EMPLOYMENT AGREEMENT
Exhibit 10.9
This Employment Agreement (the “Agreement”) is entered into as of December 6, 2010 (the “Effective Date”) by and between FleetMatics Group Limited (the “Company”), FleetMatics USA, LLC, 00 Xxxxxx Xxxx, Xxxxxxxxx Xxxxx, XX 00000 (“U.S. Subsidiary”) and Xxxxxxx Xxxxxxxx of 000 Xxx Xxxxxx Xxxx, Xxxxxxx, XX 00000 (“Executive”). The parties hereby agree as follows:
1. Description:
The Executive shall initially serve as the Chief Financial Officer. The Executive shall initially report to, take direction from and assume such duties and responsibilities consistent with his position as are assigned to him by the chief executive officer of the Company or such other person designated by the Board of Directors of the Company with consent of the Executive (the “Board”) from time to time. The Executive shall devote his full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, Executive may participate in (a) civic and charitable activities, (b) the management of Executive’s family and personal affairs, including his investments and (c) other business activities approved in writing by the chief executive officer of the Company (which approval shall not be unreasonably withheld) and serving as a member of non-profit and for-profit boards of directors, so long as such activities (i) do not interfere with the performance of Executive’s duties to the Company, and (ii) do not create a conflict of interest with the U.S. Subsidiary or the Company.
(a) Obligations. During Executive’s employment he will not engage in any other employment, occupations or consulting activity for any direct or indirect remuneration for any activity that would create a conflict of interest between Executive and U.S. Subsidiary or the Company, without the prior approval of the Board.
(b) Employment. U.S. Subsidiary will employ Executive on the terms and conditions set forth herein. Executive will receive his cash compensation and benefits from U.S. Subsidiary and U.S. Subsidiary will maintain and distribute employment-related records. The payment and performance of U.S. Subsidiary’s obligations under this Agreement is a joint and several obligation of U.S. Subsidiary and the Company.
2. At-Will Employment. Subject to the severance provisions set forth in Section 7 below, the parties agree that Executive’s employment with U.S. Subsidiary will be “at-will” employment and may be terminated at any time with or without cause or notice subject to the terms of this Agreement. Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company or U.S. Subsidiary give rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of his at-will employment status with the U.S. Subsidiary.
3. Compensation.
(a) Base Salary. Executive’s initial base salary shall be paid at the rate of $300,000 (three hundred thousand dollars) per year, payable bi-weekly in accordance with U.S. Subsidiary’s normal payroll practices and be subject to the usual, required deductions and withholdings. Executive’s base salary will be subject to review based upon the U.S. Subsidiary’s normal performance review practices. The annual base salary in effect at any given time is referred to herein as “Base Salary.”
(b) Annual Bonus. Executive will be eligible to earn a bonus at an annual target of 50% (fifty percent) of Base Salary, less applicable withholding taxes, based on the achievement of corporate objectives to be determined by the Board, and personal performance objectives to be agreed by the Board and Executive. 50% (fifty percent) of the Annual Bonus will be based upon achievement of corporate performance objectives and 50% (fifty percent) of the Annual Bonus will be based upon achievement of personal performance objectives. The Executive’s target, performance objectives and the achievement of those objectives shall be determined in the sole discretion of the Board or the Compensation Committee of the Board, and where applicable, based on financial and other calculable results of the Company. The annual bonus in effect at any given time is referred to herein as the “Annual Bonus”. Except as otherwise provided herein, to earn any part of the Annual Bonus, the Executive must be employed by the U.S. Subsidiary on December 31 of the applicable bonus year. Any Annual Bonus shall be paid between January 1 and March 15 of the year following the year in which such Annual Bonus is earned.
(c) Stock Options. The Company shall grant Executive stock options to acquire 460,416 Ordinary Shares pursuant to the terms of the Company’s stock option program. Such stock options shall vest over a four (4) year vesting schedule with 25% vesting on the one-year anniversary of Executive’s date of hire and the remaining 75% vesting in 12 equal quarterly installments over the following first 12 quarters following such anniversary. Upon consummation of a Change of Control, 50% of any outstanding stock options held by Executive and not yet vested shall immediately vest.
4. Employee Benefits. During his employment, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained by the U.S. Subsidiary of general applicability to other senior executives of the U.S. Subsidiary residing in the United States of America. The U.S. Subsidiary will provide one hundred percent (100%) of the cost of Health, Dental and Vision benefit. The Company and U.S. Subsidiary reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
5. Vacation. Executive will be entitled to paid vacation of four (4) weeks per year, accrued on a pro rata basis in accordance with U.S. Subsidiary’s vacation policy.
6. Expenses. U.S. Subsidiary will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s duties hereunder, in accordance with U.S. Subsidiary’s expense reimbursement policy as in effect from time to time.
