Commerce One Operations, Inc. and Andy Hayden Retention Bonus Agreement
This agreement between Commerce One Operations, Inc. and Andy Hayden guarantees that Mr. Hayden's salary will not be reduced and outlines bonus payments if he remains employed full-time through March 1, 2003. If he stays, he will receive his full annual bonus of $144,000 and a retention bonus of $75,000, both paid in March 2003. The agreement does not affect any terms in Mr. Hayden's existing Change of Control Severance Agreement, which will take precedence in the event of a company change of control.
Exhibit 10.2
AGREEMENT AND RETENTION BONUS
This agreement is made between Commerce One Operations, Inc. (Commerce One), a Delaware Corporation, and Andy Hayden (Mr. Hayden). In consideration for Mr. Haydens continued employment at Commerce One, the sufficiency of which both parties expressly acknowledge, Commerce One agrees to the provide Mr. Hayden with the terms described below.
1) Commerce One will not decrease Mr. Haydens annual salary below its current level through March 1, 2003 so long as Mr. Hayden continues to perform his job duties on a full-time basis.
2) In the event Mr. Hayden remains with Commerce One and continues to perform his job duties on a full-time basis through March 1, 2003, Commerce One will guarantee Mr. Hayden full payment of his annual bonus target in the amount of one hundred and forty four thousand dollars ($144,000), and will pay Mr. Hayden a retention bonus of seventy five thousand dollars ($75,000). Both payments will be made in the March 15, 2003 payroll cycle and will be subject to applicable tax withholdings.
Nothing in this Agreement shall negate, alter, or supplement any term contained in Mr. Haydens Commerce One, Inc. Change of Control Severance Agreement (Change of Control Agreement) dated June 18, 2002. In the event of a change in control, the Change of Control Agreement will exclusively govern all benefits available to Mr. Hayden and will take precedence over any inconsistent or additional term herein. In addition, to the extent Mr. Haydens employment ends prior to March 1, 2003 for reasons other than change of control, his separation benefits and/or bonuses, if any, will be governed by Company policies in effect at that time for employees at Mr. Haydens level of seniority.
Dated: 7/15/02 |
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| /s/ Andy Hayden |
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| Andy Hayden | |
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Dated: July 15, 2002 |
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| /s/ Diana K. Jacobs |
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| Diana K. Jacobs, | |
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| Chief Administrative Officer | |
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| For Commerce One Operations, Inc. |