{"id":39543,"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-sagent-technology-inc-and-steve.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-sagent-technology-inc-and-steve","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-sagent-technology-inc-and-steve.html","title":{"rendered":"Employment Agreement &#8211; Sagent Technology Inc. and Steve Springsteel"},"content":{"rendered":"<pre>\nOctober 31, 2001\n\nSteve Springsteel\n21870 Almaden Avenue\nCupertino, CA 95014\n\nDear Steve:\n\nI am pleased to offer you the position of Executive Vice President and Chief\nFinancial Officer with Sagent Technology, Inc. In this exempt position, you will\nbe responsible for the world wide Financial Operations of Sagent Technology,\nInc., reporting directly to our President and CEO, Ben Barnes. Your start date\nwill be November 12, 2001.\n\nYour compensation will consist of salary, bonus, available employee benefit\nprograms and a stock option grant. Your semi-monthly salary will be $9,166.66\nannualized to $220,000.00. Your on target earnings will be $330,000.00 based\nupon a 50% bonus of $110,000.00, with successful achievement of mutually-agreed\nupon objectives. This bonus will be paid annually and on a pro-rated basis for\n2001. You will receive a one-time hire on bonus of $20,000.00 payable in your\nfirst regular paycheck. Should you voluntarily leave Sagent prior to 11\/12\/2002,\nyou will be responsible for the repayment of this bonus in full.\n\nYou will receive a stock option grant of 200,000 shares subject to approval by\nthe Stock Option Committee. One quarter of the shares will vest after the first\nyear of employment and the remainder will vest ratably for the remaining 36\nmonths. You will also be eligible to receive an additional 50,000 shares of\nstock options after six months of employment. This grant will be earned based on\nmeeting mutually agreed upon goals and objectives and will vest ratably over 48\nmonths after the grant date. You will be eligible for the Executive Change in\nControl policy, a copy of which is attached.\n\nSagent Technology, Inc. is an \"at will\" employer, and consequently, employment\nat Sagent is for no definite period of time and can be terminated at the will of\neither Sagent or the employee at any time and for any reason, with or without\ncause.\n\nAs an employer based in the United States, Sagent Technology, Inc. is required\nto verify that its employees are eligible to work in the United States. On your\nfirst day of employment, you will be required to certify that you are a citizen\nor lawful permanent resident or an alien authorized to work in the U.S. Please\nbring your Employment Eligibility Verification (Form I-9) and acceptable\nsupporting documents (as listed on the reverse side of the I-9 Form) to your\nfirst day of work. If you expect to have any difficulty in producing these\ndocuments, please contact our Human Resources Department prior to your\nemployment to discuss alternative suitable documentation.\n\n\n\n\nYou will be required to sign a statement agreeing to hold the company's\nproprietary information confidential during and after your employment. You will\nalso be required to sign a statement that you have not brought any former\nemployer's proprietary information or any of their clients' proprietary\ninformation with you. You will be required to sign an inventions agreement that\nassigns to the company any patentable inventions that you create through your\nwork with the company.\n\nPlease indicate your acceptance of this offer by signing below and faxing back\nthe letter to me before 11\/2\/01. Our fax number is 650-815-3433. If you have any\nquestions please feel free to call Sherry Horn, your HR Administrator, at\n650-815-3291.\n\nAll of the members of Sagent Technology, Inc. look forward to working with you\nand appreciate the talents you bring to your position and the company.\n\nSincerely,\n\nAnne Crumm\nVice President, Human Resources\n\nAccepted by:\n\n_________________________          ___________________          ________________\nSteve Springsteel                  Today's Date                 Start Date\n\nAttach: Executive Change in Control Policy\n\n\n\n\n                                    ADDENDUM\n\nIn light of the recent events that may require Sagent to restate earnings, I\nagree to the following modifications to my previously executed offer letter:\n\n         1)       Sagent will grant you the additional 50,000 stock options at\n                  the same time and same price as the base 200,000 stock\n                  options; and\n\n         2)       You will be entitled to a six (6) month salary severance in\n                  the event of a material change of control and a job of similar\n                  kind and compensation is no longer available at the acquiring\n                  company.\n\nAGREED TO AND ACCEPTED BY:\n\n                                                November 16, 2001\n_______________________________              ----------------------------------\nSteven Springsteel\n\n\n\n                                                                  Exhibit 10.31\n\nNovember 16, 2001\n\nSteven R. Springsteel\n21870 Almaden Avenue\nCupertino, CA  95014\n\nDear Steve:\n\nReference is made to the offer letter agreement between Sagent Technology, Inc.\n(\"Sagent\") and you dated October 31, 2001 and executed by you on November 9,\n2001 (the \"Offer Letter\") relating to your employment by Sagent as Executive\nVice President and Chief Financial Officer.\n\nIn light of recent events that may require Sagent to restate certain previously\nreported results of operations, we hereby agree to amend the Offer Letter as\nfollows:\n\n         (1)  The additional stock option grant of 50,000 shares to which you\n              would have been eligible after six (6) months of employment will\n              be made promptly after the date of execution of this amendment\n              letter (subject to approval by Sagent's Board of Directors); and\n\n         (2)  In the event of a \"change of control\" as defined in the Executive\n              Change in Control Policy attached to the Offer Letter, if a\n              position of similar title, duties, responsibilities and\n              compensation is not available to you with the acquiring or\n              combined company following the change of control, then, in\n              addition to any benefits to which you may be entitled under the\n              Executive Change in Control Policy, you will be entitled to six\n              (6) months' severance compensation, calculated at your salary\n              rate on a date prior to the change in control, plus a pro-rata\n              portion of your bonus assuming a 100% performance payout,\n              payable in cash in bi-weekly increments, or otherwise in\n              accordance with the acquiring or combined company's payroll\n              policies over the six-month period following the date of the\n              termination of your employment.  You will also receive full\n              health benefits during the 6-month period of severance.  The\n              Company will be responsible for the payment of any applicable\n              excise taxes that may be associated with the Executive Change in\n              Control Policy and this addendum.\n\nThis letter will, upon its execution by you, amend and supplement the Offer\nLetter. Except as set forth in this letter, the Offer Letter remains in force in\naccordance with its terms.\n\nSincerely,\n\nBen C. Barnes\nPresident and Chief Executive Officer\n\nAgreed and Accepted:\n\n___________________________________           ______________________\nSteven R. Springsteel                         Date\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8746],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39543","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-sagent-technology-inc","corporate_contracts_industries-technology__software","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\/39543","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=39543"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39543"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39543"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}