7. Termination/Severance. Except as otherwise provided below, if Executive’s employment with the U.S. Subsidiary terminates for any reason, then (i) all vesting will
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terminate immediately with respect to Executive’s outstanding stock options not yet vested, (ii) all payments of compensation by the Company or U.S. Subsidiary to Executive hereunder will terminate immediately (except as to Base Salary earned through the last day of employment and Annual Bonus amounts already earned but not yet paid for the prior calendar year, if any). In addition, the following terms shall apply depending on the circumstances of the Executive’s termination:
(a) Termination Without Cause or Resignation for Good Reason Apart from a Change of Control. If prior to or absent a Change of Control, (i) the U.S. Subsidiary terminates Executive’s employment without Cause or (ii) Executive resigns from employment for Good Reason, then, subject to Section 8, Executive will be entitled to: (A) receive continuing payments of severance pay at a rate equal to his Base Salary rate, as then in effect, for twelve (12) months; and (B) Company-paid coverage for Executive and Executive’s eligible dependents under U.S. Subsidiary’s Benefit Plans for twelve (12) months following such termination.
(b) Termination Without Cause or Resignation for Good Reason within Six (6) Months after a Change of Control. If (i) within six (6) months after a Change of Control the U.S. Subsidiary terminates Executive’s employment with the U.S. Subsidiary without Cause, or (ii) Executive resigns from employment for Good Reason, then, subject to Section 8, Executive will be entitled to: (A) receive continuing payments of severance pay at a rate equal to his Base Salary rate, as then in effect, for twelve (12) months; (B) Company-paid coverage for Executive and Executive’s eligible dependents under U.S. Subsidiary’s Benefit Plans for twelve (12) months following such termination or resignation and (C) 100% of any outstanding stock options not yet vested shall become immediately vested upon Executive’s date of termination or resignation.
(c) Termination for Cause: Resignation without Good Reason. If Executive’s employment with the U.S. Subsidiary terminates voluntarily by Executive (except upon resignation for Good Reason), or for Cause by the Company, then (i) all vesting will terminate immediately with respect to Executive’s outstanding stock options not yet vested, (ii) all payments of compensation by the Company or U.S. Subsidiary to Executive hereunder will terminate immediately (except as to Base Salary earned through the last day of employment and Annual Bonus amounts already earned but not yet paid for the prior calendar year, if any), and (iii) Executive will be eligible for severance benefits in accordance with the U.S. Subsidiary’s established policies, if any, as then in effect.
(d) Termination Upon Death or Disability. If Executive’s employment terminates due to Executive’s death or disability, then (i) all payments of compensation by the Company or U.S. Subsidiary to Executive hereunder will terminate immediately (except as to salary through the last day of employment and Annual Bonus amounts already earned, if any), (ii) Executive will only be eligible for severance benefits in accordance with the Company’s established policies, if any, as then in effect, and (iii) in addition to the number of shares of stock options that have vested as of the date of such termination pursuant to the schedule set forth in Section 3(c), a number of shares of stock options will vest equal to the number of shares of stock options that would have otherwise vested if Executive had remained employed with the U.S. Subsidiary through the anniversary of the Effective Date immediately following the date of such termination. For the purposes of this Agreement, Executive’s employment may be terminated as
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a result of disability if Executive is disabled and unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 120 days (which need not be consecutive) in any 12-month period. If any question shall arise as to whether during any period Executive is disabled so as to be unable to perform the essential functions of Executive’s then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. Notwithstanding the foregoing, such certification shall not be used to circumvent or reduce the time period of 120 days in any 12 month period. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification within fifteen (15) days following a formal request by the Company, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 7(d) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Xxxxxxxxxxxx Xxx, 00 X.X.X. §00000 et seq.
8. Receipt of Severance: No Duty to Mitigate.
(a) Separation Agreement/Commencement of Severance Pay. The receipt of any severance pursuant to Section 7 will be subject to Executive signing and not revoking a release agreement in favor of the Company and related persons and entities in a form and manner satisfactory to the Company (the “Release”) and the expiration of the seven-day revocation period for the Release , within 60 days following the Date of Termination. No severance will be paid or provided unless the release agreement becomes fully effective. The severance shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over twelve (12) months commencing within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in the second calendar year. Solely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), each installment payment is considered a separate payment.
(b) Noncompete/Nonsolicitation. The receipt of any severance pursuant to Section 7 will be subject to Executive not violating the Non-Competition Agreement referenced in Section 10 of this Agreement and attached hereto as Exhibit A, the terms of which are hereby incorporated by reference. In the event Executive breaches the Non-Competition Agreement the Company shall have the right to terminate or suspend all continuing payments and benefits to which Executive may otherwise be entitled pursuant to Section 7 without affecting the Executive’s release or obligations under the release agreement.
(c) No Duty to Mitigate. Executive will not be required to mitigate the amount of any severance payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such severance payment.
