Exhibit 10.6
November 21, 2002
Kevin Hell
PO Box 676296
Rancho Santa Fe, CA 92067
Dear Kevin:
DivXNetworks, Inc.
is pleased to formally extend to you an offer of employment for the
position of Chief Marketing Officer, based in San Diego, CA. In
this position you will report to the CEO, Jordan
Greenhall.
To
compensate you for your efforts in this position, you will receive
a base salary of $16,666.67 per month (equivalent to $200,000 per
annum). In addition, you have an opportunity to earn additional
bonus compensation up to a gross compensation cap on the bonus of
$300,000. The bonus compensation will be tied to specific goals
which are outlined in the attached "Bonus Compensation" document
and will be finalized within two weeks of your start
date.
It
will be recommended to the Board that you be granted an option to
purchase 600,000 stock options of DivXNetworks, Inc. The price
per share for these options will be fixed based on the Company's
stock price for the three days prior to date of grant (currently at
$0.06 per share strike price). This grant will vest with a
1 year cliff at 25% then 1 / 48 per
month thereon, based upon your employment anniversary
date.
With
regard to benefits, you will receive all the employment benefits
available to full time, regular exempt employees of
DivXNetworks, Inc. These benefits include medical, dental,
life insurance. AD&D, and STD/LTD, accrual of 20 days PTO
during the year, and paid holidays. In addition you can contribute
to the companies 401(k) plan; currently there is no company
matching.
In
accordance with the Immigration Reform & Control Act of
1986, employment in the United States is conditional upon proof of
eligibility to legally work in the United States. On your first day
of employment, you will need to provide us with this proof, (please
refer to the enclosed list of acceptable documents). If you do not
have these documents, please contact me prior to your first day of
employment.
The
terms of your employment relationship with DivXNetworks, Inc.
is and always will be one of voluntary employment "at
will".
As
an employee of DivXNetworks, Inc. you will have access to
confidential information and you may, during the course of your
employment, develop information or inventions, which will be the
property of DivXNetworks, Inc. To protect the interests of
DivXNetworks, Inc., you will be required to sign the Company's
standard "Agreement Regarding Proprietary Information and
Inventions" and it must be accepted by DivXNetworks, Inc. as a
condition of your employment. We wish to impress upon you that we
do not wish you to bring with you any confidential or proprietary
material of any former employer or to violate any other obligations
you may have to your former employer.
This
offer letter is an offer of employment and is not intended and
shall not be construed as a contract proposal or contract of
employment.
This
written offer constitute all conditions and agreements made on
behalf of DivXNetworks, Inc. and supersedes any previous
verbal commitments by the Company. No representative other than
myself has any authority to alter or add to any of the terms and
conditions herein.
Please
contact me to indicate your response to this offer. Upon your
acceptance return the original and retain the copy for your
records. I have also enclosed Agreement Regarding Proprietary
Information and Inventions. Following your acceptance, please
review, sign, and return, along with your signed offer letter. This
employment offer expires on December 1, 2002.
Your
experience and talents will be a strong addit
