Exhibit 10.14
June 29, 2000
Ward D. Hewins
341 Beacon Street
Boston, MA 02116
Dear Ward:
On behalf of Advanstar Communications, it gives
me great pleasure to confirm an offer of employment to you for the
position of Deputy General Counsel , which reports to me in
our Boston office. Your effective date of employment will be as
soon as possible, as you determine based on your expressed desire
for a smooth transition from your current employment. Our
expectation is that you will start in late July.
Your starting base salary will be at the
bi-weekly rate of $6,153.85 (or $160,000 annualized). Our pay
periods are bi-weekly with pay days every other Friday via direct
deposit. In addition, you will be eligible to receive an annual
bonus based on your job performance with a targeted amount of
$40,000. Although the bonus is paid on a calendar year basis, your
payment for calendar year 2000 will not be prorated due to your
mid-year commencement of employment, but rather will be calculated
as if you had been employed by the Company for the full 2000
calendar year.
Conditioned on your actual commencement of
employment, you have been granted options to purchase 7,500 shares
of common stock of Advanstar.com, Inc., our internet operating
company, at an exercise price of $0.80 per share. This grant is
subject to a vesting schedule and all other terms contained in the
plan document and your option agreement. These documents will be
forwarded to you shortly. Of course, we cannot make any
representations to you about the future value of Advanstar.com,
Inc. or your options.
In addition, you will be eligible for all of our
benefit programs, which go into effect the first of the month
following your start date. Enrollment materials will be sent to you
shortly. In general, benefits are currently provided in areas of
vacation, sick pay, group health and dental insurance, life
insurance, AD&D as well as long-term disability insurance
protection, all as outlined in the applicable plan documents. We
also currently have a 401(k) Plan which you can join the first of
the month following one year of employment.
Please note that your employment with Advanstar
is on an “at will” basis. That means that you can
terminate your employment at any time, for any or no reason, with
or wi
