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Title: |
Letter Agreement |
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Date: |
2003 |
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Size: |
Preview shows 2KB of 6KB total |
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Price: |
$39 |
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ID: |
#343716 |
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November 3, 2003
Mr. Robert H. Bucher
123 Davenport Road
Toronto, Ontario Canada M5R 1H8
Dear Rob,
On behalf of Adept Technology, Inc., I am pleased to confirm our offer to you
for the position of Chief Executive Officer, reporting to the Board of
Directors. In addition, upon acceptance of this offer, I am pleased to confirm
your nomination to join the Board of Directors of Adept as Chairman of the
Board. Your biweekly salary as CEO will be $11,538.47, which when annualized is
$300,000.00.
The Board of Directors has approved a stock option grant of 600,000 shares
pursuant to our 2001 Non-Qualified Stock Option Plan. The exercise price of your
stock options will be set at the closing price of Adept Technology on the day
your stock option grant is approved. The stock will vest over a period of 48
months from the date of hire linearly at 1/48th of the total number of shares
per month. In addition to the above grant, you will be granted an additional
stock option grant of 50,000 shares (again pursuant to the 2001 Non-Qualified
Stock Option Plan) upon the achievement of certain specific goals to be mutually
determined by you and the Compensation Committee of the Board. These options
will also vest over 48 months, and will have a strike price equivalent to the
closing market price of Adept on the date of grant.
In addition, you will be eligible to earn annual variable incentive compensation
in an amount up to 100% of your base salary subject to meeting or exceeding
certain mutually agreed upon corporate and individual performance goals. Such
goals shall be established by mutual agreement between you and the compensation
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