{"id":39548,"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-magazine-and-todd-hagen.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-salon-magazine-and-todd-hagen","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-salon-magazine-and-todd-hagen.html","title":{"rendered":"Employment Agreement &#8211; Salon Magazine and Todd Hagen"},"content":{"rendered":"<pre>\n                                   S A L O N\n                                M A G A Z I N E\n\n\nMarch 25, 1999\n\nTodd Hagen\n461 Starboard\nRedwood City, CA\n94065\n\n\nDear Todd,\n\nI am pleased to offer you a position with Salon starting April 9, 1999, as the\nVice President, CFO reporting to the President.  If you decide to join us,\nhere's a summary of the compensation package:\n\n. You will receive a monthly salary of $11,666.66 less applicable withholding,\n  which will be paid semi-monthly in accordance with Salon's normal payroll\n  procedures.\n\n. In addition, you will be eligible to receive a yearly bonus of up to $35,000,\n  based on attaining certain MBOs that will be mutually determined within your\n  first 45 days of employment.\n\n. You will be granted 150,000 employee incentive options, subject to approval\n  from the company's Board of Directors. The options are in accordance with the\n  company's stock option plan (4 year vesting). Should Salon be acquired before\n  your vesting is complete and should the acquiring company not wish to retain\n  your employment services, your stock vesting will be accelerated to the next\n  yearly anniversary date. You will also have the chance to obtain up to 10%\n  additional shares of stock at the end of your first year anniversary and upon\n  successful attainment of certain MBOs.\n\nAs a Salon employee, you are also eligible to receive certain employee benefits\nincluding those on the enclosed list below.\n\n. Health Care Insurance\n. Dental Insurance\n. Paid vacation and the standard Salon Paid Holiday program\n. 401K Investment Plan with The Patriot Group\n. Disability coverage through UNUM\n\nFurther details of the plan are available through Donna DeLuca (415-882-8755 or\ndonna@salonmagazine.com)\n\nIf you choose to accept this offer, your employment with Salon will be\nvoluntarily entered into and will be for no specific period.  As a result, you\nwill be free to resign at any time, for any reason or for no reason, as you deem\nappropriate.  Salon will have a similar right and may conclude its employment\nrelationship with you at any time, with or without cause.\n\n \nFor purposes of federal immigration law, you will be required to provide to\nSalon documentary evidence of your identity and eligibility for employment in\nthe United 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\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 conclusively resolved by binding\narbitration conducted by the American Arbitration Association in San Jose,\nCalifornia.  However, we agree that this arbitration or provision shall not\napply to any disputes or claims relating to or arising out of the misuse or\nmisappropriation of Salon's trade secrets or proprietary information.\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.  A duplicate original is\nenclosed for our records.  You will be required to sign a Employee Inventions\nand Proprietary Rights Assignment Agreement as a condition of your employment.\nThis letter, along with any agreements relating to proprietary rights between\nyou and Salon, set forth the terms of your employment with Salon and supersede\nany prior representations or agreements, whether written or oral.  This letter\nmay not be modified or amended except by a written agreement signed by Salon and\nby you.  This offer is valid for 3 business days from the date written.\n\nWe look forward to working with you at Salon.  Welcome aboard!\n\nSalon Internet, Inc. AGREED TO AND ACCEPTED\n\n\n\n\\s\\ Michael O.'Donnell     \\s\\ Todd Hagen           The attached Amendment Dated\n-----------------------    ---------------------    3\/29\/99 is incorporated into\nMichael O'Donnell                   Tom E. Hagen    offer letter.\nPresident &amp; Publisher                                                   \\s\\  TEH\n                      \n\n                                      -2-\n\n \nTo:       Todd Hagen\nFrom:     Jim Goldberger\nSubject:  Amendments to Employment Offer\nDate:     March 29, 1999\nFax:      650 595 2267\n\nDear Todd,\n\nPer my conversation with Mike O'Donnell, Salon Magazine is willing to amend your\noffer letter dated March 25, 1999 as follows:\n\n1. Salon will provide you free parking at a facility near Salon's office.\n\n2. Should Salon be acquired in the first year of your employment and should the\n   acquiring company not wish to retain your services; you will receive twelve\n   months accelerated vesting from the point in which the acquisition offer was\n   accepted by Salon. (Vesting after your first year anniversary with Salon\n   remains as stated in your March 25\/th\/ offer letter).\n\n3. As part of the $35,000 in incentive compensation tied to your successful\n   attainment of MBOs; Salon agrees to pay you $5,000 immediately upon your\n   acquisition of a certified stock research analyst that agrees to cover Salon.\n\n4. The time period for your acceptance of Salon's employment offer has been\n   extended 48 hours and is now 5:00pm April 1, 1999.\n\nPlease call me if you have any questions.  I look forward to seeing you onboard\nshortly.\n\n\n           \\s\\ J. Goldberger                     \\s\\ Todd Hagen\n\n\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-39548","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\/39548","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=39548"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39548"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39548"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}