Oral Employment Agreements Between CyberSource Corporation and Directors/Executive Officers

Contract Categories: Human Resources › Employment Agreements
Summary

CyberSource Corporation has oral employment agreements with its named executive officers, including the CEO, CTO, CFO, and VP of Worldwide Sales, specifying at-will employment and set base salaries. These officers may receive quarterly cash bonuses if the company surpasses profit targets. Non-employee directors receive annual retainers, stock options, and additional compensation for committee roles, all under the company's 1999 Stock Option Plan. The agreements outline compensation terms but do not guarantee employment for a fixed period.

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EX-10.14 3 dex1014.htm ORAL EMPLOYMENT AGREEMENTS WITH DIRECTORS AND NAMED EXECUTIVE OFFICERS Oral Employment Agreements with Directors and Named Executive Officers

Exhibit 10.14

 

CYBERSOURCE CORPORATION ORAL EMPLOYMENT AGREEMENTS

WITH DIRECTORS AND NAMED EXECUTIVE OFFICERS

 

Arrangements with Named Executive Officers

 

Certain named executive officers have oral employment arrangements with the Company as follows:

 

Name

   

Title

    Base Salary
    Employment
Term

William S. McKiernan

    Chairman and Chief Executive Officer    $ 300,000    At-will

Robert J. Ford

    Executive Vice President, Product Development and Chief Technology Officer    $ 225,000    At-will

Steven D. Pellizzer

    Vice President, Finance and Chief Financial Officer    $ 200,000    At-will

Michael A. Walsh

    Vice President, Worldwide Sales    $ 200,000    At-will

 

In addition, such officers are eligible to receive for each quarter in 2005 a cash bonus equal to 3% to 5% of such officer’s annual base salary if the Company exceeds certain corporate profit milestones for that quarter.

 

Arrangements with Non-Employee Directors

 

Each non-employee member of the Board of Directors of the Company is eligible to receive compensation, for 2005, as follows:

 

Annual retainer for each non-employee member of the Board

    $5,000 and an option to purchase 10,000 shares of Common Stock of the Company

Annual retainer for serving as the lead outside director

    An option to purchase 5,000 shares of Common Stock of the Company

Annual retainer for each non-employee member of Board Committee

    $1,000 per Board Committee and an option to purchase 2,000 shares of Common Stock of the Company

Annual retainer for serving as a non-employee Chair of a Board Committee

    $1,000 (in addition to the standard Board Committee retainer) and an option to purchase 5,000 shares of Common Stock of the Company (in lieu of the standard Board Committee option)

 

All options to non-employee directors are discretionary grants pursuant to the Company’s 1999 Stock Option Plan.