Chairman Employment and Retention Bonus Agreement between Riverstone Networks, Inc. and Romulus Pereira
Riverstone Networks, Inc. and Romulus Pereira entered into an agreement effective April 21, 2003, appointing Pereira as Chairman of the Board. Pereira will serve as Acting CEO, manage daily operations until a new CEO is hired, assist in the CEO search, and support the transition. He will receive a $250,000 annual salary, company benefits, and a $500,000 retention bonus, which must be repaid if he leaves within one year. The agreement automatically renews unless either party gives 90 days' written notice. A separate severance agreement will be established later.
Exhibit 10.1
April 18, 2003
| Title | Chairman of the Board Effective Date 4/21/03 Riverstone Networks, Inc. | |
| Salary | $ 250,000 Per Year plus Company Benefits | |
| Retention Bonus | In consideration of your becoming Chairman, assisting in the Executive Management transition as well as helping to accomplish this years financial plan, a retention bonus of $ 500,000 will be immediately paid to you. This Retention Bonus is do and repayable to Riverstone If you leave within 1 Year of effective date. | |
| Period of Time | 12 Months or Fiscal Year, Automatically Renewed unless Written Notice Given by Either Party 90 Days in Advance | |
| Responsibilities | Responsibilities Are for a Working Chairman To be Acting CEO and Run Day to Day Operations until Position is Filled | |
| Assist in New CEO Search | ||
| Support and Transition Responsibilities to New CEO | ||
| With the BOD and CEO, Define and Accomplish New Responsibilities as Chairman | ||
| Severance Agreement | New Agreement to be Established with you by Next BOD Meeting | |
| /s/ Romulus Pereira | /s/ Piyush Patel | |||
Romulus Pereira, CEO Riverstone Networks, Inc. | Piyush Patel, Chairman of the Board Riverstone Networks, Inc. |
