Internap Corporation Offer Letter for SVP and Chief Financial Officer to Robert M. Dennerlein
Internap Corporation offers Robert M. Dennerlein the position of Senior Vice President and Chief Financial Officer, reporting to the President & CEO. The offer includes a $275,000 base salary, a target cash bonus of 50%, potential for additional bonus, annual equity grants, 12 months of severance after 90 days, company benefits, and four weeks of vacation. The offer is subject to a background check and final board approval, with a proposed start date of November 14, 2016.
Exhibit 10.35
| Peter D. Aquino | |
| President & CEO | |
| Internap Corporation | |
| 703 ###-###-#### |
October 28, 2016
Mr. Robert M. Dennerlein
Bob,
To follow through on our discussions and interviews, I am pleased to offer for you on behalf of Internap Corporation, the position of SVP and Chief Financial Officer. This offer has the support of our Compensation Committee and Board of Directors, but will be subject to a background check and final board approval. I will advance this process once you accept our offer.
A summary of the offer is as follows:
| ● | Role and Responsibilities will include all aspects of the position of a public company CFO, as well as Corporate IT. Section 16 Officer. | |
| ● | Reporting to the President & CEO | |
| ● | Primary location will be our Secaucus data center in NJ | |
| ● | Base Salary of $275K | |
| ● | Target Cash Bonus of 50% | |
| ● | Potential for additional cash bonus up to 100% subject to Compensation Committee discretion | |
| ● | Annual Equity Grant at a value of your base salary, or $275K to start. This value will be converted into Restricted Stock, subject to a 3-year vest. 50% of the grant will be subject to time, and 50% will be subject to performance as part of the Compensation Committee’s approved metrics – TBD. | |
| ● | 12 months severance, subject to clearing the first 90 days. The Company will pay COBRA for the period under severance. The severance amount will be paid over 12 months in the normal payroll cycle | |
| ● | Participation in Company benefits, including medical, dental, 401(k), etc. | |
| ● | 4 weeks vacation |
Private & Confidential – Internap Corporation
One Ravinia Drive | Suite 1300 | Atlanta, GA 30346 | www.internap.com
If these terms are acceptable to you, we will proceed expeditiously to work towards a November 14th start date. I appreciate your reply in the next couple of days.
/s/ Robert M. Dennerlein
/s/ Robert M. Dennerlein
/s/ Peter D. Aquino
Peter D. Aquino
| cc: | Chairman of the Compensation Committee – Charles B. Coe |
| Board of Directors |
Private & Confidential – Internap Corporation
One Ravinia Drive | Suite 1300 | Atlanta, GA 30346 | www.internap.com
