{"id":39611,"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-network-systems.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-storage-technology-corp-network-systems","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-storage-technology-corp-network-systems.html","title":{"rendered":"Employment Agreement &#8211; Storage Technology Corp., Network Systems Corp. and Lowell T. Gooch"},"content":{"rendered":"<pre>[Storage Technology Corporation Letterhead Appears Here]\n\n\nDecember 1, 1995\n\n\n\nMr. Lowell T. Gooch\n7152 Old Post Road\nBoulder, CO  80301\n\nDear Tom:\n\nThis will confirm the term of your assignment to Network Systems Corporation\n('NSC') on a full time basis.  Your assignment will commence November 20,\n1995 and end November 10, 1997.  Your title, compensation, and on-plan bonus\ntarget will remain the same.   In return, you agree to accept the position\nas the principal executive in charge of NSC, to work full time out of its\nheadquarters in Minneapolis, and use your best efforts to cause NSC to meet\nor exceed its committed business plans.  You will continue to be covered by\nthe terms of the provisions of our letter agreement dated February 17, 1995\n(the 'February Agreement') with respect to termination of your employment\nand other matters covered therein, except to the extent modified hereby.\n\nIn addition to your rights under the February Agreement, if your employment\nis terminated by the Company prior to January 1, 1998, and termination\npayments are due you under the February agreement, Storage Technology would\npay you an additional one year's salary.\n\nIf your assignment is not terminated prior to December 1, 1997, on that date\nthe company will pay you a one-time cash bonus equivalent to one year's\nsalary, plus your on-plan bonus percentage (both based on your salary and\nbonus percentage in effect at that time), provided that you meet the\ntargeted goals agreed to by you and David Weiss.  These objectives are to be\nset by the end of 1Q96.\n\nDuring the period of your assignment to NSC, the company will pay you, in\nlieu of any moving or other transfer expense, a business travel allowance of\n$20,000 per year, payable on the first day of each quarter at the rate of\n$5,000 per quarter ($4,000 for the balance of the fourth quarter, 1995) for\neach of the two years of your assignment, and will pay reasonable housing and \nrental expenses for a dwelling in Minnesota.\n\nAt the conclusion of your two-year assignment, our intention would be to\nlocate a suitable job for you within Storage Technology.  In the event that\nwe were not able to find a position which was acceptable to both the company\nand yourself at that time, and your employment were terminated as a result,\nthe severance compensation provisions of our February Agreement would be\npayable.\n\nYou will be included in the company's officer equity retention plan upon and\nsubject to approval of that plan by the Board of Directors, and your 1996\nand 1997 MBOs will, of course, be revised to reflect your new assignment.\nIf the foregoing is in accordance with your understanding, please sign below\nso indicating.\n\nVery truly yours,\n\n \/s\/David E. Weiss\n- --------------------\nDavid E. Weiss\n\n\n\nAccepted and agreed:\n\n \/s\/Lowell T. Gooch\n- ---------------------\nLowell T. Gooch\n\n\n\n\n\/mdj\nk:\\v027256\\dodd\\tgcont.doc\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8959],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9544],"class_list":["post-39611","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-storage-technology-corp","corporate_contracts_industries-technology__hardware","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\/39611","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=39611"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39611"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39611"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}