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Title: |
Employment Agreement |
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Date: |
2003 |
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Preview shows 5KB of 18KB total |
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Price: |
$41 |
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ID: |
#1579553 |
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EMPLOYMENT AGREEMENT
This Employment Agreement (the "Agreement"), is entered into as of March 15, 2003 (the "Commencement Date"), by MarketWatch.com, Inc. (the "Company") and Joan Platt (the "Executive").
1. Term of Employment. The term of employment of Executive by the Company hereunder shall commence on the Commencement Date and shall continue thereafter on the same terms and conditions until December 31, 2005 unless earlier terminated pursuant to Sections 6 (such term being hereinafter referred to as the "Employment Period").
2. Title; Duties. The Executive shall serve as Chief Financial Officer of the Company reporting to the Chairman and Chief Executive Officer. Executive shall perform those duties and responsibilities inherent in the position of Chief Financial Officer, including such duties and responsibilities, as the Chairman and Chief Executive Officer shall assign. Executive shall serve the Company faithfully and to the best of her ability in such capacities, devoting her full business time, attention, knowledge, energy and skills to such employment; provided, however, the Company acknowledges that Executive may serve on the board of directors of other companies with the prior approval of the Chairman and Chief Executive Officer. Executive shall travel as reasonably required in connection with the performance of her duties hereunder.
3. Compensation. The Company shall pay, and Executive shall accept, as full consideration for her services hereunder compensation consisting of the following:
3.1 Base Salary. $285,000 per year base salary from January 1, 2003, to December 31, 2005 and subject to annual review by the Board during the Term ("Base Salary"). "Base Salary" shall mean the base salary provided for in this Section 3.1. Base Salary is payable in installments in accordance with the Company's normal payroll practices, less such deductions or withholdings as are required by law.
3.2 Bonus. Annual target bonus (the "Target Bonus") at the rate and in accordance with the specifications on Exhibit A attached hereto.
3.3 Equity Stock Options. Stock options granted during the Term shall vest and become exercisable as to one-third of the total shares subject to the stock option on each of the first three anniversaries of the date of grant. Executive shall be eligible to receive grants of additional options on an annual basis at the sole discretion of the Board.
4. Benefits. Subject to all applicable eligibility requirements and legal limitations, Executive will be able to participate in any and all 401(k), vacation, medical, dental, life and long-term disability insurance and/or other benefit plans which from time to time may be established for other employees of the Company.
5. Reimbursement of Expenses. The Company will reimburse Executive for all reasonable travel, entertainment and other expenses incurred or paid by the Executive in connection with, or related to, the performance of her duties, responsibilities or services under this Agreement, subject to review by the Board or its compensation committee, if applicable.
6. Benefit Upon Termination of Employment Period.
6.1 Disability. In the event of the permanent disability (as hereinafter defined) of Executive during the Employment Period, the Company shall have the right, upon written notice to Executive, to terminate Executive's employment hereunder, effective upon the 30th calendar day following the giving of such notice (or such later day as shall be specified in such notice). Upon the effectiveness of such termination, (i) the Company shall have no further obligations hereunder, except to pay and provide, subject to applicable withholding, (A) all amounts of Base Salary accrued, but unpaid, at the effective date of termination, (B) Executive's Target Bonus for the year in which such disability occurs and (C) all reasonable unreimbursed business-related expenses, (ii) Executive's Option shall vest to the extent of one additional year of vesting and shall remain exercisable for the periods specified in the Option and (iii) Executive shall have no further obligations hereunder other than those provided for in Sections 8 and 9 hereof. All amounts payable to Executive pursuant to this Section 6.1 shall be payable within 30 days following the effectiveness of the termination of Executive's employment. For purposes of this Agreement, "permanent disability" shall be defined as any physical or mental disability or incapacity which renders Executive incapable in any material respect of performing the services required of her in accordance with her obligations under Section 2 for a period of 180 consecutive days, or for 180 days in any 360 day period.
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