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9. Definitions.
(a) Benefit Plans. For purposes of this Agreement, “Benefit Plans” means plans, policies or arrangements that the Company and/or U.S. Subsidiary sponsors (or participates in) and that immediately prior to Executive’s termination of employment provide Executive and/or Executive’s eligible dependents with medical, dental, and/or vision benefits. Benefit Plans do not include any other type of benefit (including, but not by way of limitation, disability, life insurance or retirement benefits). A requirement that the Company provide Executive and Executive’s eligible dependents with coverage under the Benefit Plans will be satisfied if the coverage is not materially less favorable than that provided to senior executives of the Company or U.S. Subsidiary that reside in the United States of America at any applicable time during the period Executive is entitled to receive severance pursuant to Section 7(a) or (b). At the Executive’s option, the Company may satisfy any requirement that the Company provide coverage under any Benefit Plan by (i) reimbursing Executive’s premiums under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”) after Executive has properly elected continuation coverage under COBRA (in which case Executive will be solely responsible for electing such coverage for his eligible dependents), or (ii) providing coverage under a separate plan or plans providing coverage that is not materially less favorable or by paying Executive a lump sum payment which is, on an after-tax basis, sufficient to provide Executive and Executive’s eligible dependents with substantially equivalent coverage under a third party plan that is reasonably available to Executive and Executive’s eligible dependents. If the Company elects to make the lump sum payment provided for under Section 9(a)(ii) to satisfy the Company’s obligations under Section 7(a) or (b), such payment shall be made upon the release agreement required by Section 8(a) becoming effective (or, if later, the date of Executive’s without Cause termination or, if applicable, Good Reason resignation).
(b) Cause. For purposes of this Agreement, “Cause” is defined as (i) a proven act of dishonesty made by Executive in connection with Executive’s responsibilities as an employee that results in proven material injury to the Company, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude, (iii) Executive’s proven gross misconduct that results in proven material injury to the Company, (iv) Executive’s proven unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s proven willful breach of any material obligations under any material written agreement or covenant with the Company; or (vi) Executive’s continued failure to substantially perform his material employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the factual basis for the Company’s belief that Executive has not substantially performed his material duties and has failed to cure such non-performance to the Company’s satisfaction within fifteen (15) business days after receiving such notice.
(c) Change of Control. For purposes of this Agreement, “Change of Control” of the Company is defined as:
(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) who is not a shareholder of the
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Company as of the date of this Agreement or an affiliate thereof is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities; or
(ii) a change in the composition of the Board occurring within a two-year period, as a result of which less than a majority of the directors are Incumbent Directors. “Incumbent Directors” will mean directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the remaining Incumbent Directors at the time of such election or nomination (but will not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company); or
(iii) the date of the consummation of a merger, scheme of arrangement or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger, scheme of arrangement or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or
(iv) the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets.
Notwithstanding the foregoing, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the state of the Company’s incorporation; or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction.
(d) Good Reason. For the purposes of this Agreement, “Good Reason” means without Executive’s express written consent, any of the following “Good Reason Conditions”: (i) the Company and/or the U.S. Subsidiary commits a material breach of this Agreement which is not remedied by the Company and/or the U.S. Subsidiary within fifteen (15) days of receiving written notice from Executive that specifically sets forth the factual basis for Executive’s belief that a material breach has occurred; (ii) a diminution of Executive’s Base Salary of more than 10% (provided that for purposes of Section 7(b) only a diminution of Executive’s Base Salary of less than 10% other than in connection with an across-the-board salary reduction affecting all senior executives of the U.S. Subsidiary shall give rise to a Good Reason Condition); (iii) a material change in the geographic location at which the Executive provides services to the Company and/or the U.S. Subsidiary (provided that for this purpose, in no event shall a relocation of such provision of services to a new location less than fifty (50) miles from the current location of the provision of services give rise to a Good Reason Condition); (iv) a material diminution in the Executive’s responsibilities, authority or duties or
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(v) a successor to the Company fails to assume this Agreement in writing upon becoming a successor or assignee of the Company. With respect to each of the Good Reason Conditions described above, Executive may not establish “Good Reason” unless he has provided written notice of the existence of such condition to the Company within 30 days of the event constituting such Good Reason, the Company fails to reasonably cure such condition within the 15-day period immediately following receipt of such notice and the Executive terminates his employment within sixty (60) days after providing written notice of the existence of a Good Reason Condition or end of the cure period, whichever is later.
10. Confidential Information/Restrictive Covenants. Executive agrees to enter into the Company’s standard Non-Competition, Confidentiality and Assignment Agreement (the “Non-Competition Agreement”) upon commencing employment hereunder, attached hereto as Exhibit A and the terms of which are hereby incorporated by reference as material terms of this Agreement.
