Document:

Exhibit 10.32

 

September 3, 2002

 

 

 

Philip L. Oreste

 

Dear Phil:

BroadVision, Inc. (“BroadVision” or “the

Company”) is pleased to confirm its offer to you of the position of Executive

Vice President and Chief Financial Officer within the Executive Team at

BroadVision, effective September 16, 2002. 

We are extremely pleased to have you join as a new BroadVision executive

and look forward to the challenges and successes in our path.  Your leadership, past successes and style

demonstrated throughout the recruitment process will allow us to achieve new

and far-reaching dimensions to our business and Worldwide Organization. As

Executive Vice President and Chief Financial Officer reporting directly to the

Chief Executive Officer of the Company, you will lead the Worldwide Finance,

Legal, Operations, and Information Systems organizations.

The following outlines the terms of our

employment offer to you (the “Agreement”).

Compensation and Benefits

Your starting Base Salary will be $19,166.66

per month ($230,000.00 per year), paid on a semi-monthly basis and subject to

standard deductions and withholding. 

[If the Company achieves its revenue and profitability targets as stated

in its business plan, you will be eligible for an annual bonus of forty percent

(40%) of your Base Salary, payable as soon as it can be determined that such

revenue targets have been met and subject to standard deductions and

withholding.  This incentive bonus is

subject to change based on future performance reviews and/or market

conditions].  You will also be eligible

for salary and stock adjustments at the next company annual review, although no

increases are assured.

You will be eligible for the standard

BroadVision employee benefits which include: medical, dental, vision, and

prescription package, short-term and long-term disability insurance, group life

insurance, participation in our 401(k) Savings Plan, participation in the

Employee Stock Purchase Plan (ESPP), and two weeks accrued vacation per year

(vacation accrued according to length of service).

While BroadVision pays for the majority of

your medical insurance, should you choose to participate in the plan, your

financial contribution currently will be approximately 10% of your monthly

insurance premium, depending on your benefit selection.  Benefits start the first of the calendar

month after your date of hire.  You

should also note that BroadVision might modify salaries and benefits from time

to time, as it deems necessary.

 

Candidate's Initials

 

1

 

Relocation

You will be eligible for a relocation package

as described in Exhibit A.

Stock Option

In addition to the above, you will be

recommended to a grant of an option to purchase 200,000 shares of BroadVision

common stock at a fair market value to be determined at the next meeting of the

option committee.  The Option will be an

incentive stock option to the extent permitted by law, the remaining portion of

the Option will be a nonstatutory stock option.  The options vest over four years based on your continued service

with BroadVision:  twenty-five percent

(25%) of the shares will vest after the first year of employment and the

balance over the remaining three years on a monthly basis (2.083% of the original

grant amount per month).  The Option

will be subject to the terms and conditions of the BroadVision stock option

plan and the form of stock option agreement pursuant to which the Option is

granted.

Change of Control

The Compensation Committee and Board of

Directors will cover you under the new Change of Control policy that is

currently under review and pending approval.

Other Provisions

As a BroadVision employee, you will be

required to sign an acknowledgment that you have read and understand the

company rules as described in the company handbook and intend to abide by these

rules and regulations.  You will be

expected to sign and comply with BroadVision’s Proprietary Information and

Inventions Agreement.  You will also be

required to submit a Form I-9 and satisfactory documentation regarding your

identification and right to work in the United States no later than three (3)

days after your employment begins.

In your work for BroadVision, you will be

expected not to use or disclose any confidential information, including trade

secrets, of any former employer or other person to whom you have an obligation

of confidentiality.  Rather, you will be

expected to use only that information which is generally known and used by

persons with training and experience comparable to your own, which is common knowledge

in the industry or otherwise legally in the public domain, or which is

otherwise provided or developed by BroadVision.  During our discussions about your proposed job duties, you

assured us that you would be able to perform those duties within the guidelines

just described.

