EXHIBIT 10.25
March 10, 2000
Mr. Stuart Fuhlendorf
1396 Gold Mine Lane
Evergreen, CO 80439
Dear Stuart:
On behalf of Metawave Communications Corporation, it is my pleasure to offer you
the position of Senior Vice President and Chief Financial Officer, as detailed
in this letter. You will report to Bob Hunsberger, Chief Executive Officer and
President, with a start date to be mutually agreed upon.
Base compensation for your duties will be [***] per year, to be earned and paid
monthly, equivalent to [***] per pay period, subject to federal income tax and
other normal withholding. Metawave has a bi-weekly payroll schedule where
paydays occur every other Thursday. You will also be eligible for Metawave's
bonus program in effect at the time, appropriate for your grade.
You are eligible for our Medical, Dental and Life insurance starting on the
first day of the month following or equivalent to your hire date. You are also
eligible to participate in our 401(k) program. You will be eligible to enroll
on the first of the quarter following your employment date. These programs are,
of course, subject to change. A summary outlining the Metawave benefit package
is enclosed.
Your performance and salary will be reviewed once per year. Your first
performance review will occur on or around January 2001. Any salary adjustment
will be determined based on performance, and will be set by your manager on an
annual basis.
A recommendation will be made to the Board of Directors that you be granted an
option to purchase [***] shares of Metawave common stock (subject to any stock
splits or other changes in capitalization that may be effected in connection
with Metawave's initial public offering). The price will be determined by the
board of directors at the board meeting following your hire date. One quarter
of the shares vest after one year of employment with the remaining three
quarters progressively vesting on a monthly basis over the next three (3)
subsequent years. [***].
In the event that the Company terminates your employment without cause, you will
receive a lump sum severance payment within 30 days of such termination equal to
six months' base salary, in exchange for executing the normal severance release
agreement.
CONFIDENTIAL
[***] CONFIDENTIAL TREATEMENT REQUESTED. OMITTED PORTIONS FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.
Page 2
Stuart Fuhlendorf
March 10, 2000
Metawave is prepared to assist you in your move to the Seattle-area by paying
the costs of moving your household goods from Evergreen, CO to Washington.
These costs include packing, transporting, insurance and unloading of your
household goods. This includes moving two automobiles. Relocation costs
include 30 days of storage for your household goods upon arrival in Washington.
Metawave will also pay for temporary living upon your arrival in the Seattle
area. Temporary living will be paid through June 2000, if needed.
(Temporary living is defined as reasonable apartment rent. Costs for food will
be your expense.)
Additionally, Metawave is prepared to pay for expenses associated with the sale
of your home in Colorado and the purchase of a new residence in the Seattle
area, as follows:
Closing costs for sale of Colorado home
- ---------------------------------------
. Appraisal fees
. Lawyer fees
. Title insurance
. Revenue stamps
. Recording fees
. Brokerage fees
. Unique closing costs
Closing costs for purchase of home in Seattle area
- --------------------------------------------------
. Appraisal fees
. Lawyer fees
. Title insurance
. Revenue stamps
. Recording fees
. Unique closing costs including county fees
. Inspection fees
. Buyers points/origination fees not to exceed $6,000. This will not be
grossed up.
Any fees or costs that are not tax deductible will be grossed up, otherwise
actual expenses will be reimbursed. This represents Metawaves complete
commitment to relocation expenses. Should you leave the company prior to
completing 12 months of employment, you will be required to repay Metawave (on a
prorated basis).
It is the policy of Metawave that employees not disclose nor use any
confidential information from prior employment while employed by Metawave. If
you have entered into specific Non-Disclosure agreements, non-competitive
agreements, or any other agreements with any previous employer that might affect
or restrict your employment with us, please provide us with a copy so that we
can ensure that both you and Metawave abide by the terms thereof.
CONFIDENTIAL
[***] CONFIDENTIAL TREATEMENT REQUESTED. OMITTED PORTIONS FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.
Page 3
Stuart Fuhlendorf
March 10, 2000
Employment with Metawave is at the mutual consent of each employee and the
company. Accordingly, while Metawave has every expectation that employment
relationships will be mutually beneficial and rewarding, both you and Metawave
retain the right to terminate the employment relationship at will, at any time,
with or without cause. In addition, you will be required to read and comply
with the policies and procedures as outlined in the Metawave Employee Handbook
during your employment with the company.
This offer represents the entire offer of Metawave and supersedes any prior
verbal or written agreements. This offer will remain open until 5:00 p.m. on
Monday, March 13, 2000. As a condition of your employment, you are required to
sign a copy of the enclosed Confidentiality Agreement (which should be returned
to Human Resources). You will be required to provide your proof of
identification and your proof of your right to work in the United States to
Human Resources by your third day of employment.
Stuart, we are excited about you joining our team, and we hope you will be able
to achieve both your personal and professional objectives here at Metawave. If
we can answer any questions, please feel free to call Bob Hunsberger at 425-702-
5623.
Please sign your acceptance below and return the original to me. The copy is
for your records.
Sincerely,
METAWAVE COMMUNICATIONS CORPORATION
/s/ Monica Chester-Bristow
- --------------------------------------
Monica Chester-Bristow
Director, Human Resources
This will acknowledge my acceptance of this offer of employment.
/s/ Stuart Fuhlendorf
- --------------------------------------
Stuart Fuhlendorf
March 10, 2000
- --------------------------------------
Date
CONFIDENTIAL
[***] CONFIDENTIAL TREATMENT REQUESTED. OMITTED PORTIONS FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.