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Jill Braff
5910 Ascot Dr.
Oakland, CA 94611
Sorrent, Inc. (the
“Company”) is pleased to offer you a position with the
Company as Vice President, Marketing commencing on
December 29, 2003. We are please to find someone with your
vision and commitment to work as an integral part of our
team.
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You
will be entitled to receive an annual salary of $160,000 (the
“Base Salary”) to be paid in accordance with the
Company’s normal payroll procedures. You are entitled to
receive a bonus, at the Company’s sole discretion, of up to
20% of your yearly salary ($32,000) to be paid quarterly. Complete
details of your bonus plan will be specified no later than
January 23, 2004.
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We will recommend
that the Company’s Board of Directors (the
“Board”) grant you an option to purchase up to 150,000
shares of the common stock of the Company at the then current fair
market value, as determined by the Board. Such stock options shall
vest over four (4) years, whereby 37,500 stock options shall
vest twelve (12) months after the option grant date (which
will be no earlier than the Start Date), with the remaining 112,500
stock options vesting monthly thereafter at the rate of 1/36 over
the course of 36 months. All stock options issued to you shall
be governed by the terms and conditions of the Company’s 2001
Amended and Restated Stock Option Plan and Stock Option Agreement,
which agreement will be executed by you and the Company upon Board
approval of the grant of the incentive stock options hereunder. In
the event the Company consummates a Change in Control Transaction
(as such term is defined in the Plan) and terminates your
employment for reasons other than Cause within three
(3) months following the consummation of such Change in
Control Transaction, t
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