Employment Offer Letter between Colomotion and Wayne A. Olson (March 11, 1999)

Summary

This letter outlines the terms of employment for Wayne A. Olson as Senior Vice President of Operations and Administration at Colomotion. Olson will receive a $150,000 salary, a $45,000 target bonus, stock options for 1.25% of the company, standard employee benefits, and relocation assistance. If terminated without cause, he will receive one year's salary unless the company faces financial hardship. Olson's employment begins March 15, 1999, and he is allowed time to transition from prior commitments.

EX-10.19 5 ex10-19.txt EMPLOYMENT OFFER LETTER TO WAYNE A. OLSON 1 EXHIBIT 10.19 [COLOMOTION LOGO] Wayne A. Olson March 11, 1999 740 River Dr. #21G St. Paul, MN 55116 Dear Charles: I am pleased to accept your offer to join Colomotion as Senior Vice President Operations and Administration reporting to you. I understand the compensation will be a salary of $150,000 with a target bonus payment of $45,000. In addition I will receive an option to purchase 1.25% of the available stock of Colomotion at the price of $.05 per share, subject to approval by the Board of Directors, and governed by the 1997 Colomotion stock option plan. The calculation of 1.25% of equity in Colomotion will be based on the total of authorized stock following the completion of the current round of equity financing (series B) underway. Colomotion will provide me with the standard menu of employee benefits such as, life insurance, health insurance, 401(k), vacation, etc. To facilitate my relocation to the San Francisco Bay area, I will receive a one time payment of $15,000 plus living expenses for 90 days, subject to repayment to the company if I elect to leave the company prior to March 11, 2000. Colomotion will reimburse me for up to 12 round trips to Omaha, NE, during my first year of employment. If Colomotion terminates my employment without cause I will receive a payment of one year's salary, unless the company becomes financially impaired. At such point all employees would then be treated equally. I will commence employment with Colomotion effective Monday March 15, 1999. As we discussed, I will require occasional time to transition from my existing business commitments during the initial stages of my employment at Colomotion. Thank you for extending me this opportunity. You will not be disappointed. Sincerely, Acknowledged and Accepted: /s/ WAYNE A. OLSON /s/ CHARLES M. SKIBO Wayne A. Olson Charles M. Skibo Executive Officer