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Exhibit 10.29
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June 6, 2000
Steve Yount
400 142/nd/ Place NE
Bellevue, WA 98007
Dear Steve:
Concur Technologies, Inc. ("Concur" or the "Company") is pleased to offer you
the position of Chief Financial Officer, reporting to Steve Singh, Chairman and
Chief Executive Officer. Compensation for this position is $16,666.67 per month.
You will be eligible to earn, on an annual basis (based on our Fiscal year), up
to an additional $100,000.00 in compensation, based on an individual incentive
plan. For FY00, from October 1, 1999 through September 30, 2000, this bonus will
be based on a "to be determined" performance metric. We will solidify the
details of your individual plan within 30 days of your start date.
If you accept our offer, you will be granted an option to purchase 300,000
shares of Common Stock. This option will vest with respect to one-fourth (25%)
of the shares after one year, with the balance vesting in equal monthly
increments over the succeeding three years. Based on your acceptance of the
terms of this offer, the per share price of your options will be set as the
closing price of the Company's Common Stock, as reported at the end of the
trading day, on your first full day of employment with Concur. The vesting of
this option will be fully accelerated in the event there is a change in control
of Concur Technologies, Inc.
Attached is a summary of benefits Concur makes available to employees in
positions similar to the one offered to you. Medical and Dental coverage is
effective immediately upon your start of work with the Company. Our 401(k) Plan
and Employee Stock Purchase Plan (ESPP) have enrollment dates throughout the
year. The details of our plans and enrollment information will be covered on or
shortly after your start date.
We ask that you complete the enclosed Employee Confidential Information and
Inventions Agreement (the "Confidentiality Agreement") prior to commencing
employment. In part, the Agreement requires that an employee refrain from using
or disclosing the Company's Confidential Information (as defined in the
Confidentiality Agreement) in any manner which might be detrimental to or
conflict with the business interests of Concur or its employees.
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Steve Yount
June 6, 2000
Page 2
This agreement does not prevent a former employee from using his or her general
knowledge and experience, no matter when or how gained, in any new field or
position.
This letter and the Confidentiality Agreement represent a formal statement
concerning the terms of your proposed employment and constitute a formal offer
of employment to you. As such, these documents supersede and merge any earlier
proposal or prior arrangement, whether oral or written, between you and the
Company, and any other communications between you and the Company regarding your
employment. The terms of this offer may only be changed by written agreement,
although the Company may from time to time, in its sole discretion, adjust the
compensation and benefits paid to you and its other employees. In addition, this
offer is conditioned upon your confirmation that there are no non-competition
agreements or other contracts between you and any other party that would
restrict or impair your right or ability to accept employment with or to work
for the Company, and that your acceptance of our offer will not violate any
obligation you have to any former employer or any other party not to disclose or
use confidential or proprietary information.
Under Washington State law, employees have the right to terminate their
employment at any time with or without cause or notice, and the Company reserves
for itself an equal right.
It is anticipated that your start date will be on June 26, 2000. Should you have
any questions with regard to any of the items indicated above, please feel free
to call me. Your acceptance of this offer may be made by:
. Signing this original letter and the Confidentiality Agreement (in
their entirety) and faxing them to this office at (425) 702-0674 by
3:00 p.m. on June 8, 2000.
. The signed originals must be received by Concur prior to your start
date. A stamped, self-addressed envelope is enclosed for your
convenience.
You will need to provide employment eligibility verification within three days
of your start date. The U.S. Immigration and Naturalization Service law passed
in 1986 requires this. Please bring identification with you on your first day so
that we may complete the I-9 form during orientation.
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Steve Yount
June 6, 2000
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Steve, we hope that you and Concur will find mutual satisfaction with your
employment. All of us at Concur are very excited about your joining our team and
look forward to a beneficial and fruitful relationship.
Sincerely,
/s/ Steve Singh
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Steve Singh
Chairman and Chief Executive Officer
ACCEPTED BY:
/s/ Steve Yount
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Steve Yount Date
Start date: _________________________
