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Exhibit 10.10
[OPNEXT LETTERHEAD]
March 5, 2001
Mr. Robert J. Nobile
38 Sloping Hill Terrace
Wayne, NJ 07470
Dear Robert:
On behalf of OpNext Inc. it gives me great pleasure to offer you
employment as
Senior Vice President of Finance reporting to Mr. Harry L. Bosco,
CEO and
President.
Your starting base salary will be $250,000 per year, payable in
accordance with
OpNext payroll policies.
You will receive a sign-on bonus of $25,000 that will be paid on
the first pay
date after hire in accordance with OpNext payroll policies. Please
note that
should you voluntarily terminate your employment with OpNext within
twelve
months of your date of hire, you agree by signing this employment
offer to repay
OpNext the full sign-on bonus.
You will receive options to acquire 150,000 shares of OpNext common
stock
subject to approval by the Board of Directors and to terms and
conditions set
forth in OpNext's stock option plan and in a non-qualified stock
option
agreement executed by you and OpNext at grant date which is equal
to the date of
hire. Vesting shall be as follows: 1/3 of the OpNext Stock Options
shall vest on
the first anniversary of the date of grant; 1/3 of the OpNext Stock
Options
shall vest on the second anniversary of the date of grant; and 1/3
of the OpNext
Stock Options shall vest on the third anniversary of the date of
grant. Any
unvested OpNext Stock Options shall automatically cancel upon
termination of
employment with OpNext.
At the discretion of the Board, you will be eligible for salary
increases, and
additional option awards, which will be subject to company policy
vesting
agreements. You will also be eligible for annual cash bonus awards
with a target
of 40% of base salary at plan. We anticipate the plan will
generally reward the
participants based on overall company performance and individual
performance.
You will be eligible to partic
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