You agree that you will not bring onto

BroadVision premises any unpublished documents or property belonging to any

former employer or other person to whom you have an obligation of

confidentiality.

You shall receive indemnification as a

corporate officer of BroadVision to the maximum extent extended to the other

officers of BroadVision.  You will be

required to enter into the BroadVision’s standard form of indemnification

agreement, pursuant to which BroadVision agrees to advance any expenses for

which indemnification is available to the extent allowed by applicable law

(“Indemnification Agreement”).

 

2

 

You may terminate your employment with

BroadVision at any time and for any reason whatsoever simply by notifying

BroadVision.  Likewise, BroadVision may

terminate your employment at any time, with or without cause or advance

notice.  BroadVision requests that in

the event of your resignation, you provide notice of your resignation two (2)

weeks in advance.

This Agreement including its Exhibit A,

together with your stock option agreement(s), your Non-Disclosure Agreement,

and your Indemnification Agreement, forms the complete and exclusive statement

of your employment agreement with BroadVision. 

It supersedes any other agreements or promises made to you by anyone,

whether oral or written, and it can only be modified in a written agreement

signed by an officer of BroadVision.

If you wish to accept employment at

BroadVision under the terms set out above and the Exhibit, please sign and date

this letter, and return it to me by September 9, 2002.

I look forward to your favorable reply and to

a productive and exciting working relationship.

Sincerely,

	

  /s/ Pehong Chen

  
	

   

  
	

  Pehong Chen

  
	

   

  
	

  President & Chief

  Executive Officer

  

 

Approved and

Accepted by:

 

	

  /s/ Philip L. Oreste

  	

   

  	

   

  
	

  Signature

  	

   

  	

  Date

  
	

   

  	

   

  	

   

  
	

  Social Security Number

  	

   

  	

   

  

 

Exhibit A:              Summary

& Overview of Relocation Package

 

3

 

EXHIBIT A

 

SUMMARY & OVERVIEW OF RELOCATION PACKAGE

 

The decision to relocate presents an exciting

and challenging opportunity both for you and the Company. The Company

recognizes that relocating may produce some unexpected expenses and challenges.

To assist in meeting these challenges, we provide professional assistance to

guide you and financial assistance to help with reasonable expenses associated

with your move. As part of the hiring package, you are eligible for the amended

and necessary benefits provided under Tier 3 of the BroadVision relocation

package, or what is listed below:

 

Cash Resettlement Allowance

- $2,000.00 to cover all other move expenses (and those not specifically

reimbursed).  Paid in advance, with no

receipts required.  Typical relocation

expenses this allowance is intended to assist with include:

 

•      Meals during Temporary lodging

•      Phone, cable installation and utilities hook-up

•      Club membership or dues payments

•      Cleaning services

•      Child

care services

 

Shipping Your Household

Goods — pursuant to the terms set forth in the policy, the company will pay

for the shipment of household goods from old location to new location.

 

Home Sale — Customary

seller costs including real estate agent selling expenses up to 6%.

 

Temporary Lodging- Maximum of

365 days will be allowed with a monthly amount not to exceed $3,000.00 for

hotel or apartment.  This allowance is

based on actual receipted expenses. 

These expenses are required to be submitted on a monthly basis.

 

The Tier Three package is designed to provide

for the fair and uniform treatment of all employees. If, for whatever reason,

exceptions to this policy or the terms set forth in this letter are granted,

they must be pre-approved in writing.

 

Because of the extensive cost to the company

resulting from relocation, you will be required to sign the Relocation Repayment Agreement before any

expenses are incurred. By executing this agreement, you are agreeing to repay

the Company the cost of relocation if your employment terminates voluntary or

involuntary, with or without cause within twenty-four (24) months of the

effective move date, unless your position is eliminated or is affected as a

result of a CIC.  Any monetary amounts

due for salary, bonuses, unused or accrued vacation pay, or other outstanding

reimbursements will be applied to the amount owed for relocation expenses. If

withholding compensation does not cover the total amount owed, a repayment

program will be designed for the remainder of the expenses due the Company. The

repayment schedule is as follows:

 

	

  Month

  1-12

  	

   

  	

  100%

  repayment

  
	

  Month

  13-24

  	

   

  	

  50%

  repayment

  

 

 

4

 

BROADVISION INC.

