Exhibit 10.18
March 7, 2006
Mr. Jim Pekarsky
[ADDRESS]
Dear Jim:
I am pleased to offer you a position
with Monolithic System Technology, Inc. (“MoSys”
or the “Company”) as Chief Financial Officer, an exempt
position in which you will report directly to me. Your semimonthly
compensation will be $8,333.33 dollars, which is equal to
$200,000.00 annually.
In addition, you will be granted an
option to purchase 300,000 shares of the Company’s common
stock, subject to approval by the Compensation Committee of the
Board and your execution of the Company’s standard Stock
Option Agreement. The terms of such option shall be in accordance
with the terms of the Company’s stock option plan.
Accordingly, the options will vest 25% at the end of one year of
employment and 2.0833% per month thereafter. The per share exercise
price of the option shall be the fair market value of the
Company’s common stock on the date of grant as determined by
the Compensation Committee.
Upon the commencement of your
employment, the Company will enter into a Change-in-Control
agreement with you, a copy of which is attached for your
reference.
You will also be eligible to
participate in the Company’s employee benefit plans including
our standard major medical, dental, life, short and long term
disability, vision, flexible benefit plan, paid holidays, personal
time off (PTO) and the Company’s 401(k) plan.
You should be aware that your
employment with the Company is for no specified period and
constitutes at will employment. As a result, you are free to resign
at any time, for any reason or for no reason. Similarly, the
Company is free to conclude its employment relationship with you at
any time, with or without cause.
For purposes of federal immigration
law, you will be required to provide to the Company documentary
evidence of your identity and eligibility for employment in the
United States. Such documentation must be provided to us within
three (3) business days of your date of hire, or our
employment relationship with you may be terminated.
In the event of any dispute or claim
relating to or arising out of our employment relationship, you and
the Company agree that all such disputes shall be fully and finally
resolved by binding arbitration conducted in Santa Clara County,
California. However, we agree that this arbitration provision shall
not apply to any disputes or claims relating to or arising out of
the misuse or
