Exhibit 10.30
April 12, 2005
Cathy Welsh
[address]
Dear Cathy:
On behalf of Akamai Technologies, Inc. (referred to in this letter collectively
with its subsidiaries as the "Company"), I am pleased to confirm the offer of
full-time employment with the Company that Paul Sagan made to you for the
position of Chief Human Resources Officer in our Cambridge office. You will
report to Paul in this capacity starting on April 29, 2005. This offer is
contingent upon the following: (1) completion of an employment application,
which is enclosed with this letter; (2) your consent to and the successful
completion of a background investigation conducted pursuant to the Company's
standard procedures.
Your base salary will be $8,076.92 bi-weekly ($210,000.00 on an annualized
basis). You will be eligible to receive an annual incentive bonus, based on
performance against objectives set by your manager, of 25% of your base salary
(pro-rated for 2005). Your compensation shall be subject to review annually.
As part of this employment offer, the Company will recommend to the Akamai Board
of Directors that you be granted a stock option under the Company's 1998 Stock
Incentive Plan (the Plan) for the purchase of an aggregate of 65,000 shares of
Common Stock of the Company, at an option price equal to the fair market value
of the Common Stock as determined by the Board on the date the Board of
Directors approves your stock option. If approved, your stock options at Akamai
will vest over four years, provided you remain employed, all on a schedule
beginning on the date your options are granted. The first 25 percent of the
options will vest on the first anniversary of your Grant Date. An additional
6.25% of the original number of shares will vest at the end of each successive
full three-month period following the first anniversary of the Grant Date until
the fourth anniversary of the Grant Date. Subject to Board approval, your
options will be evidenced by a separate option agreement embodying these terms.
You will also be eligible to receive such future stock option grants, as the
Board of Directors shall from time to time deem appropriate.
You will be eligible to participate in the Employee Stock Purchase Program
beginning in the June 2005 offering period. This plan allows you to contribute
between 1% and 15% of your salary through regular payroll deductions. The Akamai
plan provides for a two-year offering period, that includes four, six-month
purchase periods. At the end of each six-month purchase period, the money that
has been deducted will be used to purchase shares of Akamai common stock at 85%
of the closing price of the Common Stock at the beginning of the offer period or
end of the purchase period, whichever is lower.
You will be eligible to elect health insurance, dental insurance, life
insurance, and short/long term disability coverage and other benefits that are
and may become available generally to employees of the Company. Coverage takes
effect the first of the month following date of hire. You will also be eligible
to contribute to the Akamai Technologies, Inc. 401(k) Plan immediately upon
employment.
You will be eligible for a maximum of three weeks of vacation per year. The
number of vacation days for which you are eligible in each year shall accrue at
the rate of 1.25 days per month that you are employed and working during such
year. Akamai also observes twelve holidays each year. This year nine of the
holidays are scheduled days, while three holidays are floating days.
Prior to the commencement of your employment, you will be required to execute a
Non-Competition, Non-Solicitation, Proprietary and Confidential Information and
Developments Agreement. Execution of this agreement is a condition of
employment.
You represent that you are not bound by any employment contract, restrictive
covenant or other restriction preventing you from entering into this agreement
or carrying out your responsibilities for the Company as contemplated hereby, or
which is in any way inconsistent with any of the terms hereof.
Akamai Technologies is an at will employer which means that either you or Akamai
may terminate the employment relationship at any time with or without notice and
with or without reason. This letter is not to be construed as an agreement,
either expressed or implied to employ you for any stated term. No employee,
officer or other representative of Akamai, other than the Chief Executive
Officer, has any authority to enter into any agreement to the contrary.
In the event that Akamai terminates your employment for reasons other than
cause, you would be eligible for severance in accordance with the Akamai
Technologies, Inc.'s Executive Severance Pay Plan And Summary Plan Description,
a copy of which is enclosed, provided you meet the eligibility requirements of
that plan.
In the event that there is a Change in Control, as that term is defined in the
Akamai Technologies, Inc. Second Amended And Restated 1998 Stock Incentive Plan,
a copy of which is enclosed, and within the first ninety (90) days the surviving
entity fails to offer to employ you in a position with responsibilities that are
commensurate (but not necessarily identical) with your responsibilities at
Akamai, and as a result your employment terminates involuntarily, you will
receive an amount equal to one year of your then-base salary provided you sign a
separation agreement acceptable to Akamai that includes, among other things, a
full release, a one-year non-competition clause, a future cooperation clause,
and a non-disparagement clause. Whether you have been offered a position with
commensurate responsibilities is to be determined without regard to the title or
reporting relationship of the new position.
This employment offer from Akamai Technologies is contingent upon your
submitting an I-9 Employment Eligibility Verification Form acceptable to Akamai
Technologies, Inc. on your date
of employment. YOU MUST BE PREPARED TO OFFER PROOF OF YOUR EMPLOYABILITY IN THE
UNITED STATES IN ACCORDANCE WITH THE REQUIREMENTS LISTED ON THE I-9 FORM ON YOUR
FIRST DAY OF EMPLOYMENT. YOU WILL NOT BE PLACED ON THE AKAMAI PAYROLL AS AN
ACTIVE EMPLOYEE UNTIL YOU HAVE PROVIDED THIS DOCUMENTATION. New hire
orientations are held every Monday in Cambridge at 1:30pm EST.
Please accept Akamai's offer of employment by signing the enclosed copy of this
letter and the agreements attached and returning all documents to me, ROSS
MATTHEWS, AKAMAI TECHNOLOGIES, 8 CAMBRIDGE CENTER, 7TH FLOOR, CAMBRIDGE, MA,
02142.
Sincerely,
AKAMAI TECHNOLOGIES, INC.
/s/ Ross Matthews
Ross Matthews
Director of Recruiting
Enclosures:
(1) Non-Competition, Non-Solicitation, Proprietary and Confidential Information
and Developments Agreement. - 2 copies
(2) I-9 Employment Eligibility Verification Form
(3) Application for Employment
I hereby accept employment with Akamai Technologies, Inc.
/s/ Cathy Welsh April 12, 2005
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Cathy Welsh Date