{"id":39561,"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-serviceware-inc-and-mark-s-finkel.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-serviceware-inc-and-mark-s-finkel","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-serviceware-inc-and-mark-s-finkel.html","title":{"rendered":"Employment Agreement &#8211; ServiceWare Inc. and Mark S. Finkel"},"content":{"rendered":"<pre>\nJanuary 18, 2000\nMark S. Finkel\n\nDear Mark:\n\nI am pleased to extend to you an offer of employment with ServiceWare as Chief\nFinancial Officer reporting to Mark Tapling. The entire team has been impressed\nwith your abilities, your experience and your personal qualities and feel you\nwill be a key contributor to our success and growth in the coming years.\n\nYou will receive a monthly salary of $12,500 (equivalent to an annualized\nsalary of $150,000 per year) commencing January 31, 2000. In addition to your\nmonthly salary, you also qualify for bonuses under the 2000 senior management\nincentive compensation plan, which is currently targeted at $50,000. This bonus\nwill based on performance to the financial plan for the company as well as\nyour individual MBOs.\n\nYou will also be granted options to purchase 300,000 shares of ServiceWare\ncommon stock at a fair market value as of January 18, 2000. This granting of\noptions is subject to approval by the Company's board of directors who will\nalso establish the exercise price at the January 19, 2000 board meeting.\nPending approval, they will be immediately exercisable, subject to repurchase\nat the exercise price as follows:\n\n     -    The entire 300,000 shares shall be re-purchasable if you leave your\nposition for any reason within the first calendar year of your employment,\nother than if you are involuntary terminated after the effective date of an\nIPO, as identified in the next paragraph.\n\n     -    200,000 shares shall be re-purchaseable if either you leave your\nposition for any reason within 12 months to 18 months of your employment or if\nyou are involuntarily terminated after the effective date of an initial public\noffering of ServiceWare stock.\n\n     -    100,000 shares shall be re-purchaseable if you leave your position\nfor any reason within 18 months to 24 months of your employment.\n\n     -    66,666 shares shall be re-purchasable if you leave your position for\nany reason within 24 months to 36 months of your employment.\n\n     -    33,333 shares shall be re-purchasable if you leave your position for\nany reason within 36 months to 48 months of your employment.\n\n     -    No shares shall be re-purchasable if you maintain your employment for\n48 months.\n\nIn addition, the shares eligible for re-purchase shall be reduced by 50% of the\namounts listed above on any change of control, as defined in the ServiceWare\nAmended and Restated Stock Option Plan, where ServiceWare is not the controlling\nentity. Also, if within 12 months of a change of control, your responsibilities\nchange significantly or your employment is terminated without cause, no shares\nshall be eligible for re-purchase. All repurchase rights shall lapse 30 days\nafter any triggering event described above. In the event that you decide to\nexercise your options and obtain restricted shares, you may wish to make an\n\"83(b) election\" under the Internal Revenue Code to recognize the difference (if\nany) between the exercise price and the then-current value of the shares as\ntaxable income, in order to \"close\" the compensation element of the grant and\nsecure capital gains treatment for future increases in the value of \n\nthe shares. This election would need to be made within 30 days of the date on\nwhich the shares are purchased by you. If you require any assistance in making\nthis election, please let me know.\n\nIn order to help you with exercising the option granted above, ServiceWare\nshall grant you upon request a full recourse loan for the entire stock purchase\namount. The loan shall have a term of 3 years or prorated on the sale of the\nassociated securities, whichever is sooner. The loan will also bear interest at\nthe \"applicable federal rate\", as printed in the Wall Street Journal on the\ndate of execution of the loan agreement. Documents detailing this loan shall be\nprovided to you as soon as feasible following your request.\n\nShould your employment be involuntarily terminated without cause at any time,\nyou will receive six months' severance pay and benefits to be paid on the\nnormal payroll cycles.\n\nMark, we also acknowledge that you have existing outside interests that will\nrequire a little time for transition. We would expect that all such activity\nwhich would materially interfere with your carrying out your full time duties\nas Chief Financial Officer of the Company shall be terminated no later than\nMarch 31, 2000. We acknowledge that you will maintain participation on the\nboard of directors of non-competitive companies, so long as they do not\nmaterially interfere with your duties, as described above.\n\nYou are also eligible for all ServiceWare full-time employees benefits which\ncurrently include medical, dental, and vision coverage. ServiceWare currently\npays 100% of your personal coverage; partial additional costs will be paid to\ncover any dependents. Other benefits currently include a highly flexible\npersonal time policy which will be discussed during your orientation, paid\nholidays, life, short, and long-term disability insurance, and others. Because\nthese benefits are subject to change from time to time, I recommend that you\nreview our online employee handbook and discuss questions further with Matt\nRodgers in our Human Resource department.\n\nAs a condition of employment, you will also be asked to sign ServiceWare's\nEmployee Handbook and Confidentiality and Non-Compete Agreement, copies of\nwhich will be provided to you shortly.\n\nMark, I trust this offer is acceptable to you. If it is, please sign this\nletter and return it to me.\n\nWe're looking forward to you joining the team at ServiceWare!\n\n\n\nWELCOME ABOARD!\n\nSincerely,\n\n\/s\/ Rajiv Enand\n\nRajiv Enand\nCEO\nServiceWare, Inc.\n\n\n\n   \n\/s\/ Mark Finkel                           1\/18\/00\n-----------------------------------       --------------------   \n(Mark Finkel)                             (Date)\n    \n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8812],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39561","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-serviceware-technologies-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\/39561","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=39561"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39561"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39561"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}