Exhibit 10.01
March 29, 2002
Xxxxxxx X. Xxxxxxxxx
Hybrid Networks, Inc.
0000 Xxxxxxxxx Xxxxx Xxxx
Xxx Xxxx, XX 00000
Dear Xxxxxxx,
This Letter Agreement will confirm that in connection with and in consideration
of your continued employment with Hybrid Networks, Inc. ("Hybrid") Hybrid and
you agree as follows:
1. At Hybrid's request you will remain employed by Hybrid for up to ninety (90)
days following the date hereof, provided that Hybrid continues to pay you your
current base salary at its regular periodic payroll dates (the "Retention
Period");
2. You will receive a Severance Payment of $13,541.00, (the "Severance
Payment"), which is equal to two weeks of your regular base salary, as provided
in paragraph 1 of the Release;
3. You will receive a Retention Bonus of $162,492.00, (the "Retention Bonus")
which is equal to six months of your regular salary, payable upon Hybrid's
receipt of a signed copy of a release and a signed copy of this Letter
Agreement. The Retention Bonus will be returned by you to the Company if you
voluntarily terminate your employment with the Company before the expiration of
the Retention Period; and
Please acknowledge your acceptance of this Letter Agreement by signing below and
returning this letter to me as soon as possible.
Sincerely,
Xxxxx X. Xxxxx
Chairman of the Board
I have reviewed the above Letter Agreement and understand and agree to the terms
under which I will be continue to be employed with Hybrid Networks, Inc.
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Date Xxxxxxx X. Xxxxxxxxx
