Employment Offer Letter Agreement



 
EXHIBIT 10.22

 
July 25, 2001 
 
William Graham Champion Mitchell 
2997 Rokeby Road 
Delaplane, VA 20144

 
Dear Champ: 
 
On behalf of VeriSign, Inc. I am pleased to offer you a
regular full-time position of Executive Vice President / General Manager Mass Markets Division reporting to me and located at our Herndon, Virginia location. The details of the offer are as follows: 
 
Annual Salary: $300,000.00 (Paid
Bi-Weekly) 
 
Bonus
Program: You are eligible to participate in the VeriSign Executive Bonus Program. Potential of 50% bonus annually based on achievement of corporate objectives and prorated based on your start date. Bonus document attached. For the first
year 50% of the bonus target is guaranteed. 
 
Special Bonus: On March 1, 2002 you are eligible for a $50,000.00 bonus. Actual payment will be based on achievement of performance criteria (to be determined within 30 day from date of hire). 
 
Stock Options: I will recommend to the
Board of Directors that you be granted stock options to purchase 185,000 shares of Common Stock. The price of shares will be based on the fair market value on the date of grant. You will be eligible to exercise 12.5% six months from your date
of hire. The remaining shares vest equally on quarterly basis for the next three and half years. 
 
Your options will contain a change of control provision (i.e. upon a change of control of VeriSign, Inc. 50% of unvested
options will vest). 
 
Severance: VeriSign will offer the following executive severance agreement should you be involuntarily terminated from VeriSign without cause: 
 
For up to 1 month of employment—receive 24 months salary 
After 1 months of employment—receive 23 months salary 
After 2 months of employment—receive 22 months salary 
After 3 months
of employment—receive 21 months salary 
After 4 months of employment—receive 20 months salary 
After 5 months of employment—receive 19 months salary 
After 6 months of employment—receive 18 months salary 
After 7 months
of employment—receive 17 months salary 
After 8 months of employment—receive 16 months salary 
After 9 months of employment—receive 15 months salary 
After 10 months of employment—receive 14 months salary 
After 11 months
of employment—receive 13 months salary 
After 12 months of employment—receive 12 months salary 
After 13 months of employment—receive 11 months salary 
After 14 months of employment—receive 10 months salary 
After 15 months
of employment—receive 9 months salary 
After 16 months of employment—receive 8 months salary 
After 17 months of employment—receive 7 months salary 
After 18 months of employment—receive 6 months salary 
 
No payment is made should you resign or be terminated for cause. 







 
Benefits: Your medical and insurance benefits will be commensurate with date of hire. The full package of benefits is attached. New employees receive 17 days of paid time off per year. VeriSign also observes 10 paid holidays
per year. Please Note: Your benefits information for 2001 will be mailed to your home shortly after your date of hire. 
 
This offer is contingent upon your signing the Company’s Confidentiality Agreement included with this offer and upon successful
clearance of your background check. It is also contingent upon providing evidence of your legal right to work in the United States as required by the Immigration and Naturalization Service. This offer is for employment on an at will basis, which
means that this relationship can be terminated at any time by either party. 
 
To accept this offer, please sign below and return the original offer letter along with the Confidentiality Agreements and VeriSign application in the enclosed envelope and keep a copy of the offer
letter for your records. This offer will expire on July 27, 2001. 
 
Sincerely, 
 
/s/    Stratton
Sclavos 
 

	 Stratton Sclavos
	    	 Accepted: /s/    WGC Mitchell         Date:
7/26/01

	 President and CEO
	    	 Start Date: 7/30/01