Amendment to Employee Offer Letter Between DivX, Inc. and Kevin Hell Dated November 8, 2007
This amendment updates the employment terms between DivX, Inc. and Kevin Hell. It confirms his appointment as Chief Executive Officer and member of the Board of Directors as of October 31, 2007. Kevin Hell's base salary is set at $350,000 per year, and he is granted a stock option to purchase 475,000 shares, vesting monthly over four years. The amendment, together with previous offer letters, outlines all employment terms and supersedes prior agreements unless changed in writing by both parties.
Exhibit 10.27
November 8, 2007
Kevin Hell
14460 Caminito Lazanja
San Diego, CA 92127
Dear Kevin,
This letter (“Letter Amendment”) amends the prior offer letter as between you and DivX, Inc. (“DivX” or the “Company”) dated November 21, 2002 (“Original Letter’), and as amended by the February 2, 2005 and July 23, 2007 amendment letters (the Original Letter together with the February 2, 2005 and July 23, 2007 amendment letters, the “Offer Letter”).
As condition of your further employment at DivX and your assumption of the title of Chief Executive Officer of DivX, and your appointment to the Board of Directors, as of October 31, 2007, you and DivX agree as follows:
| (a) | Your base salary (e.g. not including any bonus or other payments) will be $350,000 per year, paid in accordance with the Company’s normal pay periods. |
| (b) | DivX will grant you a non-qualified stock option to purchase 475,000 shares of the Company, such options to vest over four (4) years without a cliff, vesting 1/48 per month for 48 months, and to be granted and priced pursuant to the Company’s Option Grant Policy and 2006 Equity Incentive Plan. |
This Letter Amendment, together with the Offer Letter as modified by this letter, constitutes all terms and conditions of your employment by DivX and supersedes any previous written or verbal commitments by DivX. The terms and conditions of the Letter Amendment or the Offer Letter may not be amended, waived or altered except by written agreement as between you and an authorized officer of DivX.
Please acknowledge your agreement to the terms and conditions of this letter effective as of the date set forth above.
| DivX, Inc. | ||
| By: | /s/ R. Jordan Greenhall | |
| R. Jordan Greenhall | ||
| Chairman of the Board of Directors | ||
| Acknowledged and agreed: | ||
| By: | /s/ Kevin Hell | |
| Kevin Hell | ||
| 11/8/07 | ||
| Dated | ||
