OFFER OF EMPLOYMENTExecutive Employment Agreement |
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AVANEX CORP | Yves LeMaitre. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.20
May 25, 2005
Mr. Yves LeMaitre
718 Dalehurst Avenue
San Mateo, CA 94403
OFFER OF EMPLOYMENT
Dear Yves:
I am very pleased to extend to you this offer of employment to join Avanex (the “Company”).
The position offered to you is that of Vice President and General Manager, Components Business Unit. You place of work will be at the Company’s offices in Fremont, California and you will report to Jo Major, President and CEO. This is a full-time, regular, exempt position of considerable responsibility, integral to our continued business development and success. In this position you will be expected to devote your full business time, attention and energies to the performance of your duties with the Company.
The specifics of this offer are as follows:
Base Salary: You will be compensated at a bi-weekly rate of $8,653.85, paid every other Friday, subject to the usual, required withholding in accordance with the Company’s normal payroll procedures. (This represents an equivalent annual rate of pay of $225,000).
Annual Bonus: You will be eligible to participate in the Executive Bonus, in accordance with the guidelines as established by the Compensation Committee of the Board. Under this plan your annual target bonus amount will be 60% of your base salary.
Stock Options: Subject to approval by the Compensation Committee of the Board of Directors, you will be granted a stock option under the Company’s 1998 Stock Plan (the “Plan”) to purchase 320,000 shares of the Company’s Common Stock at an exercise price equal to the then current fair market value on the date of grant, as determined under the Plan (the “Option”). The shares subject to the Option shall vest as follows:
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1/4 of the shares subject to the Option shall vest one (1) year after the date of commencement of employment and 1/48th of the shares subject to the Option shall vest monthly thereafter, so that the Option shall be fully vested and exercisable four (4) years from the date of commencement of employment, subject to your continued service to the Company on the relevant vesting dates. |
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If your employment is involuntarily terminated without cause during the first twelve (12) months after your employment begins, the shares subject to the Option will be treated as having vested beginning with the first full month of employment at the rate of 1/48th per month, and ending on the day of your termination. For this purpose, “cause” is defined as (1) any act of personal dishonesty taken by you in connection with your responsibilities as an employee and intended to result in your substantial personal enrichment, (2) your conviction of a felony that is injurious to Avanex, or (3) a willful act by you that constitutes gross misconduct and which is injurious to Avanex. |
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