Compensation Letter Agreement between BEA Systems, Inc. and Mark P. Dentinger
BEA Systems, Inc. has provided Mark P. Dentinger with a compensation letter outlining his FY08 salary and equity awards. Effective May 1, 2007, Mark's annual base salary will be $450,000, with a target bonus of 75% of his salary, totaling on-target earnings of $787,500. He will also receive a stock option for 165,000 shares and 55,000 restricted stock units, both subject to standard four-year vesting. The agreement recognizes Mark's contributions and sets out the terms for his compensation in the upcoming fiscal year.
Exhibit 10.7
| BEA Systems, Inc. | 2315 North First Street | |
| San Jose, California 95131 | ||
| Telephone: +1 ###-###-#### | ||
| Facsimile: +1 ###-###-#### | ||
| www.bea.com |
April 25, 2007
Mark Dentinger
2315 N. First Street
San Jose, CA 95110
RE: FY08 Compensation Awards
Dear Mark:
I am happy to advise you that the Compensation Committee has approved the following FY08 Cash and Equity Rewards in recognition of your contributions over the last fiscal year.
Base Salary and Bonus Potential
Effective May 1, 2007, your new annual base salary will be $450,000, payable in accordance with our regular payroll cycle. This represents a 12.5% adjustment. Your target bonus will be 75% of your base salary in accordance with our FY08 Executive Staff Bonus Plan. The Plan document will be sent under separate cover. Thus, your On-Target-Earnings (OTE) will be $787,500.
Equity
The Compensation Committee also approved the granting of a Non-Qualified Stock Option to purchase 165,000 shares of Company common stock with our standard 4 year vesting for options as well as 55,000 Restricted Stock Units (RSU’s) with our standard 4 year vesting for RSUs. The option will be granted in accordance with our standard equity granting practices as soon as practicable following the Q1 FY08 earnings announcement. The RSUs will be granted in accordance with our standard equity granting practices as soon as practicable after the Company becomes current in filing its financial statements with the SEC.
Mark, I deeply appreciate your contributions and look forward to FY08 with optimism and excitement. Thanks for all of your hard work!
| Sincerely, |
| Alfred |
