November 20, 2007 Amendment to November 1, 2005 Offer Letter between Callidus Software and Leslie Stretch
Exhibit
10.26
November
20, 2007 Amendment to November 1, 2005 Offer Letter between Callidus Software
and Xxxxxx Xxxxxxx
Effective
December 1, 2007, as authorized by the Board of Directors on November 19, 2007,
you will be promoted to the position of President and Chief Executive Officer
of
Callidus Software Inc., and your offer letter dated November 1,
2005 (“Offer Letter”) is hereby amended effective on your assumption
of such position to reflect your new position, as well as the following new
compensation and terms:
Starting
December 1, 2007, your annualized base salary will be raised to
$350,000. Your annual target bonus opportunity will be 100% of your
base salary.
For
the
second half of fiscal 2007, 5/6 of the bonus shall be based on prior
compensation and plan, and 1/6 of bonus shall be based on new CEO compensation
and plan.
On
November 30, 2007, you will be granted 400,000 non-qualified stock options,
with
vesting over four years and an exercise price equal to the fair market value
of
our common stock on the grant date.
Your
severance amount upon an involuntary termination without cause, subject to
you
signing a full release, is also hereby modified to be the following severance
in
lieu of the amounts set forth in the Offer Letter:
|
(i)
|
One
year of your base salary and target bonus, which shall be paid no
later
than March 15 of the year following the year of your
termination.
|
|
(ii)
|
If
you elect to continue your medical coverage under COBRA, the Company
shall
pay for such coverage, at the same cost to you as before the termination
of employment, until the end of the 12-month period after the date
of
termination of employment.
|
Sincerely,
/s/
X.
Xxxxx Xxxxxx
By:
X.
Xxxxx Xxxxxx, Senior Vice President and General Counsel
Accepted:
Xxxxxx
X. Xxxxxxx
Xxxxxx
X.
Xxxxxxx
Date:
November 20, 2007
