Promotion and Compensation Agreement between Immersion Corporation and Dennis Sheehan
This agreement confirms the promotion of Dennis Sheehan to Senior Vice President, Sales and Marketing at Immersion Corporation, effective October 1, 2012. It outlines his new annual base salary of $250,000 and a target incentive of 60% under the 2012 Executive Incentive Plan. Upon board approval, he will also receive 50,000 restricted stock units (RSUs) vesting over three years. The agreement reiterates that his employment remains at-will and can be terminated at any time. Acceptance is confirmed by Dennis Sheehan's signature.
Exhibit 10.28
September 26, 2012
Dennis Sheehan
RE: Promotion
Dear Dennis:
Congratulations! This letter is to confirm our discussions and to formally document our agreement on your promotion to Sr. Vice President, Sales and Marketing. The effective date of the change is October 1, 2012.
Your new annual base salary is $250,000.00 and your target incentive under the 2012 Executive Incentive Plan is 60%. These changes will be in effect October 1, 2012.
Also, effective upon board approval, the Company will grant you 50,000 RSUs of the Company’s Common Stock pursuant to the Company’s stock incentive plan and standard stock agreement. The RSUs vest annually over a 3 year period.
Dennis, I’m confident that in your new role as Sr. Vice President, Sales and Marketing you will help drive Immersion to success. Please be reminded that, notwithstanding anything to the contrary in this letter or any other agreement between us, your employment with us is on an “at will” basis, and may be terminated at any time, with or without cause and with or without notice.
Please sign the enclosed copy of this letter in the space indicated as your acceptance of the terms and return it to Human Resources. Your signed acceptance will become our binding agreement with respect to the subject matter of this letter.
| Sincerely, | ||
| /s/ Victor Viegas | ||
| Victor Viegas | ||
| President and Chief Executive Officer | ||
| Agreed and Accepted | ||||
| X /s/ Dennis Sheehan | 9/26/2012 | |||
| Dennis Sheehan | Date | |||
