BEA Systems, Inc. FY08 Compensation Letter Agreement with Mark T. Carges
BEA Systems, Inc. has provided this letter to Mark T. Carges outlining his compensation for fiscal year 2008. Effective May 1, 2007, Mr. Carges will receive an annual base salary of $475,000 and a target bonus equal to 75% of his base salary, as part of the company's executive bonus plan. Additionally, he will be granted a stock option for 180,000 shares and 60,000 restricted stock units, both subject to standard four-year vesting schedules. The agreement recognizes Mr. Carges's contributions and sets forth the terms for his cash and equity compensation.
Exhibit 10.9
| BEA Systems, Inc. | 2315 North First Street | |
| San Jose, California 95131 | ||
| Telephone: +1 ###-###-#### | ||
| Facsimile: +1 ###-###-#### | ||
| www.bea.com |
April 25, 2007
Mark Carges
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 $475,000, payable in accordance with our regular payroll cycle. This represents a 18.75% 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 $831,250.
Equity
The Compensation Committee also approved the granting of a Non-Qualified Stock Option to purchase 180,000 shares of Company common stock with our standard 4 year vesting for options as well as 60,000 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 |
