N2H2, Inc. Promotion and Employment Terms Letter to Craig Blessing

Summary

N2H2, Inc. offers Craig Blessing a promotion to Officer and Vice President of Sales, effective February 15, 2001. He will report to the CEO and receive a base salary of $125,000, with additional commission, bonus, and stock options based on performance. Benefits include health insurance, a parking pass, and paid vacation. If terminated within 90 days of a Change in Control, Craig will receive six months' severance pay. Employment is at-will, meaning either party can end it at any time. Craig must sign and return the letter to accept the terms.

EX-10.2 3 v72269ex10-2.txt EXHIBIT 10.2 1 Exhibit 10.2 [N2H2 LOGO] February 15, 2001 Dear Craig: We are pleased to confirm your offer of a promotion within N2H2, Inc. as Officer and Vice President of Sales within our Executive Division effective February 15, 2001. You will be reporting directly to Peter Nickerson, CEO/President. You will be classified as an exempt employee and paid an annual base salary of $125,000, less lawful deductions. You will receive a detailed compensation plan outlining additional compensation in the form of commission and bonus to reach an estimated target annual income of $215,000. Additional stock options are also attainable by reaching specific targets detailed in the plan. Total compensation plan to reviewed in six months. You will be eligible to participate (with no cost) in a group health insurance plan (including coverage of your family). N2H2, Inc. will also provide you with a monthly parking pass in the Union Bank of California building. You will accrue vacation time off with pay at the rate of 1.6 days per month (which is equivalent to 20 days on an annual basis) subject to N2H2, Inc.'s policies. You will be granted 25,000 options, as part of your promotion package. These options will be granted at the fair market value (average of high and low) on the effective date and will have a four-year vesting period. If N2H2, Inc. terminates your employment within 90 days of a Change in Control, N2H2, Inc. will pay you an amount as severance equal to six (6) months of your base monthly salary, less deductions. For purposes of this paragraph, "Change In Control" means the occurrence of any one of the following events: (i) any recapitalization, consolidation or merger of N2H2, Inc. in which the N2H2, Inc. is not the continuing or surviving entity or which contemplates that all or substantially all of the business and/or assets of the N2H2, Inc. shall be controlled by another person or entity other than the person or entity which controlled the N2H2, Inc. immediately prior to such recapitalization, consolidation or merger; (ii) any sale, lease, exchange or transfer (in one transaction or series of related transactions) of all or substantially all of the assets of the N2H2, Inc.; (iii) approval by the members of the N2H2, Inc. of any plan or proposal for the liquidation or dissolution of the N2H2, Inc., unless such plan or proposal is abandoned within 60 days following such approval; or (iv) sale or other disposition by Peter H. Nickerson of his beneficial interest in the N2H2, Inc. 2 This letter is not an offer of employment for any specific period of time. Your employment at N2H2, Inc. will be terminable "at-will", which means that you may terminate your employment at N2H2, Inc. at any time, with or without notice, for any reason you believe is appropriate. Similarly, N2H2, Inc. may terminate your employment at any time, with or without notice, for any reason it, in its sole discretion, believes is appropriate. We are convinced that your background and professional experience will significantly enhance our ability to attain our goals. We are equally confident that you will find us offering the kinds of challenges and responsibilities that you will enjoy, along with an environment that will enhance your professional growth. If you find the heretofore-described terms agreeable, please sign and return an original copy of this letter by Wednesday, February 21, 2000. We look forward to continuing our working relationship with you in this new capacity and are excited for the upcoming opportunities for N2H2, Inc. If you have questions, please contact me at ###-###-####. Sincerely, /s/ AMANDA SPRAKER - ------------------------ Amanda Spraker Human Resources Director N2H2, Inc. Offer Accepted By: Craig Blessing /s/ Craig Blessing Date 2 /15/2001 ------------------------------------ --------------------