PHIL ORESTE

Relocation

Package Overview

 

September 3, 2002

 

 

	

  Policy Element

  	

   

  	

  Tier Three  (Director level or above)

  
	

  Cash Resettlement

  Allowance

  	

   

  	

  $2,000 to cover all other

  moving expenses  (and those not

  specifically reimbursed).  Paid in

  advance, with no receipts required.

  
	

  Household Goods shipment

  	

   

  	

  Through Company preferred

  vendor, up to 15,000lbs.

  
	

  Temporary Lodging

  	

   

  	

  Up to a maximum allowance

  of $3000.00 per month —covering the cost of hotel or apartment based on

  actual receipted expenses.  This

  allowance not to exceed 365 days from hire date.

  
	

  Home Sale

  	

   

  	

  Buyer Value Option program

  through third party provider (tax effective home sale program). 

  This includes customary

  seller’s costs including real estate agent selling expenses up to 6%.

  
	

  Tax Protection Assistance

  	

   

  	

  Eligible Relocation

  expenses to be grossed up.

  
	

  Repayment Terms

  	

   

  	

  100% within one year, 50%

  within 2 years

  
	

  Other benefits

  	

   

  	

  Third party relocation

  company to assist with relocation

  
	

  Rental Assistance

  	

   

  	

  Yes, through third party

  vendor

  

 

Employee has one year to relocate.  Relocation benefits expire one year from

employee’s hire date.

 

5Exhibit 10.33

 

BroadVision, Inc.

 

INDEMNITY AGREEMENT

 

This Agreement is made and entered into this                 day of                , 20      by and between BroadVision, Inc.  a Delaware corporation (the “Corporation”), and                 (“Agent”).

 

Recitals

 

Whereas, Agent performs a valuable service to the Corporation

in [his/her] capacity as                

of the Corporation;

 

Whereas, the stockholders of the Corporation have adopted

bylaws (the “Bylaws”) providing for the indemnification of the directors,

officers, employees and other agents of the Corporation, including persons

serving at the request of the Corporation in such capacities with other

corporations or enterprises, as authorized by the Delaware General Corporation

Law, as amended (the “Code”);

 

Whereas, the Bylaws and the Code, by their non-exclusive

nature, permit contracts between the Corporation and its agents, officers,

employees and other agents with respect to indemnification of such persons; and

 

Whereas, in order to induce Agent to continue to serve as                 of the Corporation, the

Corporation has determined and agreed to enter into this Agreement with Agent;

 

Now, Therefore, in consideration of Agent’s continued service as                 after the date hereof, the parties

hereto agree as follows:

 

Agreement

 

1.             Services to the Corporation. 

Agent will serve, at the will of the Corporation or under separate

contract, if any such contract exists, as                 of the Corporation or as a director, officer or other

fiduciary of an affiliate of the Corporation (including any employee benefit

plan of the Corporation) faithfully and to the best of his ability so long as

he is duly elected and qualified in accordance with the provisions of the

Bylaws or other applicable charter documents of the Corporation or such

affiliate; provided,

however, that Agent may at any time and for any reason resign from

such position (subject to any contractual obligation that Agent may have

assumed apart from this Agreement) and that the Corporation or any affiliate

shall have no obligation under this Agreement to continue Agent in any such

position.

