EXHIBIT 10.31
One of two
July 29, 1999
Ms. Kazuyo N. Heinink
9863 E. Gelding Drive
Scottsdale, AZ 85260
Dear Kazi,
It is my pleasure to offer you the position of Vice President of Marketing for
Semitool, Inc. reporting to me. The terms of this offer are as follows:
1. Your start date will be as soon as possible, but no later than
August 23, 1999.
2. Your base salary will be $150k per year, paid semi-monthly.
3. Considering specific goals and objectives we jointly compose,
you will be able to earn up to 30% of your base salary as a
bonus.
4. The company will provide company housing or a $1000.00 a month
housing allowance for the first six months you are in
Kalispell. After this period, we will determine the
appropriate location for this position. If it requires that
you move, Semitool will assist in the move of your household
goods by providing a company sponsored move, this item not to
exceed $15,000.00.
During the first six months, you will be afforded one trip per
month to Phoenix when it can be combined with other Semitool
business, booking in advance for the best possible rates.
The company will provide a company car or leased car for your
use in Kalispell, and at the end of the first six months a
decision will be made regarding a company car, based on the
location of the position.
5. As part of your incentive package you will receive 40,000
stock options. Following Board approval, they will be issued
and vested according to the current distribution plan. The
value of the stock option will be set the day it is
distributed.
6. You will be entitled to three weeks vacation within the first
year of employment, with scheduling subject to company
approval, until you reach ten years of employment when you
will be eligible for four weeks.
7. You will be entitled to all standard benefits offered to
Semitool employees, some of which have waiting periods. They
include life, medical and dental insurance (eligibility the
first of the month following employment).
You will be eligible for the 401(k) Profit Sharing plan on
October 1, 1999. However, if you have funds currently in a
qualified plan, you may roll those funds over into the
Semitool 401(k) Plan prior to that date.
8. As a condition of your employment you will be required to sign
a Confidentiality/conflict of interest agreement.
Two of two
K. Heinink
9. None of the above terms of this offer represents an agreement
by you or Semitool, Inc. for any specific length of
employment. Either you or Semitool may, at any time,
terminate the employment relationship upon notice to the other
party. As with all Semitool employment positions, there is a
90 day probationary period.
Any controversy or claim arising out of termination of
employment after your probationary period has expired shall be
settled by arbitration as provided in Montana's Uniform
Arbitration Act, 27-5-211 et seq., MCA.
The laws of Montana shall apply.
10. In the unlikely event you or Semitool determines this working
relationship is not to continue, we will provide a six month
severance package to defray the cost of your finding a new
position.
Sincerely, Acceptance: I have read and understand
all of the above and accept the terms
SEMITOOL, INC. of employment with Semitool, Inc.
/s/Kazuyo N. Heinink
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Kazuyo N. Heinink
Fabio Gualandris
President Date 7/31/99
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/s/Fabio Gualandris
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