|
|
|
|
Document Preview Employment Agreement |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
Employment Agreement |
|||
|
Entities: |
||||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 4KB of 19KB total |
|||
|
Price: |
$33 |
|||
|
ID: |
#1178704 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
IMMERSION, INC
EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement") is entered into by and
between Immersion, Inc., a Delaware corporation (the "Company) and Victor Viegas
(the "Employee"), effective as of November 5, 2001 (the "Effective Date).
RECITALS
1. The Employee is and has been employed by the Company and is currently the
Company's Executive Vice-President, San Jose Operations, Finance and CFO.
2. The Company and the Employee are parties to an employment letter
agreement dated July 9, 1999, (the "Letter Agreement").
3. The Company and the Employee wish to amend and restate the Letter
Agreement in the form of this Agreement, effective as of the Effective Date.
4. Certain capitalized terms used in this Agreement are defined in Section 8
below.
AGREEMENT
In consideration of the mutual covenants herein contained, and in
consideration of the continuing employment of the Employee by the Company, the
parties agree as follows:
1. POSITION AND RESPONSIBILITIES The Company shall employ the Employee in
the position of Executive Vice-President, San Jose Operations, Finance and CFO,
reporting solely to the Company's CEO and assuming and discharging such
responsibilities as are commensurate with such position. The Employee shall
comply with and be bound by the Company's operating policies, procedures and
practices from time to time in effect during his employment. During the
Employee's employment with the Company, the Employee shall devote his full time,
skill and attention to his duties and responsibilities, and shall perform them
faithfully, diligently and competently, and the Employee shall use his best
efforts to further the Company's business.
2. TERM OF EMPLOYMENT This Agreement shall become effective as of the
Effective Date, and shall supersede and replace the Letter Agreement, which
shall be void and of no further effect. This Agreement and the Employee's
employment with the Company shall continue until terminated by reason of the
Employee's death or by either party at any time, with or without notice, for any
or no reason. The parties agree and acknowledge that this Agreement is an "at
will" agreement and that no implied covenant or standard of practice will cause
this Agreement to have any minimum period of employment.
3. BASE COMPENSATION For all services to be rendered by the Employee to the
Company while this Agreement is in effect, the Employee shall receive a minimum
annual base salary of $200,000, payable in accordance with the Company's
standard payroll practices.
<PAGE>
Currently the Employees salary is reduced as a result of a company-wide salary
reduction program. The Company's Chairman or CEO shall review the Employee's
base salary at least annually. The annual base salary specified in this Section
3, as such base salary may be increased during the term of this Agreement, is
referred to herein as "Base Compensation."
4. ANNUAL INCENTIVE For each fiscal year during the term of this Agreement,
the Employee shall be eligible to receive additional cash compensation ("Annual
Incentive") under the Company's annual variable compensation plan based upon
specific financial and/or other targets approved by senior management and/or the
Company's Board of Directors (the "Board"). Unless the Company determines
otherwise, the Employee's Annual Incentive shall be an amount equal to a
predetermined percentage of his Base Compensation. Any Annual Incentive
compensation that becomes payable to the Employee shall be paid in accordance
with the Company's standard practices and policies.
5. OTHER BENEFITS The Employee shall be entitled to participate in the
employee benefit plans and programs that the Company makes available to its
|
End of Preview |
Home Intelligence Services Subscriptions News About Us