Severance Agreement And General Release Page 2
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103.
Benefits During the Employment Extension Period.
During the
Employment Extension Period:
a. Stock Options. As of October 18, 2013, you have outstanding options to
purchase 450,000 shares of Common Stock of the Company under the
2006 Stock Plan, of which 282,811 shares are vested; options to purchase
125,000 shares of Common Stock under the 2012 Equity Incentive Plan,
of which 33,853 shares are vested; and, stock rights representing the right
to receive 37,500 shares of Common Stock under the 2006 Stock Plan, all
of which are unvested. During the Employment Extension Period, you will
continue to hold these options and stock rights subject to the terms of each
Plan, stock option agreement and notice of grant of stock right to which
they are currently subject. Subject to your continued employment through
the Extended Employment Period, you will be entitled to vest an
additional 56,250 option shares under the 2006 Stock Plan, 18,229 option
shares under the 2012 Equity Incentive Plan, and all 37,500 shares of
Common Stock subject to stock rights. After the Termination Date, you
will be entitled to exercise each stock option during the period provided
for exercise after employment termination in the applicable stock option
agreement.
b. Medical and Other Benefits. You will receive medical and other benefits
under the same terms as during your employment prior to the Position End
Date, including 401(k) and ESPP, other than PTO, which will cease to
accrue as of the Position End Date. You acknowledge that you were paid
for all accrued, but unused PTO on the Position End Date.
c. Bonus. You will be eligible for participation in the Management Incentive
Bonus Plan for Fiscal Q3 2014 and Q4 2014, but shall cease to be eligible
for any payments for any time period after Q4 2014 or for any other
payments under the Plan, including but not limited the full year 2014
Management Incentive Plan payout.
d. Expenses.
Your reasonable, approved expenses incurred through the
Termination Date will be paid out through the normal expense report
process.
4.
Benefits & Insurances Cease.
Other than those items specified in
Paragraphs 1-3 you will receive no other wages, benefits or other monies of any nature
from 8x8 during or after the Employment Extension Period. Your health and other
insurance benefits shall cease effective April 30, 2014. However, after the Termination
Date, you may have the right to extend your health insurance at your cost under the
COBRA law beyond that paid for by 8x8.
Page 2 of 6
K.N. __________
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