Retention and Performance Bonus Agreement between SoftNet Systems, Inc. and Steven Harris

Contract Categories: Human Resources › Retention Agreements
Summary

This agreement between SoftNet Systems, Inc. and Steven Harris outlines a retention and performance bonus program. Harris will receive a retention bonus equal to 50% of his base salary and a performance bonus equal to 150% of his base annual salary, both payable at the end of a defined "Initial Period." After this period, Harris will serve as Assistant to the Chairman/CEO through September 30, 2001, earning $10,000 per month. The agreement requires Harris to remain employed during these periods and to sign a release of claims upon his employment's end.

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EX-10.1 2 0002.txt HARRIS LETTER AGREEMENT January 3, 2001 Steven Harris SoftNet Systems, Inc. Dear Steve, To confirm the actions of the Board of Directors, Thursday, December 28, 2000, your Retention Program will include the following: 1. Retention Bonus equal to 50% of your base salary earned, beginning January 1, 2001 through the end of the "Initial Period", to be paid at the end of the Initial Period. 2. Performance Bonus equal to 150% of your base annual salary at the end of the "Initial Period", to be paid at the end of the Initial Period 3. Conversion to the position of "Assistant to the Chairman/CEO" from the end of the Initial Period through September 30, 2001, at a salary of $10,000 per month. The "Initial Period" ends upon substantial resolution of all major ISPC issues and of Aerzone-Delta relations, but the Initial Period may not be terminated before February 15, 2001 and may not extend after March 31, 2001. Employee acknowledges and agrees that the amounts paid under this agreement are to incent employee to remain in SoftNet's employ for the periods stated and to assist in effecting an orderly transition, as well as for Employee's release of any and all claims that he has or may have against SoftNet. Employee agrees to sign a release in the form attached as Exhibit A hereto, upon the termination of his employment on September 30, 2001. Sincerely, Garrett Girvan Chairman & CEO I understand, agree and accept the above, ____________________________ Date _______________ Steven Harris