Avici Systems, Inc. Offer Letter to Steven B. Kaufman (Severance and Equity Terms)

Summary

This letter from Avici Systems, Inc. to Steven B. Kaufman outlines additional employment terms. If Mr. Kaufman is terminated without cause or experiences a significant reduction in role or pay, he will receive accelerated vesting of 75,000 stock options and twelve months of continued salary and benefits. In the event of a company change of control, 50% of his unvested options will vest immediately, and all options will vest if he is terminated or his role is significantly reduced after such a change. Full vesting also occurs if he dies or becomes permanently disabled.

EX-10.1 2 0002.txt KAUFMAN OFFER LETTER 07/27/2000 Exhibit 10.1 ------------ July 27, 2000 Mr. Steven B. Kaufman 116 E. Emerson Road Lexington, MA 02420 Dear Steve: In addition to your offer letter Avici will offer the following terms: If you are terminated without cause, or have a significant reduction in responsibility, position, or compensation, you will receive a) accelerated vesting of 75,000 shares of the option granted (Grant 3) of Avici Common Stock at the exercise price of $31 per share and b) twelve-month continuation of base salary and benefits to be paid out in accordance with Avici's payroll cycle. In the event of a change of control of Avici, you will receive accelerated vesting of 50% of all remaining unvested options. Further, if due to a Change of Control, you are terminated without cause or have a significant reduction in responsibility, position, or compensation, all remaining unvested options would become fully vested. If you should die or become permanently physically disabled to an extent where you are unable to perform you duties, all granted options will vested upon such an event. Steve, once again we look forward to joining Avici. Sincerely, /s/ Surya Panditi Surya Panditi President and CEO Avici Systems, Inc.