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EXHIBIT 10.5
{Date}
Name
Address
City, State & Zip Code
Dear {Name}:
I am delighted to extend an offer for you to join the Plumtree Software team.
Your title will be {Title}, reporting directly to the {Supervisor}. Your start
date of employment will be {Start Date}.
This letter outlines the annual compensation and stock options. If you have any
questions, please do not hesitate to contact our offices.
Compensation: Your starting salary will be {Salary} per annum, payable in
accordance with the Company's standard practices. Employees presently are paid
on the fifteenth and last day of each month.
In addition, you are eligible to participate in the Plumtree bonus plan. Your
manager will set and measure bonus criteria and performance. Your bonus
qualification is {Bonus} per annum, paid out on a quarterly basis. In addition,
subject to approval by the Company's Board of Directors, and, if applicable, the
Company's shareholders, you will receive options to purchase {number of shares}
of the Company's common stock pursuant to the Company's stock option plan.
After twelve months of employment, 25% of such options will vest. The remaining
options will vest in equal amounts thereafter, at the rate of 1/36th of such
remaining options per month. All such options will vest after four years
employment at the Company. The exercise price of such options will be equal to
the fair market value of the Company's common stock, as determined by the Board
of Directors, at the next meeting of the Board of Directors, after your first
day of employment at Plumtree.
Benefits: The Company presently provides medical and dental coverage for its
employees and their eligible dependents at no additional cost. In addition, the
Company presently provides its employees with vision, life, accidental death and
dismemberment and disability salary continuation insurance. Benefit coverage
begins on the date of your employment with the Company. Please review the
Benefit Fact Sheet for more detail; this will be provided to you on your first
day of employment
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2
The terms described in this letter shall be the terms of your employment and
shall supersede any prior discussion, writings or commitments. Any additions or
modifications would have to be in writing and signed by you and the appropriate
officer of Plumtree Software, Inc. Please sign and return one copy of this
letter, keeping the other for your records.
{Name}, everyone involved in meeting with you is looking forward to having you
here and helping us to grow and make our Company a success. Please let me know
how we can be of assistance to you between now and your start date.
Sincerely,
{Name}
{Title}
Accepted:
_____________________________
{Name}
_____________________________
Date
