EXHIBIT 10.11
EMPLOYMENT AGREEMENT WITH XXXXXX XXXXXX
August 8, 2001
Xxxxxx Xxxxxx
00000 Xxx Xxxxxx
Xxxxx Xxxxx, XX 00000
Dear Xxxxxx:
We would like to offer you the position of President and Chief Operating Officer
at Reality Networks. We are excited about you joining the team, currently under
the sponsorship of Xxxxxxx Xxxxxxx and Xxxxx Xxxxxx CEO. We look forward to a
bright and prosperous future together and know that you will find this position
to be rewarding and challenging.
JOB DESCRIPTION AND DUTIES: Your job description will be worked on jointly
within the first 30 days.
PERSONAL TRAITS: Good communication skills combined positive attitude, and high
energy. Honesty and integrity must be a high priority.
TERMS OF EMPLOYMENT:
Job Title: President/Chief Operating Officer
Sponsor: Xxxxxxx X. Xxxxxxx, Xxxxx Xxxxxx CEO
Start Date: August 20, 2001
Term of Employment: `At will" by both parties
Salary: $96,000.00, for the first year
Future years to be negotiated at that
time.
Bonus: First year $29,000 annually, paid
annually, year anniversary Bonus plan
and milestones to be worked out within
the first 90 days. The bonus criteria
will be set by the senior team.
ISO: 5% equity stake in Reality Networks.
Total options to be calculated on the
basis of a pre-reverse merger with
public company. Options, vesting over 36
months. As an incentive 25% of options
will vest upon the first 120 days of
continuous employment. This is subject
to the approval of the Board of
Directors.
Miscellaneous: Reasonable reimbursements for housing,
paid by the corporation, to be worked
out as soon as possible. We will pay for
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weekly trips to and from LA area
Airports up to a cap of $500.00 per
month plus regular business expenses.,
ie. (parking, meals, cellular)
Performance Review: After 90 days, then yearly on
anniversary date
Salary Review: On anniversary date, after performance
review
Benefits:
Health Plan: None available/
Vacation Plan: Two weeks
Sick leave: See Employee Manual
Holidays: 9 Paid Holidays - see Employee Manual
Attached please find Reality Networks Employee Manual. This manual will address
areas of sick time, holidays, vacation time, Company policies and a wide range
of other issues that you will questions about. You will also be expected to sign
Reality Network's standard employment agreement, upon acceptance of this offer.
We look forward to your experience, professionalism and hope that together we
will make Reality Networks into a truly successful, market leading company.
Please sign and return this offer letter as your acceptance of the terms.
WELCOME ABOARD!
/S/ XXXXX XXXXXX
--------------------
Xxxxx Xxxxxx, CEO
Agreed and Accepted:
/S/ XXXXXX XXXXXX 8/8/01
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Date
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