11. Assignment. This Agreement will be binding upon and inure to the benefit any successor of the Company and any successor of a U.S. subsidiary. Any such successor or affiliate of the Company and any U.S. subsidiary will be deemed substituted for the Company or a U.S. subsidiary, respectively, under the terms of this Agreement for all purposes. For this purpose “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger, scheme of arrangement or otherwise, directly or indirectly acquires all or substantially all of the assets or business of either or both the Company or U.S. subsidiary. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. This Agreement shall be binding upon and inure to the benefit of Executive and, with respect to Section 7(d), Executive’s legal representatives or heirs.
12. Notices. All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on the date of delivery if delivered personally, (ii) two (2) business days after the business day of deposit with Federal Express or a similar courier for next business day (or, internationally, second business day) delivery, or (iii) seven (7) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:
If to the Company:
FleetMatics USA, LLC
00 Xxxxxx Xxxx
Xxxxxxxxx Xxxxx
XX 00000
Attn: Chief Executive Officer, Xxx Xxxxxxx
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With a copy to:
Xxxxxxx Procter LLP
Exchange Place
00 Xxxxx Xxxxxx
Xxxxxx, XX 00000
Fax: (000) 000-0000
Attention: Xxxxxx X. Xxxxx, Xx., Esq.
Email: xxxxxx@xxxxxxxxxxxxxx.xxx
If to Executive:
Xxxxxxx Xxxxxxxx
000 Xxx Xxxxxx Xxxx
Xxxxxxx, XX 00000
13. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision.
14. Arbitration. To ensure the rapid and economical resolution of disputes that may arise in connection with Executive’s employment with the Company or U.S. Subsidiary, Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the enforcement, breach, performance, or interpretation of this Agreement, Executive’s employment, or the termination of Executive’s employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration in Boston, Massachusetts, conducted by the Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or its successor, under the then applicable rules of JAMS. Executive and the Company acknowledge that by agreeing to this arbitration procedure, each party waives the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The arbitrator shall be authorized to award any or all remedies that Executive or the Company would be entitled to seek in a court of law. Nothing in this Agreement is intended to prevent either the Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.
Notwithstanding the foregoing, Executive and the Company each have the right to petition the court for injunctive relief and seek damages relating to any issue or dispute arising under the Non-Competition Agreement.
15. Integration. This Agreement, and the Non-Competition Agreement represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, provided however,
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the stock options referenced in Section 3(c) shall be governed by the applicable stock option plans and agreements (in conjunction with the terms as modified herein). This Agreement may be modified only by agreement of the parties by a written instrument executed by the parties that is designated as an amendment to this Agreement.
16. Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.
17. Headings. All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.
18. Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.
19. Governing Law/Consent to Jurisdiction. This Agreement will be governed by the laws of the Commonwealth of Massachusetts (with the exception of its conflict of laws provisions). The parties hereby expressly consent to the personal jurisdiction of the state and federal courts located in the Commonwealth of Massachusetts for any action or proceeding arising from or relating to this Agreement and/or relating to any arbitration in which the parties are participants. The parties hereby agree that the state and federal courts in Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim for violation of this Agreement. With respect to any such court action, the Executive (i) submits to the jurisdiction of such courts, (ii) consents to service of process, and (iii) waives any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction or venue.
20. Acknowledgment. Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily entering into this Agreement.
21. Counterparts. This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned.
22. Attorney’s Fees. In the event of a dispute between the parties under this Agreement, the prevailing party shall be entitled to recover its costs and attorney’s fees from the non-prevailing party, including those incurred at trial, arbitration, and on appeal.
23. 409A. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall
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not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the installments shall be payable in accordance with their original schedule. All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
The Company | ||
FleetMatics Group Limited | ||
By: |
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Name: | ||
Title: | ||
U.S. Subsidiary | ||
FleetMatics USA, LLC | ||
By: |
| |
Name: | ||
Title: | ||
The Executive | ||
By: |
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Xxxxxxx Xxxxxxxx |
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EXHIBIT A
FleetMatics USA, LLC
Employee Non-Competition, Confidentiality and Assignment Agreement
In consideration and as a material condition of my employment by FleetMatics USA, LLC, a subsidiary of FleetMatics Group Limited (collectively the “Company”), I agree as follows:
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I UNDERSTAND THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I UNDERSTAND IT COMPLETELY.
IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument as of the date set forth below.
Signed: |
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Type or print name: | Xxxxxxx X Xxxxxxxx |
Date: | December 3, 2010 |
EXHIBIT 1
To: | FleetMatics USA, LLC | |
From: |
Date: |
SUBJECT: | Prior Inventions |
The following is a complete list of all inventions or improvements relevant to the subject matter of my employment by the Company that have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company:
No inventions or improvements
See below:
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Additional sheets attached
The following is a list of all patents and patent applications in which I have been named as an inventor:
None
See below:
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