 

2.             Indemnity of Agent. 

The Corporation hereby agrees to hold harmless and indemnify Agent to

the fullest extent authorized or permitted by the provisions of the Bylaws and

the Code, as the Bylaws or the Code may be amended from time to time (but, only

to the 

 

1

 

extent that such amendment permits the Corporation to

provide broader indemnification rights than the Bylaws or the Code permitted

prior to adoption of such amendment).

3.             Additional Indemnity. 

In addition to and not in limitation of the indemnification otherwise

provided for herein, and subject only to the exclusions set forth in Section 4

hereof, the Corporation hereby further agrees to hold harmless and indemnify

Agent:

 

(a)           against any and all expenses (including attorneys’

fees), witness fees, damages, judgments, fines and amounts paid in settlement

and any other amounts that Agent becomes legally obligated to pay because of

any claim or claims made against or by him in connection with any threatened,

pending or completed action, suit or proceeding, whether civil, criminal,

arbitrational, administrative or investigative (including an action by or in

the right of the Corporation) to which Agent is, was or at any time becomes a

party, or is threatened to be made a party, by reason of the fact that Agent

is, was or at any time becomes a director, officer, employee or other agent of Corporation,

or is or was serving or at any time serves at the request of the Corporation as

a director, officer, employee or other agent of another corporation,

partnership, joint venture, trust, employee benefit plan or other enterprise;

and

 

(b)           otherwise to the fullest extent as may be provided to

Agent by the Corporation under the non-exclusivity provisions of the Code and

Section 41 of the Bylaws.

 

4.             Limitations on Additional

Indemnity.  No indemnity pursuant to Section 3

hereof shall be paid by the Corporation:

 

(a)           on account of any claim against Agent solely for an

accounting of profits made from the purchase or sale by Agent of securities of

the Corporation pursuant to the provisions of Section 16(b) of the

Securities Exchange Act of 1934 and amendments thereto or similar provisions of

any federal, state or local statutory law;

 

(b)           on account of Agent’s conduct that is established by a

final judgment as knowingly fraudulent or deliberately dishonest or that

constituted willful misconduct;

 

(c)           on account of Agent’s conduct that is established by a

final judgment as constituting a breach of Agent’s duty of loyalty to the

Corporation or resulting in any personal profit or advantage to which Agent was

not legally entitled;

 

(d)           for which payment is actually made to Agent under a

valid and collectible insurance policy or under a valid and enforceable

indemnity clause, bylaw or agreement, except in respect of any excess beyond

payment under such insurance, clause, bylaw or agreement;

 

(e)           if indemnification is not lawful (and, in this

respect, both the Corporation and Agent have been advised that the Securities

and Exchange Commission believes that indemnification for liabilities arising

under the federal securities laws is against public policy and is, therefore,

unenforceable and that claims for indemnification should be submitted to

appropriate courts for adjudication); or

 

(f)            in connection with any proceeding (or part thereof)

initiated by Agent, or any proceeding by Agent against the Corporation or its

directors, officers, employees or other 

 

2

 

agents, unless (i) such indemnification is expressly required to

be made by law, (ii) the proceeding was authorized by the Board of

Directors of the Corporation, (iii) such indemnification is provided by

the Corporation, in its sole discretion, pursuant to the powers vested in the

Corporation under the Code, or (iv) the proceeding is initiated pursuant

to Section 9 hereof.

 

5.             Continuation of Indemnity. 

All agreements and obligations of the Corporation contained herein shall

continue during the period Agent is a director, officer, employee or other

agent of the Corporation (or is or was serving at the request of the

Corporation as a director, officer, employee or other agent of another

corporation, partnership, joint venture, trust, employee benefit plan or other

enterprise) and shall continue thereafter so long as Agent shall be subject to

any possible claim or threatened, pending or completed action, suit or proceeding,

whether civil, criminal, arbitrational, administrative or investigative, by

reason of the fact that Agent was serving in the capacity referred to herein.

