Exhibit 10.14
[LOGO] intermedia COMMUNICATIONS
December 14, 1998
Ms. Nancy Faigen
35 Wicks End
Wilton, Connecticut 06897
Dear Nancy:
It is with great pleasure that I offer you the position of President and
General Manager, WebSite Management Division with Intermedia
Communications Inc., located in Beltsville, Maryland. We anticipate that
you will accept this offer immediately, and officially assume this
position on December 14, 1998.
This is an important officer position within the Company, which reports
directly to Jim Geiger, Senior Vice President, Chief Marketing Officer.
The annual base salary is $225,000 (based on 52 weeks service). We
recognize that by accepting this position and starting with us
immediately, you will forego a substantial amount of compensation and
other benefits from your former employer. In order to offset the
financial impact to you and in recognition of your commitment to us, we
are pleased to offer you a signing bonus to be dispensed as follows:
. A $125,000 signing bonus will be provided in two installment: $50,000
on January 2, 1999 and $75,000 on August 1, 1999. This amount is
guaranteed without restrictions or requirements.
. An additional $150,000 signing bonus will be provided in two
installments: $50 000 on the date you accept this offer and the
remaining $100,000 will paid on April 1, 1999 provided you are still
employed with us on that date.
In recognition of our commitment to you, we do ask that you warrant, by
your acceptance of this position and the associated bonus, that you are
not subject to or a party to any agreement with your former employer
that would restrict or otherwise prohibit you from accepting this
position with Intermedia.
In addition, this position has an annual management incentive
compensation target opportunity of 45% of base salary ($101,250). For
1999, you will be eligible for this entire bonus opportunity, based on
performance. This bonus opportunity is contingent upon the achievement
of revenue, server units in service, EBITDA, capital expenditure, and
headcount. You will be eligible for a performance and salary review on
January 1, 2000.
This offer includes a stock option grant covering 100,000 shares of
common stock subject to approval by the Compensation Commitee of the
Board of Directors. This grant will vest in equal installments over the
60-month period commencing with the date of your employment by the
Company, subject to customary terms contained in the standard incentive
stock options issued by the Company under the Plan. For pricing
purposes, the date of the grant will be deemed to be the date upon which
the option has bean approved by the Compensation Committee of the Board
of Directors. This grant will immediately vest upon a change in control
of the Company, if followed by termination of your employment with the
Company under certain conditions within twelve months thereafter.
As an employee of Intermedia, you will be entitled to all employee
benefits: Medical insurance, medical and prescription drug card, dental
insurance, short-term and long-term disability, life insurance, 401(k)
Plan, educational reimbursement, holidays, sick leave, military leave,
bereavement leave, voting time off and jury duty leave, and supplemental
executive life insurance. Assuming you start on December 14, 1998 your
medical benefits will be effective January 1, 1999. You will be eligible
for 3 weeks of paid vacation per year, including your first year of
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