HearMe Retention Program Agreement with Demetrios Theodorakis (May 8, 2001)
This agreement between HearMe and Demetrios Theodorakis outlines a retention program to encourage Mr. Theodorakis to remain with the company for at least six months. If he stays and meets performance expectations, he is guaranteed salary through July 31, 2001, a retention bonus equal to four months' pay, and severance pay based on his years of service. Additionally, he will receive an extended period to exercise vested stock options. These benefits are contingent on his continued employment until the earlier of October 31, 2001, or the sale of the company. The agreement does not alter his at-will employment status.
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EXHIBIT 10.30
May 8, 2001
Demetrios Theodorakis
RE: HearMe Retention Program—PERSONAL and CONFIDENTIAL
This letter includes all of the information in my memo of April 24, 2001 with one addition. We have added information granting you an extension to your option exercise period.
You are critical to the Company's success. If you agree to remain with the Company and continue to meet performance expectations for the next six months, the Company agrees to the following:
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- We guarantee your salary through July 31, 2001.
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- We will give you a retention bonus of four (4) months pay. To earn this retention bonus you must:
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- Remain an employee until your services are no longer required; or
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- Remain an employee until the close of a sale of the Company.
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- The date at which HearMe no longer requires your services; or
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- The close of a sale of the company; or
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- October 31, 2001.
The retention bonus will be paid on the earliest to occur of:
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- We will give you severance pay equal to two weeks of pay plus one week of pay for every year of service (minimum of three weeks pay) if you remain an employee until HearMe (or an acquiring company in the event of a sale) no longer requires your services.
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- You will be eligible for an extension of your exercise period for all vested options from the typical 90 days to one year following your termination of employment if you remain an employee until HearMe (or an acquiring company in the event of a sale) no longer requires your services.
This plan is based on the premise that you stay with HearMe and perform at or above the expectation level for your position. If you terminate your employment with HearMe prior to the earliest to occur of October 31, 2001, or the close of a sale of the company, you will forfeit any remaining guaranteed salary, retention bonus, severance pay, and the extension of your exercise period.
This retention program does not change the at-will nature of your employment relationship with HearMe. However, even in the event of a change of ownership, HearMe will honor the above-described terms.
Sincerely,
Rob Csongor
CEO
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