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Exhibit 10.27
Critical Path, Inc.
156 Front Street West
Suite 505
Toronto, Ontario M51 216
Toll Free 888.810.3627
Phone 416 640 4640
Fax 416 640 4650
www.cp.net
March 21, 2000
Donald Dew
4 Sallis Drive
Ajax, Ontario L1S6Y8
Dear Donald,
On behalf of Critical Path, Inc.
(the “Company”), I am pleased to offer you employment
with the Company. This offer is conditional upon your acceptance of
the terms of this letter. In consideration of your eligibility to
participate in the Stock Option Plan and the mutual covenants
contained herein, you agree to the terms of employment set out
below:
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Position
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Vice President,
Engineering working out of Critical Path Messaging Company’s
offices in Toronto and reporting to Joe Duncan. This is a regular,
full-time position.
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Start Date
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Subject to
fulfillment of any conditions imposed by this letter agreement, you
will commence this position with the Company effective March 8,
2000.
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Base Salary
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As an exempt
employee, you will be paid a monthly salary of CAD $18,750.00,
which is equivalent to CAD $225,000.00 on an annualized basis. Your
salary will be payable in two equal payments per month pursuant to
the Company’s regular payroll policy (or in the same manner
as other officers of the Company).
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Additional Compensation
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If the Company
adopts a bonus plan, you may be eligible to participate at a level
commensurate with your position with the Company.
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Review
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Your
compensation will be reviewed annually in January as part of the
Company’s performance review process.
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Stock Options
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In connection
with the commencement of your employment, the Company will
recommend that the Board of Directors grant you an additional
option to purchase 50,000 shares of the Company’s Common
Stock with an exercise price equal to the fair market value on the
date of the grant. These additional options will vest over four
years at the rate of 2
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