 

6.             Partial Indemnification. 

Agent shall be entitled under this Agreement to indemnification by the

Corporation for a portion of the expenses (including attorneys’ fees), witness

fees, damages, judgments, fines and amounts paid in settlement and any other

amounts that Agent becomes legally obligated to pay in connection with any

action, suit or proceeding referred to in Section 3 hereof even if not

entitled hereunder to indemnification for the total amount thereof, and the

Corporation shall indemnify Agent for the portion thereof to which Agent is

entitled.

 

7.             Notification and Defense of Claim. 

Not later than thirty (30) days after receipt by Agent of notice of the

commencement of any action, suit or proceeding, Agent will, if a claim in

respect thereof is to be made against the Corporation under this Agreement,

notify the Corporation of the commencement thereof; but the omission so to

notify the Corporation will not relieve it from any liability which it may have

to Agent otherwise than under this Agreement. 

With respect to any such action, suit or proceeding as to which Agent

notifies the Corporation of the commencement thereof:

 

(a)           the Corporation will be entitled to participate

therein at its own expense;

 

(b)           except as otherwise provided below, the Corporation

may, at its option and jointly with any other indemnifying party similarly

notified and electing to assume such defense, assume the defense thereof, with

counsel reasonably satisfactory to Agent. 

After notice from the Corporation to Agent of its election to assume the

defense thereof, the Corporation will not be liable to Agent under this

Agreement for any legal or other expenses subsequently incurred by Agent in

connection with the defense thereof except for reasonable costs of

investigation or otherwise as provided below. 

Agent shall have the right to employ separate counsel in such action,

suit or proceeding but the fees and expenses of such counsel incurred after

notice from the Corporation of its assumption of the defense thereof shall be

at the expense of Agent unless (i) the employment of counsel by Agent has

been authorized by the Corporation, (ii) Agent shall have reasonably

concluded, and so notified the Corporation, that there is an actual conflict of

interest between the Corporation and Agent in the conduct of the defense of

such action or (iii) the Corporation shall not in fact have employed

counsel to assume the defense of such action, in each of which cases the fees

and expenses of Agent’s separate counsel shall be 

 

3

 

at the expense of the Corporation. 

The Corporation shall not be entitled to assume the defense of any

action, suit or proceeding brought by or on behalf of the Corporation or as to

which Agent shall have made the conclusion provided for in clause (ii) above;

and

 

(c)           the Corporation shall not be liable to indemnify Agent

under this Agreement for any amounts paid in settlement of any action or claim

effected without its written consent, which shall not be unreasonably

withheld.  The Corporation shall be

permitted to settle any action except that it shall not settle any action or

claim in any manner which would impose any penalty or limitation on Agent

without Agent’s written consent, which may be given or withheld in Agent’s sole

discretion.

 

8.             Expenses. 

The Corporation shall advance, prior to the final disposition of any

proceeding, promptly following request therefor, all expenses incurred by Agent

in connection with such proceeding upon receipt of an undertaking by or on

behalf of Agent to repay said amounts if it shall be determined ultimately that

Agent is not entitled to be indemnified under the provisions of this Agreement,

the Bylaws, the Code or otherwise.

 

9.             Enforcement. 

Any right to indemnification or advances granted by this Agreement to

Agent shall be enforceable by or on behalf of Agent in any court of competent

jurisdiction if (i) the claim for indemnification or advances is denied,

in whole or in part, or (ii) no disposition of such claim is made within

ninety (90) days of request therefor. 

Agent, in such enforcement action, if successful in whole or in part,

shall be entitled to be paid also the expense of prosecuting his claim.  It shall be a defense to any action for

which a claim for indemnification is made under Section 3 hereof (other

than an action brought to enforce a claim for expenses pursuant to

Section 8 hereof, provided that the required undertaking has

been tendered to the Corporation) that Agent is not entitled to indemnification

because of the limitations set forth in Section 4 hereof.  Neither the failure of the Corporation (including

its Board of Directors or its stockholders) to have made a determination prior

to the commencement of such enforcement action that indemnification of Agent is

proper in the circumstances, nor an actual determination by the Corporation

(including its Board of Directors or its stockholders) that such

indemnification is improper shall be a defense to the action or create a

presumption that Agent is not entitled to indemnification under this Agreement

or otherwise.

