{"id":39649,"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-thomas-j-szkutak.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-thomas-j-szkutak","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-thomas-j-szkutak.html","title":{"rendered":"Employment Agreement — Thomas J. Szkutak"},"content":{"rendered":"
August 26, 2002\n\n<\/p>
Mr. Thomas J. Szkutak
\n[Address deleted]\n<\/p>
Dear Tom:\n\n<\/p>
On behalf of Amazon.com Holdings (the \"Company\"), I am very pleased to offer\nyou the position of Senior Vice President and Chief Financial Officer of\nAmazon.com. This letter clarifies and confirms the terms of your employment\nwith the Company.\n\n\n<\/p>
Start Date and Salary<\/b>\n\n<\/p>
Unless we mutually agree otherwise in writing, you will commence employment on\nOctober 1, 2002 (Start Date). Your starting salary will be $150,000\nannualized, payable in accordance with the Company\u0092s standard payroll practice\nand subject to applicable withholding taxes. Because your position is exempt\nfrom overtime pay, your salary will compensate you for all hours worked.\n\n<\/p>
Signing Bonus<\/b>\n\n<\/p>
In appreciation for your decision to join us, along with your first regular\npaycheck the Company will pay you a lump sum bonus in the amount of $500,000.\nThis bonus will be payable in accordance with the Company\u0092s standard payroll\npractice and subject to applicable withholding taxes.\n\n<\/p>
In addition, over the first four years of active employment, the Company will\npay you a signing bonus of $2,400,000, payable in equal monthly installments in\nthe amount of $50,000 commencing in October 2002 through September 2006. All\npayments will be payable in accordance with the Company\u0092s standard payroll\npractice and subject to applicable withholding taxes. If your employment with\nthe Company is terminated for any reason prior to September 30, 2006, any\nmonthly payments will cease after the date of termination.\n\n\n<\/p>
Relocation<\/b>\n\n<\/p>
For information about your relocation benefits, please review the attached\ndocument.\n\n<\/p>
Benefits<\/b>\n\n<\/p>
You will also be entitled, during the term of your employment, to such\nvacation, medical and other employee benefits as the Company may offer from\ntime to time, subject to applicable eligibility requirements. The Company does\nreserve the right to make any modifications in this benefits package that it\ndeems appropriate. All employees receive pro-rated vacation and personal time.\nPlease refer to the enclosed benefits documents for more information. You\nare eligible to participate in Amazon.com\u0092s 401(k) retirement plan on the first\nentry date following the commencement of your employment. You are also\neligible to enroll in our major medical plan on the first entry date following\nthe commencement of your employment.\n\n<\/p>
Restricted Stock Grant<\/b>\n\n<\/p>
Subject to Board of Directors\u0092 approval, you will be awarded 500,000 shares of\nrestricted stock of Amazon.com, Inc. (the \"Stock Award\"). The Stock Award will\nvest according to the following schedule, subject to your continued employment\nwith the Company: 2\/7ths of the Stock Award will vest on your second\nanniversary of employment and an additional 1\/7th of the Stock Award will vest\non each subsequent anniversary of your employment. The unvested portion of the\nStock Award will be subject to forfeiture upon termination of your employment\nwith the Company. The Stock Award will be documented by delivery to you of a\nRestricted Stock Award Agreement specifying the terms and conditions of the\naward.\n\n<\/p>
Employment At Will<\/b>\n\n<\/p>
If you accept our offer of employment, you will be an employee-at-will, meaning\nthat either you or the Company may terminate our relationship at any time for\nany reason, with or without cause. Any statements to the contrary that may\nhave been made to you, or that may be made to you, by the Company, its agents,\nor representatives are superseded by this offer letter.\n\n<\/p>
Confidentiality, Noncompetition and Invention Assignment Agreement<\/b>\n\n<\/p>
As a condition of your employment pursuant to this offer letter, we require\nthat you sign the enclosed Confidentiality, Noncompetition and Invention\nAssignment Agreement. The Company\u0092s willingness to award you the compensation\nreferred to above is based in significant part on your commitment to fulfill\nthe obligations specified in that agreement.\n\n<\/p>
You should know that the agreement will significantly restrict your future\nflexibility in many ways. For example, you will be unable to seek or accept\ncertain employment opportunities for a period of 18 months after you leave the\nCompany. Please review the agreement carefully and, if appropriate, have your\nattorney review it as well.\n\n\n<\/p>
Employment Eligibility<\/b>\n\n<\/p>
To comply with immigration laws, you must provide Amazon.com with evidence of\nyour identity and eligibility for employment in the United States no later than\nthree (3) business days of your date of hire. Please bring this documentation\nto your new hire orientation.\n\n<\/p>
Additional Provisions<\/b>\n\n<\/p>
If you accept this offer, the terms described in this letter will be the terms\nof your employment, and this letter supersedes any previous discussions or\noffers. Any further additions or modifications of these terms would have to be\nin writing and signed by you and an officer of the Company.\n\n<\/p>
If you wish to accept employment with the Company, please indicate so by\nsigning both copies of this letter and both copies of the enclosed\nConfidentiality, Noncompetition and Invention Assignment Agreement, retaining\none of each for your files.\n\n<\/p>
We are very excited about the possibility of you joining us.\n\n<\/p>
Sincerely,\n\n\n<\/p>
\/s\/ JEFF BEZOS\n\n\n\n<\/p>
Jeff Bezos
\nCEO\n\n<\/p>
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