{"id":39546,"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-salon-com-and-steve-reed.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-salon-com-and-steve-reed","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-salon-com-and-steve-reed.html","title":{"rendered":"Employment Agreement &#8211; Salon.com and Steve Reed"},"content":{"rendered":"<pre>\nMay 31, 2000\n\nMr. Steve Reed\n340 Townsend, 4th Floor\nSan Francisco, CA 94107\n\nDear Steve,\n\nI am pleased to offer you a position with Salon as Senior Vice President, Media\nSales reporting to Michael O'Donnell CEO &amp; President in our San Francisco\noffice. Your start date will be effective June 10, 2000 or sooner. Here's a\nsummary of the compensation package:\n\n\n         o  Guaranteed 1st Year Compensation of $320,000 (draw against salary\n            and bonuses). You will receive monthly salary of $26,666.66\n            (equivalent to salary of $170,000 plus bonus of $150,000 annualized)\n            which will be paid semi-monthly in accordance with Salon's normal\n            payroll procedures;\n\n         o  Accelerators: 3% Sales over quarterly budgets plus 1% over annual\n            target;\n\n         o  Bonus: $100,000 (payable in 4 equal installments);\n\n         o  You will be granted 100,000 employee incentive options (4 year\n            vesting) in accordance with the company's stock option plan, subject\n            to approval by the company's Board of Directors. After your 1st year\n            anniversary, your will be granted another 25,000 new options.\n\nIn case of a Salon.com merger or sale, and your position is eliminated you would\nreceive one year's worth of compensation and 1 year's accelerated vesting (in\naddition to the current year).\n\nAs a Salon employee you will also be eligible to receive certain employee\nbenefits including:\n\n         o  An Insurance program consisting of medical, dental, vision, short\n            term and long term disability and life insurance\n\n         o  12 days paid vacation and the standard 12 Salon paid holidays\n\n         o  401K Savings Plan\n\n         o  Salon Employee Stock Purchase Plan\n\nPlease contact Michele Alcantara, our Employment Manager, if you have any\nadditional questions. She can be reached at (415) 645-9267 or at\nmalcantara@salon.com. This offer expires Wednesday, May 31, 2000. The second\npage of this letter contains important information about the terms of your\nemployment at Salon. Please read it carefully, sign the bottom and return it to\nMichele. We're excited to have you join us and we look forward to a mutually\nsuccessful relationship.\n\n\nMichael O'Donnell\nChief Executive Officer\nSalon.com\n\n                                       1\n\n \nTerms of Employment\n\n\nThis offer is contingent on Salon receiving satisfactory responses from your\nreferences. If you choose to accept this offer, your employment with Salon will\nbe voluntarily entered into and will be for no specified period. As a result,\nyou will be free to resign at any time, for any reason or for no reason, as you\ndeem appropriate. Salon will have a similar right and may conclude its\nemployment relationship with you at any time, with or without cause.\n\nFor purposes of federal immigration law, you will be required to provide Salon\nwith documentary evidence of your identity and eligibility for employment in the\nUnited States. Such documentation must be provided to us within three (3)\nbusiness days of your date of hire, or our employment relationship with you may\nbe terminated.\n\nSalon reserves the right to change or alter as it sees fit and at its sole\ndiscretion the terms of your employment including but not limited to employee\nbenefits, your job title, rate of pay and job classification.\n\nIn the event of any dispute or claim relating to or arising out of our\nemployment relationship, this agreement, or the termination of our employment\nrelationship (including, but not limited to, any claims of wrongful termination\nor age, sex, disability, race or other discrimination), you and Salon agree that\nall such disputes shall be fully, finally and exclusively resolved by binding\narbitration conducted by the American Arbitration Association in San Jose,\nCalifornia. However, we agree that this arbitration provision shall not apply to\nany disputes or claims relating to or arising out of the misuse or\nmisappropriation of Salon's trade secrets or proprietary information.\n\n\nTo indicate your acceptance of Salon's offer, please sign and date this letter\nin the space provided below and return it to me. You will also be required to\nsign an Employee Inventions and Proprietary Rights Assignment Agreement as a\ncondition of your employment. This offer letter and the Terms of Employment,\nalong with any agreements relating to proprietary rights between you and Salon,\nset forth the terms of your employment with Salon and supersede any prior\nrepresentations or agreements, whether written or oral. This letter may not be\nmodified or amended except by a written agreement, signed by Salon and by you.\n\nSalon.com                              Agreed to and Accepted\n\n\n\/s\/ Michael O'Donnell    03\/31\/00      \/s\/ Steve Reed          06\/01\/00 \n-----------------------  --------      ----------------------  --------\nMichael O'Donnell        date          Steve Reed              date\nChief Executive Officer\n\n                                       2\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8749],"corporate_contracts_industries":[9468],"corporate_contracts_types":[9539,9544],"class_list":["post-39546","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-salon-media-group-inc","corporate_contracts_industries-media__other","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\/39546","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=39546"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39546"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39546"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}