Favrille, Inc. Retention Bonus Agreement with Tamara A. Seymour (October 2008)
Favrille, Inc. agrees to pay Tamara A. Seymour a retention bonus by increasing her base salary by 50% from June 7, 2008, through December 1, 2008, provided she remains employed through that date. The bonus is paid on regular payroll dates and is in addition to any other compensation. The agreement does not alter her existing employment terms or policies and can only be modified in writing by both parties. This arrangement is intended to incentivize her continued employment during the company's proposed merger process.
Exhibit 10.1
October 23, 2008
CONFIDENTIAL
Dear Tamara:
Favrille, Inc. (the “Company”) values the contributions that you have made to date, and we feel that you are a vital part of the team charged with executing the proposed merger of the Company.
The Company wishes to continue to retain your services and to incentivize you to continue as an employee for as long as the Company currently anticipates that it will need your services. We recognize that such continued service is likely to result in you delaying and/or foregoing other employment opportunities. Accordingly, if you remain employed with the Company through December 1, 2008, the Company will pay you a retention bonus in the form of an enhancement of your base salary by fifty percent (50%) from June 7, 2008 through December 1, 2008. (An extension from November 1, 2008, per the previous letter agreement dated September 26, 2008). The bonus will be paid to you on the Company’s standard payroll dates, beginning June 30, 2008. This retention bonus is in addition to any other form or amount of compensation that you are eligible to receive pursuant to any other arrangement with the Company.
This agreement does not change the nature of your employment or alter the other terms of your employment agreement with the Company as set forth in the Employment Agreement dated January 6, 2005, between you and the Company. You will continue to be bound by the Company’s policies. This agreement constitutes the full and complete expression of our arrangement with respect to the bonus described herein and supersedes any prior oral commitments or representations. This agreement cannot be modified except by a written instrument approved and signed by both you and the Company’s Chief Executive Officer.
Sincerely,
| /s/ John P. Longenecker |
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| John P. Longenecker, Ph.D. |
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| President and Chief Executive Officer |
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Accepted:
| /s/ Tamara A. Seymour |
| Date: | October 24, 2008 |
| Tamara A. Seymour |
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