1. Parties
This employment agreement (the "Agreement") is made and entered into on August 16, 2024, by and between:
TechCorp Inc., a corporation organized and existing under the laws of the State of California, with its principal place of business at 123 Innovation Drive, San Francisco, CA 94105 (hereinafter referred to as the "Company"),
and
[Employee Name], residing at [Employee Address] (hereinafter referred to as the "Employee").
2. Position and Duties
2.1 Position
The Company hereby employs the Employee as a Software Engineer II, and the Employee hereby accepts such employment, subject to the terms and conditions set forth in this Agreement.
2.2 Duties
The Employee shall perform all duties and responsibilities associated with the position of Software Engineer II, as well as such other duties as may be assigned by the Company from time to time.
3. Compensation and Benefits
3.1 Base Salary
The Company shall pay the Employee an annual base salary of $120,000, payable in accordance with the Company's normal payroll practices.
3.2 Annual Bonus
The Employee shall be eligible for an annual performance bonus of up to 15% of the base salary, based on the achievement of individual and company goals as determined by the Company.
3.3 Stock Options
The Employee shall be granted 10,000 stock options, vesting over a 4-year period with a 1-year cliff, subject to the terms and conditions of the Company's Stock Option Plan.
3.4 Benefits
The Employee shall be eligible to participate in the Company's benefit plans, including health insurance, dental insurance, vision insurance, and 401(k) plan, subject to the terms and conditions of each plan.
4. Work Schedule and Location
4.1 Work Hours
The Employee shall work a standard 40-hour work week, Monday through Friday, with core hours from 10:00 AM to 4:00 PM Pacific Time.
4.2 Remote Work
The Employee shall be permitted to work remotely for up to 2 days per week, subject to manager approval and business needs.
5. Intellectual Property
5.1 Ownership
All inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports, and all similar or related information (whether or not patentable) which relate to the Company's actual or anticipated business, research and development, or existing or future products or services and which are conceived, developed, or made by the Employee while employed by the Company belong to the Company.
6. Confidentiality
6.1 Non-disclosure
The Employee agrees that during the term of employment and thereafter, the Employee will not, directly or indirectly, disclose or divulge any Confidential Information unless such disclosure is required by law or legal process.
7. Non-competition and Non-solicitation
7.1 Non-competition
For a period of 12 months following the termination of employment, the Employee shall not, directly or indirectly, engage in any business that competes with the Company within a 50-mile radius of the Company's office locations.
7.2 Non-solicitation
For a period of 18 months following the termination of employment, the Employee shall not, directly or indirectly, solicit any of the Company's employees, clients, or customers for the benefit of any competing business.
8. Termination
8.1 At-will Employment
The employment relationship is at-will, which means that either party may terminate the employment at any time, with or without cause or notice.
8.2 Severance
In the event of termination without cause by the Company, the Employee shall be entitled to a severance payment equal to 2 months of the Employee's base salary, subject to the execution of a release agreement.
9. Dispute Resolution
9.1 Arbitration
Any dispute arising out of or relating to this Agreement shall be resolved through binding arbitration in accordance with the rules of the American Arbitration Association.
10. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of California, without giving effect to any choice of law or conflict of law provisions.
11. Entire Agreement
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.
12. Amendments
This Agreement may be amended or modified only by a written instrument signed by both the Company and the Employee.
13. Acknowledgement
By signing below, the parties acknowledge that they have read, understood, and agree to be bound by the terms and conditions of this Agreement.
Signatures
For the Company:
____________________________
[Authorized Signatory Name]
[Title]
Date: ______________________
Employee:
____________________________
[Employee Name]
Date: ______________________