{"id":39945,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/exodus-communications-employment-agreement-with-laurie-d.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"exodus-communications-employment-agreement-with-laurie-d","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/exodus-communications-employment-agreement-with-laurie-d.html","title":{"rendered":"Exodus Communications &#8211; Employment Agreement with Laurie D. Priddy"},"content":{"rendered":"<pre>\n\n[LOGO](TM) \nE X O D U S(R)\n\nExodus Communications, Inc.\n2831 Mission College Boulevard\nSanta Clara, CA 95054-1838\n408-346-2200\n\nDecember 5, 2000\n\nLaurie Priddy\n1249 Lakeside Drive, #1046 \nSunnyvale, CA 94086\n\nDear Laurie:\n\nI am pleased to extend to you an offer as a Senior Vice President,\nOperations, reporting to me. If you accept this offer, this letter \nsets forth the terms of your employment with Exodus Communications, \nInc. (\"Exodus\"). This offer is contingent on the occurrence of the \nclosing of Exodus' acquisition of GlobalCenter and, if you accept \nthis offer, it would take effect as of that closing date (the \"Closing \nDate\").\n\nAs an Exodus employee, you will be responsible for integrating and \ngrowing the business formally known as GlobalCenter as well as \nwhatever reasonable duties are assigned to you consistent with your \ntitle and position. Your initial base salary will be $20,833.33 per \nmonth, less all applicable deductions, which is equivalent to a gross \nsum of $250,000.00 per year. You will be covered under the Executive \nEmployment Policy, a copy of which is attached hereto. You are \nguaranteed a bonus of 25% of your base salary payable within one \nmonth of the closing date, and an additional 25% upon completing one \nfull year of service. This bonus amount shall be repaid to\nExodus should your employment terminate for any reason prior to your \none year anniversary with Exodus.\n\nYou also will be eligible to participate in our health and dental \ninsurance plans, 401K plan, employee stock purchase plan and other \nemployee benefits established by the Company. Exodus will reimburse \nyou for expenses reasonably incurred in relocating your household \ngoods from the local area to Denver, Colorado, subject to Exodus' \nstandard policies far amounts and documentation and shall be repaid \nto Exodus if your employment terminates for any reason prior to your \none year anniversary with Exodus. In addition, for a period of up to \ntwelve months commencing as of the Closing Date and while you are \nemployed by Exodus, Exodus will pay, for your use, the fair market \nrental value on a residence in the Sunnyvale area and a rental car,\nnot to exceed $3000.00 per month.\n\nWe will recommend to Exodus' Board of Directors that you be granted \noptions to purchase up to 100,000 shares of Exodus Communications, \nInc. common stock. The options, if approved, customarily are granted \non the first trading day of the month following your start date and \nare exercisable at the closing price of the common stock on the date \nof the grant. The options will\n\n\n \nvest, that is, become exercisable, over fifty (50) months with the first twelve\npercent (12%) vesting after six (6) months of continuous employment. Thereafter,\nthe options will vest at a rate of 2% per month of completed service until your\nemployment terminates or the grant is fully vested. This option grant will be\nsubject to all terms of Exodus' stock option plan and stock option agreement, a\ncopy of which you will be required to execute as a condition of the grant.\n\nAs an employee of Exodus, you will have access to certain Company confidential\ninformation and you may, during the course of your employment, develop certain\ninformation or inventions, which will become the property of Exodus. As a\ncondition of your employment, you will be required to sign the attached\n\"Employee Invention Assignment and Confidentiality Agreement\" and \"Procedures\nand Guidelines Governing Securities Trades by Company Personnel.\" We wish to\nimpress upon you that we do not wish you to bring with you any confidential or\nproprietary material of any former employer or to violate any other obligation\nto your former employers. Also, by accepting this offer, you represent that you\nare not subject to any restrictions that prevent you from working for Exodus.\n\nAs a condition of employment, you will be required to authorize Exodus to\nconduct a background investigation. This offer is contingent upon the outcome of\nsuch an investigation as well as your ability to provide verification of your\neligibility for employment in the U.S., which meets the requirements of the U.S.\nDepartment of Justice.\n\nIf you accept this offer, your employment will be at-will. These means that\nemployment with Exodus is for no specific period of time. As a result, either\nyou or Exodus may terminate your employment relationship at any time for any\nreason, with or without cause. This is the full and complete agreement between\nus on this term. Although your job duties, title, compensation and benefits, as\nwell as Exodus' personnel policies and procedures, may change from time-to-time,\nthe \"at-will\" nature of your employment may only be changed in a document\nsigned by you and the President of the Company.\n\nYou agree that there were no promises or commitments made to you regarding your\nemployment with Exodus except as set forth in this letter. Except for the\nProprietary Information Agreement between you and GlobalCenter, the GlobalCenter\nManagement Stock Plan with the attached Non Statutory Stock Option Agreement and\nas otherwise expressly provided for herein, this agreement supersedes and\nreplaces (i) any prior verbal or written agreements between you and Exodus and\n(ii) any prior verbal or written agreements between you and GlobeCenter relating\nto the subject matter hereof, including, but not limited to, any and all prior\nemployment agreements.\n\nWe look forward to your becoming a part of the Exodus Team. Please confirm your\nacceptance of this offer at the earliest possible date.\n\n                                       2\n\n \nYour signature will acknowledge that you have read, understood and agreed to the\nterms and conditions of this offer.\n\nSincerely,\n\n\/s\/ D. Krier for Don Casey\nDon Casey \nCOO &amp; President\nExodus Communications, Inc.\n\n I HAVE READ AND I UNDERSTAND THE TERMS OF THE OFFER SET OUT ABOVE. AS INDICATED\n BY MY SIGNATURE BELOW, I ACCEPT THE OFFER AS OUTLINED ABOVE. NO FURTHER\n COMMITMENTS WERE MADE TO ME AS A CONDITION OF EMPLOYMENT.\n\n\/s\/ Laurie D. Priddy    12.15.00\n--------------------    --------\nSignature               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":[7490],"corporate_contracts_industries":[9513],"corporate_contracts_types":[9539,9544],"class_list":["post-39945","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-exodus-communications-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\/39945","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=39945"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39945"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39945"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}