Exhibit 10.24
April 10, 2002
Xxxxx Xxxxxx
00000 Xxxxxxx Xxxx Xxxxx
Xxxxxx, XX 00000
Dear Xxxxx:
We are pleased to extend an offer of regular, full-time employment for
the position of Chief Financial Officer. The annual compensation is $195,000.
You will be eligible for bonus opportunities up to $100,000. As a condition of
employment, you will be asked to sign the Company's Proprietary Information and
Inventions Agreement. This offer is contingent upon a satisfactory background
check. Upon joining the Company you will be eligible to participate in the
Company's equity compensation plan. The terms of your participation will be the
same as other similar level employees of the Company. You will be granted
550,000 incentive stock options to purchase common stock in the Company, at an
exercise price of $2.60, pursuant to the Company's 1999 XxXxxxxx.xxx Stock
Option Plan and pending board approval; provided, further, your incentive stock
option agreement shall provide that you shall vest in forty percent (40%) of
your options upon the expiration of the first twelve (12) months of your
employment with the Company with the remainder quarterly vesting over the
following three (3) years thereafter.
It is my understanding that your start date will be May 1, 2002. You
will be eligible for our complete package of employee benefits as of your start
date. If you have any questions regarding our benefit plans prior to your
starting date, please feel free to contact me at (000) 000-0000 x000.
On your first day please plan on arriving at our office, 0000 Xxxxxxxxx
Xxxxxx by 9:00 a.m. to meet with me. In addition, please bring an original
document or documents that establish identity and employment eligibility as
required by federal law. Contact Human Resrouces for a complete listing of
acceptable forms of identification.
Please indicate below your acceptance of the above terms of employment.
Employment at InPhonic, Inc. is at-will. This means that you may terminate your
employment at any time and for any reason whatsoever simply by notifying the
Company. This also means that the Company may terminate your employment as well
as change the terms and conditions of employment, including but not limited to
promotion, demotion, probation, transfer, compensation, benefits, duties and
location of work, at any time and for any reason whatsoever, with or without
cause or advance notice. Nothing is this offer or otherwise unless signed by the
CEO of InPhonic shall change this status.
If you choose to accept our offer under the terms described above,
please note your exact start date and return the original signed copy of this
letter in the enclosed self-addressed, stamped envelope within seven working
days.
We look forward to your joining the InPhonic team. If you should have
any questions, please feel free to contact me at (000) 000-0000 x000.
Sincerely,
Xxxxx Xxxxxxxxx
CEO
I accept the position under the terms of employment as described above:
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx Date of Employment
