George Lichter Page 1 of 3 May 20, 1999
George Lichter Via Fax
Dear George,
We are pleased to offer you the position of President of Ask Jeeves International for Ask Jeeves, Inc. (the "Company"). You will report to me. Your first day of employment will be May 20, 1999 (the "Start Date").
SALARY You will receive an annual salary o
f $150,000, which will be paid semi-monthly in accordance with the Company's normal payroll procedures. You will also be eligible to participate in any employee benefit programs that are, or may become, available to a full-time employee at an equivalent l
evel at Ask Jeeves.
OPTIONS Upon your employment you will be awarded 100,000 options (the "Options") to purchase stock in the Company pursuant to the Company's 1999 incentive stock option plan (the Plan), vesting over a period of four years, with 25% of th
e shares vesting on the first anniversary of your employment, and the remaining shares vesting in 36 equal monthly installments thereafter, with a ten-year term, at a price equal to the fair market value at the time the Company's Board of Directors approv
es the offer.
BONUS You will receive a bonus of $50,000, payable on the first anniversary of your Start Date, if your performance meets or exceeds certain criteria, which will be jointly determined by you and the Company within 60 days of your Start Date.
SEVERANCE PACKAGE In the event that your employment is terminated without cause at any time during your employment, you will be entitled to a severance package of six months base salary plus immediate vesting of 6/48ths of the Options in addition to those
vested as of the date of your termination.
"Termination without cause" means termination of your employment by the Company for reaso ...
*End of Preview*
Click the 'Add to Cart' button to download the complete and formatted agreement.