYour compensation is $12,500 per month, less payroll deductions and all required\nwithholdings. You are paid semi-monthly and you are eligible for standard\nbenefits, such as medical insurance, sick leave, vacations and holidays,\naccording to standard Company policy as may be adopted by the Company from time\nto time. Details about these benefits will be provided in an Employee Handbook\nand in Summary Plan Descriptions, which will be prepared by the Company and made\navailable for your review in due course. The Company may modify your\ncompensation and benefits from time to time as it deems necessary.\n\nIn addition to the salary outlined above, you will be entitled to a 3%\ncommission on all \"Sales\" of Web ads that you produce for the Company. For\npurposes of this paragraph, \"Sale\" and \"Sales\" means all sums actually received\nby the Company from sales and licenses of Web ads while you are an employee of\nthe Company. In no event will you be entitled to receive any commission with\nrespect to any Sales generated or paid to the Company following any termination\nof your employment with the Company. Commissions earned as a result of Sales of\nWeb ads shall accrue as of the end of each calendar quarter (\"Quarter\") in which\nsums from such Sale(s) are received. Within 45 days of the end of each Quarter,\nthe Company will deliver to you the amount of the\n\n\nSteven Sheiner\nJanuary 29, 1999\nPage 2\n\ncommission payable with respect to Sales occurring in such Quarter together with\na reasonably detailed statement of the basis for the computation of the amount\nof such commission.\n\nThe Company's Board of Directors has granted you an Incentive Stock Option to\npurchase 250,000 shares of the Common Stock of the Company under the Company's\n1998 Equity Incentive Plan (the \"Plan\"). The exercise price per share of your\nIncentive Stock is $0.16. The shares of Common Stock subject to your Incentive\nStock Option are subject to vesting over four years so long as you continue to\nbe employed with the Company, according to the following schedule: (i) 25,000 of\nthe shares subject to the grant shall be fully vested as of your Commencement\nDate; (ii) an additional 15,625 of such shares shall vest as of the first day of\neach quarter immediately following the Commencement Date; and (iii) an\nadditional 4,514 of such shares shall vest as of the end of each monthly period\nthereafter, except for the last vesting date, on which 4,510 of such shares\nshall vest. Also, upon completion of the Company's initial public offering, in\naddition to the number of shares that have vested pursuant to the schedule above\nas of the date of such offering, ten percent (10%) of the then unvested shares\nwill vest as of the date of such offering. Further, all of the unvested shares\nsubject to your Incentive Stock Option shall vest upon an Acquisition (as\ndefined in the Plan).\n\nThe specific terms and conditions of your Incentive Stock Option will be set\nforth in an Incentive Stock Option Agreement between you and the Company. This\nagreement is being prepared and will be delivered to you shortly.\n\nAs a Company employee, you are expected to abide by Company rules and\nregulations, and acknowledge in writing that you have read the Company's\nEmployee Handbook (once it has been made available to you). As a condition of\nemployment, you are required to sign and comply with a Proprietary Information\nand Inventions Agreement, a copy of which is attached hereto as Exhibit A,\nwhich, among other things, prohibits unauthorized use or disclosure of Company\nproprietary information.\n\nNormal working hours are from 8:30 a.m. to 5:30 p.m., Monday through Friday. As\nan exempt salaried employee, you are expected to work additional hours as\nrequired by the nature of your work assignments.\n\nYou may terminate your employment with the Company at any time and for any\nreason whatsoever simply by notifying the Company in writing no later than two\nweeks prior to the date of such termination. Likewise, the Company may terminate\nyour employment at any time and for any reason whatsoever, with or without cause\nor advance notice. This at-will employment relationship cannot be changed except\nin a writing signed by a Company officer.\n\n\nSteven Sheiner\nJanuary 29, 1999\nPage 3\n\nThe employment terms in this letter supersede any other agreements or promises\nmade to you by anyone, whether oral or written, and comprise the final, complete\nand exclusive agreement between you and the Company. As required by law, your\nemployment with the Company is subject to satisfactory proof of your right to\nwork in the United States.\n\nPlease sign and date this letter, and return it to me as soon as possible if the\nforegoing accurately sets forth the terms of your employment with the Company.\n\nSincerely,\n\nMP3.COM, INC.\n\nBy:  \/s\/ Robin Richards\n    --------------------------------\n    Robin Richards\n    President\n\nACCEPTED BY:\n\n \/s\/ Steven Sheiner\n------------------------------------\nSteven Sheiner\n1-29-99\n------------------------------------\nDate\n\n\n\n                                    EXHIBIT A\n\n                PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8267],"corporate_contracts_industries":[9497],"corporate_contracts_types":[9539,9544],"class_list":["post-39380","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-mp3com-inc","corporate_contracts_industries-retail__electronics","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\/39380","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=39380"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39380"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39380"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}