General Magic, Inc. Employment Offer Letter to Paula Skokowski (Vice President, Marketing)

Summary

This agreement is an employment offer letter from General Magic, Inc. to Paula Skokowski for the position of Vice President, Marketing. It outlines her salary, bonus eligibility, stock option grant, benefits, and conditions for employment, including at-will status and requirements to sign a proprietary information agreement. The letter also details severance terms, sign-on bonus repayment conditions, and the need for reference checks and proof of work eligibility. The offer is contingent on these conditions and must be accepted by a specified deadline.

EX-10.2 3 ex10-2.txt EXHIBIT 10.2 1 EXHIBIT 10.2 April 20, 2000 CONFIDENTIAL Paula Skokowski 1319 Tasso Street Palo Alto, CA 94301 Dear Paula: We are very pleased to extend an offer to you to join the General Magic team as Vice President, Marketing, reporting to Steve Markman, Chairman of the Board, CEO and President. This letter sets out the terms of your employment with General Magic. You will be paid a base salary of $7,692.31 every two weeks ($200,000.00 annualized), less applicable withholding. You will also receive our standard benefit package as described in the Benefits Summary included in this package. Additionally, you will be eligible to participate in General Magic's Change of Control Plan. As Vice President, Marketing, you will have the opportunity to earn a performance bonus in accordance with General Magic's Performance Bonus Plan, as such plan may be modified over time. This Plan is based upon your achievement of certain performance-based objectives as agreed to by you and your manager, as well as the achievement of certain fiscal Company objectives. Bonus payments, if any, shall be made in accordance with General Magic's Performance Bonus Plan and its normal payroll procedures and will be paid annually after the close of the fiscal year. Your annual target bonus is set at 50 percent of your base pay. Subject to the approval of General Magic's Board of Directors ("the Board"), you will be granted an incentive stock option to purchase 200,000 shares of Common Stock under the Company's stock option plan at an exercise price equal to the fair market value of that stock on your option grant date. Your options will vest over a period of four years at the rate of 1/4 at the end of twelve months of employment, and 1/48th each month thereafter, and will be subject to the Company's stock option plan and the standard form of stock option agreement. Board meetings typically occur once each quarter, and the fair market value of the Company's stock may change based on the Company's financing activities, technical and business success, and other factors. In the event that you voluntarily terminate your employment with General Magic for any reason within 12 months of your start date, you agree to repay General Magic the entire amount of your sign-on bonus. If General Magic, in its sole discretion, terminates your employment within twelve months of your date of employment for any reason (other than for just cause or upon your death, disability or voluntary resignation), you will receive continuation of your base salary, less any applicable state and federal payroll taxes, for a period of six months from the date of your termination, in accordance with the company's payroll procedures then in effect. 2 As a condition of your employment, you will be required to sign General Magic's standard Employee Proprietary Information Agreement, without modification, on your first day of work. In addition, you will also be required to provide evidence of your identity and eligibility for employment in the United States. It is imperative that you bring appropriate documentation with you on your first day of employment; you cannot be put on General Magic's payroll without it. The required documentation is described within this package. General Magic's employment relationship with all employees is an "at-will" arrangement where the employment relationship is voluntary, for no specified term, and based on mutual consent. As such, your employment may be terminated by you or General Magic at any time, with or without cause or advance notice. This offer is contingent upon the satisfactory completion of your reference checks. Please provide us with a list of your references at your earliest convenience. This offer is valid until end of day Monday, April 24, 1999. The terms and conditions of this offer letter and the proprietary agreement referenced above, supersede any prior written or oral communications with you concerning your employment at General Magic. The provisions of this agreement regarding "at will" employment may only be modified by a document signed by you and the President of General Magic. Please indicate your acceptance of these terms and conditions by signing and dating the enclosed original of this letter and returning it to me. Please retain the duplicate for your records. Your acceptance of our offer represents a unique opportunity for us both to grow and succeed. We want to thank you in advance for your faith in us, and for the commitment you have made to our common vision. We look forward to working with you. Welcome to General Magic! GENERAL MAGIC, INC. /s/ Elena Morera - ---------------- Elena Morera Vice President, Human Resources I agree to and accept employment with General Magic, Inc. on the terms and conditions set forth in this letter. /s/ Paula Skokowski Start Date: Week of 5/22/00 - ------------------- --------------- Paula E. Skokowski