[LETTERHEAD OF COMPUTRON]
Exhibit 10.23
March 20, 1996
Mr. Robert T. Hewitt
1354 Brentwood Road
Yarrdley, PA 19067
Dear Robert:
This letter is to confirm our offer of employment to you under the following
terms and conditions to join Computron Software, Inc. as a Vice President of
Development, reporting to Elias Typaldos, starting employment on Monday, April
8, 1996. (See attached E-Mail message).
SALARY: Starting salary will be $7,291.67 semi-monthly, paid on the 15th and
last business day of each month. (this equates to $175,000.00 per annum).
BONUS: You are guaranteed a bonus of $25,000.00 at conclusion of the first year
of employment. For all subsequent years, we will establish goals and objectives
for your bonus plan.
STOCK OPTIONS: We will recommend to the Board of Directors of Computron
Software, Inc. that you be awarded a stock option of 12,000 shares of its common
stock at its fair market value. Your option, if approved, will be subject to
certain vesting and other restrictions identified in Computron Software, Inc.'s
Stock Option Agreement.
RELOCATION: You will receive reimbursement of up to $10,000 to cover reasonable
and customary moving expenses, including expenses connected with the sale of
your present home and temporary living expenses, related to your move. All
requests for reimbursement will require specific and detailed receipts,
accompanied by an approved T&E form, and will be reimbursed in accordance with
normal T&E procedures. You understand that if your employment with Computron
terminates within one year of the relocation for either of the reasons noted
below, the reimbursement will be considered a loan. Accordingly, you would be
required to reimburse the original amount of the total relocation expense upon
termination if:
1) Within 12 months of beginning employment, you are discharged for cause.
2) Within 12 months of beginning employment, you terminate voluntarily
without the work assignment significantly changing.
REVIEWS: A performance review will be conducted on or about your one year
anniversary, then annually thereafter.
BENEFITS: Computron provides its employees with Medical, Dental, Life Insurance
coverage effective date of hire. Optional dependent coverage is available at
the employee's expense. You will be subject to normal company policy for
vacation for your first year of employ - 5 days after 6 months, 5 days after 1
year. You will be entitled to three weeks vacation after completion of one
year. Please see attached Outline of Benefit Summary for details, which includes
all benefits offered at this time, including holidays, vacation and other time
off, and similar. In addition, the Company offers a 401(k) plan, also explained
in the outline.
COMPUTRON SOFTWARE, INC.
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Mr. Robert T. Hewitt
March 20, 1996
Page 2
EMPLOYMENT: Computron Software, Inc. is an equal opportunity employer. In
addition, it should be understood that employment is "at will", as defined under
the laws of New Jersey, and thus such employment can be terminated with or
without cause, at the option of either party.
CONFIDENTIALITY: You agree that any confidential information that becomes
available to you in the course of employment is the sole property of Computron
and shall not be used by you for any purpose other than fulfilling your
position's objectives. This applies while an active or inactive employee. A
partial list of items covered by Confidentiality include:
- - Employee Lists - Technical Product Knowledge
- - Customer Lists - Confidential Financial Data
- - Prospect Lists - Product Price Lists
- - Product Materials - Sales/Marketing Strategy
The above information and any other confidential material will remain
confidential for a period of two years after employment at Computron, except for
customer lists and possible other technical data, which remains confidential in
perpetuity unless Computron makes it available to the public.
Please countersign this offer and Non-Disclosure and return to me to officially
indicate your acceptance. This offer is contingent upon your review and
acceptance of our Offer Letter, a favorable response from your references, and
our review of verification of your identity and employment authorization
documents as set forth in the Immigration Reform and Control Act.
It is understood that legal fees associated with obtaining these documents are
solely your responsibility.
Sincerely,
Elizabeth Mack
Manager, Human Resources
I ACCEPT:
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Robert T. Hewitt Date
cc: Human Resources