 

10.          Subrogation. 

In the event of payment under this Agreement, the Corporation shall be

subrogated to the extent of such payment to all of the rights of recovery of

Agent, who shall execute all documents required and shall do all acts that may

be necessary to secure such rights and to enable the Corporation effectively to

bring suit to enforce such rights.

 

11.          Non-Exclusivity of Rights. 

The rights conferred on Agent by this Agreement shall not be exclusive

of any other right which Agent may have or hereafter acquire under any statute,

provision of the Corporation’s Certificate of Incorporation or Bylaws,

agreement, vote of stockholders or directors, or otherwise, both as to action

in his official capacity and as to action in another capacity while holding

office.

 

 

4

 

12.          Survival of Rights.

 

(a)           The rights conferred on Agent by this Agreement shall

continue after Agent has ceased to be a director, officer, employee or other

agent of the Corporation or to serve at the request of the Corporation as a

director, officer, employee or other agent of another corporation, partnership,

joint venture, trust, employee benefit plan or other enterprise and shall inure

to the benefit of Agent’s heirs, executors and administrators.

 

(b)           The Corporation shall require any successor (whether

direct or indirect, by purchase, merger, consolidation or otherwise) to all or

substantially all of the business or assets of the Corporation, expressly to

assume and agree to perform this Agreement in the same manner and to the same

extent that the Corporation would be required to perform if no such succession

had taken place.

 

13.          Separability. 

Each of the provisions of this Agreement is a separate and distinct

agreement and independent of the others, so that if any provision hereof shall

be held to be invalid for any reason, such invalidity or unenforceability shall

not affect the validity or enforceability of the other provisions hereof.  Furthermore, if this Agreement shall be

invalidated in its entirety on any ground, then the Corporation shall

nevertheless indemnify Agent to the fullest extent provided by the Bylaws, the

Code or any other applicable law.

 

14.          Governing Law. 

This Agreement shall be interpreted and enforced in accordance with the

laws of the State of Delaware.

 

15.          Amendment and Termination. 

No amendment, modification, termination or cancellation of this

Agreement shall be effective unless in writing signed by both parties hereto.

 

16.          Identical Counterparts. 

This Agreement may be executed in one or more counterparts, each of

which shall for all purposes be deemed to be an original but all of which

together shall constitute but one and the same Agreement.  Only one such counterpart need be produced

to evidence the existence of this Agreement.

 

17.          Headings. 

The headings of the sections of this Agreement are inserted for

convenience only and shall not be deemed to constitute part of this Agreement

or to affect the construction hereof.

 

18.          Notices. 

All notices, requests, demands and other communications hereunder shall

be in writing and shall be deemed to have been duly given (i) upon

delivery if delivered by hand to the party to whom such communication was

directed or (ii) upon the third business day after the date on which such

communication was mailed if mailed by certified or registered mail with postage

prepaid:

 

(a)           If to Agent, at the address indicated on the signature

page hereof.

 

(b)           If to the Corporation, to:

 

BroadVision, Inc.

585 Broadway

Redwood City, California  94063

 

5

 

or to such other

address as may have been furnished to Agent by the Corporation.

 

6

 

In Witness Whereof, the parties hereto have executed this Agreement on

and as of the day and year first above written.

 

	

  BroadVision,

  Inc.

  
	

   

  	

   

  
	

   

  	

   

  
	

  By:

  	

   

  
	

   

  	

   

  
	

  Title:

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Agent

  
	

   

  	

   

  
	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

  Address:

  	

   

  
	

   

  	

   

  
	

   

  
	

   

  
	

   

  
			

 

 

7

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