{"id":39608,"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-storage-technology-corp-and-thomas-major.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-storage-technology-corp-and-thomas-major","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-storage-technology-corp-and-thomas-major.html","title":{"rendered":"Employment Agreement – Storage Technology Corp. and Thomas Major"},"content":{"rendered":"
December 10, \n2001 <\/font><\/p>\n\n
Mr. Thomas \nMajor
 \n637 Hinsdale Drive
 \nFt. Collins, CO 80526 <\/font><\/p>\n\n
Dear \nTom: <\/font><\/p>\n\n
I \nam pleased to offer you the position of Vice President, Disk Business Unit, reporting directly to Patrick Martin, Chief Executive Officer. Your annualized base salary will be $240,000.00, payable \nbi-weekly. Other benefits being offered with this position are outlined below. We are sensitive to your need to manage your departure from your current position and would like to recommend \nthat your start date with StorageTek will be on or before January 2, 2002. We encourage a start date as early as you are able to arrange it with your current employer. <\/font><\/p>\n\n
You \nwill be eligible to participate in the 2002 StorageTek Pay for Performance Management Bonus Plan. The target level incentive for your position will be 50% of your base salary. Incentive payout is \nbased on achievement of corporate and individual goals. <\/font><\/p>\n\n
Subject \nto the approval of the Board of Directors, you will receive 4,000 shares of StorageTek restricted common stock at par value, $0.10 per share. These shares will vest in four equal annual \ninstallments on the anniversary dates of the grant beginning with the first anniversary in 2003. <\/font><\/p>\n\n
Further, \nsubject to the approval of the Board of Directors, StorageTek will grant to you a stock option to purchase 20,000 shares of StorageTek common stock, at a price to be determined on the day the \noption is granted. The option will be granted pursuant to the terms and conditions of the Company's 1995 Equity Participation Plan, which is attached for your review. These options will also vest in \nincrements of 25% on the first through the fourth anniversaries of the grant. <\/font><\/p>\n\n
Subject \nto Board of Directors approval, you will participate in LEAP (Leveraged Equity Acquisition Program), an equity program recently implemented for the most senior managers at StorageTek. Annual \ngrants of options and\/or restricted stock will be made to LEAP participants, with the amount and type of grant being based on corporate performance. The options and\/or restricted stock will vest in \nequal annual installments over a four-year period after the grant date. LEAP, requires participants to purchase shares of StorageTek common stock, equivalent to a multiple of their salary. \nFor your position you will be required to acquire StorageTek stock with a purchase price equal to 1 times your annual base salary. Your participation in StorageTek's LEAP Program is subject to the \nterms and conditions of the plan documents, as these plan documents may be amended from time to time. See attached summary of the Plan and benefits. <\/font><\/p>\n\n
As \na member of our team, you will be eligible to participate in our flexible benefit program that currently includes: medical, dental, life, short- and long-term disability coverage, \n401(k), employee stock purchase plan and many other employee benefits and services as outlined below. <\/font><\/p>\n\n<\/pre>\n