Exhibit 10.2(m)
March 8, 2000
Xx. Xxxxxx (Xxxxx) Price
00 X. Xxxxxx Xxxx
Xxxxxxx Xxxxx, XX 00000
Dear Xxxxx:
We are pleased to offer you the position of VP, Group Account Director, with
Modem Media, reporting to Xxxx Xxxxx, VP, Managing Director, starting on or
before April 3, 2000.
The following confirms the specific agreement regarding your compensation if you
accept the position of VP, Group Account Director with Modem Media:
o Your annual base salary on your start date will be $200,000.00.
o Pending Board approval, you will be granted 10,000 stock options
post-split. The options will vest over a period of three years, with the
first 33% vesting one year from the grant date, and the remaining vesting
scheduled at 33% annually for a period of two years thereafter. You will
participate in future grants of options to be determined by Company
management and the Board of Directors. The exercise price of the granted
options will be the current fair market value on your date of grant or your
date of hire, which ever occurs later.
o You will be eligible for 20 vacation days. In addition you are eligible for
2 personal days and 2 floating holidays each year.
o As discussed, we will provide you with an incentive based bonus scheme. At
minimum you will be eligible for a merit bonus to the same extent all other
employees are eligible, with a target of up to 25% of your annual base
salary. Such bonus is dependent upon your performance, the overall
financial performance of the Company, and is at the discretion of the
Company's senior management.
Xxxxx, we are looking forward to your joining Modem Media and playing a key role
in our continued success. Please acknowledge your acceptance by signing the copy
of your offer letter and confidentiality agreement and returning the documents
to me in the enclosed envelope. If you have any questions or concerns, please
give me a call.
Best Regards
/s/ Xxxx Xxxx
Xxxx Xxxx
Director, Human Resources
Accepted By: /s/ Xxxxx Xxxxx
Xxxxx Xxxxx
Date: March 10, 2000
