Informix Executive Compensation and Stock Option Agreement with Peter Gyenes (July 2000)

Contract Categories: Human Resources › Compensation Agreements
Summary

This agreement between Informix and Peter Gyenes sets his annual base salary at $600,000, paid semi-monthly, and enrolls him in the Executive Incentive Compensation Plan with a target bonus equal to his base salary, 25% of which is guaranteed for 2000. He is granted a stock option for 1,500,000 shares, with a set vesting schedule, and receives a retention bonus of $875,000 immediately, plus another $875,000 on April 15, 2001, if he remains in his role. Early termination or a company change of control accelerates the second bonus payment.

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EX-10.77 3 a2029562zex-10_77.txt EX-10.77 Exhibit 10.77 [LETTERHEAD OF INFORMIX] July 31, 2000 Mr. Peter Gyenes 40 Heath Hill Brookline, MA 02146 Dear Peter: This letter confirms the recent actions of the Compensation Committee of the Board of Directors. Effective July 14, 2000, your annual base compensation is $600,000, payable in equal, semi-monthly installments. You will also participate in the Executive Incentive Compensation Plan, effective July 1, 2000, at a target incentive of 100% of this annual base. For fiscal 2000, 25% of this annual target incentive shall be guaranteed. The Board of Directors has approved a non-qualified stock option under the Corporation's 1994 Stock Option and Award Plan of 1,500,000 shares, priced on July 13, 2000 at $4.9375. Twenty-five percent (25%) of these options shall be exercisable on or after the first anniversary of the effective date, and an additional 2.08% shall be exercisable on or after each one-month anniversary thereafter. You will also receive a retention bonus of $875,000, payable immediately, with an equal retention bonus payment of $875,000 to be paid on April 15, 2001, pending your active continuance in your executive management position at that time. Your involuntary termination or a Change of Control prior to April 15, 2001 will accelerate the second payment to the date of your actual termination. For the Compensation Committee /s/ Wayne E. Page Wayne E. Page Vice President-Human Resources