Employment Offer Letter and Addendum between SafeNet, Inc. and Chris Fedde
This agreement is an employment offer letter from SafeNet, Inc. to Chris Fedde, promoting him to Vice President, Enterprise Security Products, effective January 1, 2002. It outlines his new responsibilities, salary, bonus eligibility, stock options, and benefits. The addendum specifies that if SafeNet terminates his employment without cause, he will receive six months of severance pay; no severance is provided if terminated for cause. Employment remains at-will, meaning either party can end the relationship at any time.
EXHIBIT 10.20
January 10, 2002
Chris Fedde
125 Theodora Ct.
Forest Hill, MD 21050
Dear Chris:
Confirming our discussions, I am pleased to offer you a promotion beginning on January 1, 2002, as Vice President, Enterprise Security Products, which reports directly to me. In this role, you will be responsible for the direction of the products and the management of the employees in the Enterprise Products Division for SafeNet.
Your compensation will be increased to an annual base salary of $155,000 (paid at $5,961.54 on a bi-weekly basis), subject to all State and Federal withholdings. You will also be eligible for a 50% or ($77,500) annual bonus based on the achievement of the Enterprise Product Division Operating Income goals and on SafeNet, Inc. eps targets for the year.
SafeNet is granting, subject to final approval by our Board of Directors, an additional option to purchase 15,000 shares of SafeNet stock under the Company’s 2001 Omnibus Stock Option Plan. These shares shall vest over a period of 4 years at 25% per year. An official Stock Option Agreement will be forwarded to you shortly after you accept this position.
You will also continue to be eligible to participate in any benefit program offered or adopted by the Company.
Employment with SafeNet, Inc is considered an employment-at-will relationship. Although we hope your employment with SafeNet will be long term, either you or SafeNet may terminate the relationship, at any time, with or without cause or notice.
If the foregoing confirms our understanding, please sign and return the enclosed copy of this letter. I am looking forward to working with you in this new role and hope that your employment relationship with SafeNet will continue to be a rewarding and positive experience.
Sincerely,
/s/ Anthony A. Caputo
Anthony A. Caputo
President and Chief Executive Officer
I accept and agree to the terms and conditions of employment as set forth in this letter.
| SIGNED: | /s/ Chris Fedde | DATED: | January 11, 2002 |
| Date: | April 25, 2002 | |
| To: | Chris Fedde | |
| Vice President, Enterprise Products | ||
| From: | Anthony A. Caputo | |
| President and CEO | ||
| Re: | Addendum to Offer Letter dated January 10, 2002 |
Dear Chris,
Confirming our discussions, this Addendum states that:
In the event of Company-initiated Termination without cause, you will be entitled to receive 6 months of severance payments computed by using the latest applicable salary rate.
In the event of a termination for cause, you are not eligible to receive any severance payments.
Your signature at the bottom of this document will constitute an acceptance of this Addendum and it’s terms.
Sincerely,
/s/ Anthony A. Caputo
Anthony A. Caputo
President and CEO
| /s/ Chris Fedde | April 26, 2002 | |
| | ||
| Chris Fedde | Date |
