Employment Agreement between Sun Microsystems, Inc. and David Yen (November 29, 2004)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement outlines a compensation program for David Yen, Executive Vice President at Sun Microsystems, Inc., recognizing his contributions and aiming to retain him as a key leader. It provides for three annual retention bonuses of $250,000 each, payable in February 2005, 2006, and 2007, and a grant of 200,000 stock options (pending board approval). The bonuses are in addition to his regular bonus and are contingent on his continued employment at the time of payment. Either party may end the employment relationship at any time.

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EX-10.111 3 dex10111.htm EMPLOYMENT AGREEMENT Employment Agreement

Exhibit 10.111

 

November 29, 2004

 

David Yen

Executive Vice President, Scalable Systems Group

Sun Microsystems, Inc.

 

 

David,

 

Your contributions to Sun Microsystems and your continued leadership in SSG are important to our success. We want to recognize your contributions in a meaningful way. With this, you are being offered the following compensation program:

 

1. Recognition/Retention bonuses*:

 

February, 2005

    $ 250,000

February, 2006

    $ 250,000

February, 2007

    $ 250,000
    
     $ 750,000

 

2. Stock Options:

 

Stock Option grant

    200,000 shares

(Pending BOD approval, grant expected on or by February, 2005.)

     

 

This is intended to serve as a tangible indicator of our desire to retain you as a key member of Sun’s leadership team. We hope this is agreeable to you, if so, please note by signing below.

 

Sincerely,

/s/ Jonathan Schwartz

      

/s/ David Yen

Jonathan Schwartz

      

David Yen

President and Chief Operating Officer

      

Executive Vice President, Scalable Systems Group

Sun Microsystems, Inc.

      

Sun Microsystems, Inc.

 

        

January 31, 2005

       

Date

 

* Note: These bonus payments will be paid in the first payroll cycle of the month and are in addition to your target SMI Bonus of $486,200 per year. They do not become a part of your base salary. Bonuses are in gross amounts and are subject to normal deductions. Each payment is contingent upon your continued employment with Sun to date of payment. While we certainly hope this offer induces you to remain at Sun, we understand that either you or Sun have the right to end the employment relationship at any time and for any reason.

 

    Personal and Confidential