Adaptec President Employment Offer Letter to Subramanian Sundaresh (June 1, 2005)
Adaptec offers Subramanian Sundaresh the position of President, effective May 26, 2005. As President, Sundaresh will oversee the company's daily operations, including sales, marketing, engineering, operations, and manufacturing, and will work with the CEO to determine company strategy. The position includes a base salary of $375,000 per year and eligibility for an incentive plan targeted at 75%. Acceptance is indicated by signing the letter.
Exhibit 10.02
June 1, 2005
Subramanian Sundaresh
Dear Sundi:
On behalf of the Board of Directors, I am pleased to offer you the position of President effective May 26, 2005. You will be responsible for the company day-to-day operational decisions including sales, marketing, engineering, operations, and manufacturing. We will jointly determine Adaptecs strategy.
I look forward to our partnership in returning Adaptec to being a successful and profitable business. Your new base rate of pay will be $375,000 per year and your Adaptec Incentive Plan (AIP) will be targeted at 75%.
Please sign this letter, indicating acceptance of this offer. I wish you continued success in your career at Adaptec.
Sincerely, | |
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/s/ D. Scott Mercer |
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D. Scott Mercer | |
Interim Chief Executive Officer |
Accepted: | /s/ Subramanian Sundaresh |
| 6/01/05 |
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| Employee Signature |
| Date |
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