EX-10.11 14 doc13.txt EXHIBIT 10.11 EMPLOYMENT AGREEMENT WITH VICTOR ROMERO August 8, 2001 Victor Romero 20435 Via Habana Yorba Linda, CA 92887 Dear Victor: We would like to offer you the position of President and Chief Operating Officer at Reality Networks. We are excited about you joining the team, currently under the sponsorship of Ricardo Ramirez and Brent Haines CEO. We look forward to a bright and prosperous future together and know that you will find this position to be rewarding and challenging. JOB DESCRIPTION AND DUTIES: Your job description will be worked on jointly within the first 30 days. PERSONAL TRAITS: Good communication skills combined positive attitude, and high energy. Honesty and integrity must be a high priority. TERMS OF EMPLOYMENT: Job Title: President/Chief Operating Officer Sponsor: Ricardo I. Ramirez, Brent Haines CEO Start Date: August 20, 2001 Term of Employment: `At will" by both parties Salary: $96,000.00, for the first year Future years to be negotiated at that time. Bonus: First year $29,000 annually, paid annually, year anniversary Bonus plan and milestones to be worked out within the first 90 days. The bonus criteria will be set by the senior team. ISO: 5% equity stake in Reality Networks. Total options to be calculated on the basis of a pre-reverse merger with public company. Options, vesting over 36 months. As an incentive 25% of options will vest upon the first 120 days of continuous employment. This is subject to the approval of the Board of Directors. Miscellaneous: Reasonable reimbursements for housing, paid by the corporation, to be worked out as soon as possible. We will pay for 66 weekly trips to and from LA area Airports up to a cap of $500.00 per month plus regular business expenses., ie. (parking, meals, cellular) Performance Review: After 90 days, then yearly on anniversary date Salary Review: On anniversary date, after performance review Benefits: Health Plan: None available/ Vacation Plan: Two weeks Sick leave: See Employee Manual Holidays: 9 Paid Holidays - see Employee Manual Attached please find Reality Networks Employee Manual. This manual will address areas of sick time, holidays, vacation time, Company policies and a wide range of other issues that you will questions about. You will also be expected to sign Reality Network's standard employment agreement, upon acceptance of this offer. We look forward to your experience, professionalism and hope that together we will make Reality Networks into a truly successful, market leading company. Please sign and return this offer letter as your acceptance of the terms. WELCOME ABOARD! /S/ BRENT HAINES -------------------- Brent Haines, CEO Agreed and Accepted: /S/ VICTOR ROMERO 8/8/01 --------------------------------------------- Date 67