Promotion Letter Agreement for Simon Nelson as VP & General Manager, EMEA

Summary

This letter agreement confirms the promotion of Simon Nelson to Vice President & General Manager, EMEA, effective April 1, 2001. Simon will receive an annual salary of £120,000, a company pension contribution of 15% of base salary, and a target annual bonus of £75,000, with specific details for the current fiscal year to follow. He is also granted 25,000 stock options with a four-year vesting schedule and special vesting terms in case of a change of control. All other contract terms remain unchanged.

EX-10.23 6 dex1023.txt LETTER AGREEMENT, DATED MAY 17, 2001 Exhibit 10.23 Simon Nelson 20 Hall Park Gate Berkhamsted Herts HP4 2NJ 17/th/ May 2001 Dear Simon: Further to our recent conversation, I am pleased to confirm your promotion as follows: Job Title: VP & General Manager, EMEA Effective Date: 1/st/ April 2001 Salary: (Pounds)120,000 pa Pension: Effective 1/st/ April the Company's contribution to your Group Personal Pension with Sun Life will be 15% of Base Salary Bonus: Target annual amount of(Pounds)75,000. For FY01 Qtr 3 & 4 you will be rewarded under the new Corporate Bonus Plan format, details will be provided in the next 30 days. Your target amount for this period is(Pounds)37,500. Stock Options: 25,000 options April 2, 2001 grant date $.375 exercise price 4 year vesting with double trigger accelerated vesting in a change of control All other terms and conditions of your Contract remain unchanged. I would like to congratulate you on your well deserved promotion. As you know, this role is vital to the continued growth of EMEA and I wish you every success with this new challenge. Kind regards /s/ Steve Yount Steve Yount Chief Operating Officer