Exhibit 10.8
July 29, 2004
Dear Kal:
On behalf of Amazon Global
Resources, Inc. (the “Company”), I am very pleased to
offer you the position of Senior Vice President, reporting to Jeff
Bezos. This letter clarifies and confirms the terms of your
employment with the Company.
Start Date and Salary
Your start date will be mutually
determined by you and Amazon Global Resources. Your starting salary
will be $125,000 annualized, payable in accordance with the
Company’s standard payroll practice and subject to applicable
withholding taxes. Because your position is exempt from overtime
pay, your salary will compensate you for all hours
worked.
Signing Bonus
In appreciation for your decision to
join us, the Company will pay you a signing bonus of $300,000
during your first year of employment, which will be paid in twelve
monthly installments, starting at the end of your first month. If
you are employed with the Company on the one-year anniversary of
your hire date, the company will pay you a second bonus in the
amount of $500,000 during your second year of employment, which
will be paid in twelve monthly installments. Both bonuses will be
payable in accordance with the Company’s standard payroll
practice and subject to applicable withholding taxes. If your
employment with the Company is terminated for any reason prior to
your second anniversary of employment, any monthly payments will
cease after the date of termination.
Benefits
You will also be entitled, during
the term of your employment, to such vacation, medical and other
employee benefits as the Company may offer from time to time,
subject to applicable eligibility requirements. The Company does
reserve the right to make any modifications in this benefits
package that it deems appropriate. Please refer to the enclosed
benefits documents for more information. You are eligible to
participate in Amazon.com’s 401(k) plan following receipt of
a PIN number and Information Packet from the plan administrator
(currently Putnam). You are also eligible to enroll in our major
medical plan on the first day of the month coincident with or
following the commencement of your employment.
Restricted Stock Unit Award
Subject to Board of Directors’
approval, you will be granted a restricted stock unit award with
respect to 200,000 shares of Amazon.com common stock. This award
will vest and convert into shares of common stock at the rate of
10% after two years of employment, an additional 10% after three
years, an additional 20% after four years, an additional 30%
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