September 24, 1999
Enrique Salem 351 North Kenter Ave. Los Angeles, CA 90049
Dear Enrique;
I am pleased to confirm our offer of employment to you effective upon your acceptance of this offer, for the position of Senior Vice President of Technology and Operations reporting to me. Your official hiredate is October 1,
Ask Jeeves offers employees a competitive and comprehensive compensation and benefits package. The following information outlines the terms and conditions of our job offer.
BASE SALARY
Your starting annual salary will be $175,000, paid on a semi-monthly basis, in accordance with the Company's normal payroll procedures.
BONUS
You will be eligible to receive a lump sum bonus of $50,000 which will become payable twelve months from your hire date. Details of the performance measurements associated with this bonus will be presented to your within the first 30 days of your employment and will be mutually agreed upon.
STOCK OPTIONS
Subject to approval by our Board of Directors, you will be granted 275,000 options to purchase stock in the Company. Your options will vest over a period of four years, with 25% of the shares vesting on the first anniversary of your employment, and the remaining shares vesting in 36 equal monthly installments thereafter, at the end of each month during which you remain an active regular employee of Ask Jeeves. In addition, Ask Jeeves will guarantee that after 18 months of employment, your package of stock options will have a value of $1.2 MILLION. Should the value of your options be below $1.2 million, Ask Jeeves will pay you the difference between the ...
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