Pinnacle Systems Offer Letter and Employment Agreement with William Loesch (May 2, 1994)
This agreement is an offer letter from Pinnacle Systems to William Loesch for the position of Vice President, Desktop Business Group, starting May 1, 1994. It outlines a monthly salary of $9,000, a benefits package, and at-will employment. The agreement also includes a recommendation for stock options to purchase 50,000 shares, with vesting terms accelerated in the event of an acquisition or IPO. The agreement is effective upon acceptance and signature by William Loesch.
Exhibit 10.74
May 2, 1994
William Loesch
[Address]
Re: Offer of Employment
Dear Bill:
This letter is to confirm our verbal offer to you to join Pinnacle Systems as Vice President, Desktop Business Group, reporting to Mark Sanders. Your first day of employment will be May 1, 1994.
Your salary will be $9,000 per month, and you will be provided with a competitive benefit package including medical, dental, and life insurance. Your employment will be At-Will.
In addition, we will recommend to the Pinnacle board of directors that you be granted options to purchase 50,000 shares of Pinnacle common stock, pursuant to Pinnacle’s stock option plan. These options will vest at the end of a 10 year term, however, the vesting will be accelerated upon an acquisition of the company, or an Initial Public Offering of Pinnacle stock.
If these terms are acceptable, please sign below, and return one copy to us. We look forward to having you join Pinnacle on this full time basis!
Sincerely,
| /s/ MARK SANDERS |
| Mark Sanders President, CEO Pinnacle Systems, Inc. |
Offer Accepted
| /s/ WILLIAM LOESCH |
| William Loesch |
