INDEPENDENT CONTRACTOR SERVICES AGREEMENT
This Agreement is made and entered into as of July 1, 2003 ("Effective Date"),
by and between Immersion Corporation, a corporation having a principal place of
business at 801 Fox Lane, San Jose, CA ("Immersion"), and Robert Van Naarden, an
individual residing at 514 Long Lane, Huntington Valley, PA 19006 ("Van
Naarden").
1. Engagement of Services. Immersion hereby retains Van Naarden for the
sole and specific purpose of completion of the Statement of Work ("SOW")
attached hereto as Exhibit 1. During the term of this Agreement, Van Naarden
shall commit to working at least three (3) days per week, completing the tasks
set forth in the SOW and shall report to Victor Viegas, President and CEO of
Immersion.
2. Term and Termination.
2.1 Term. This Agreement shall commence as of the Effective Date and
continue for an initial six (6) month term. Thereafter, this Agreement shall
automatically be renewed for subsequent three (3) month terms unless either
party notifies the other in writing at least ten (10) days prior to the
expiration of the then-current term of its election to terminate this Agreement.
2.2 Termination by Immersion. Immersion may terminate this Agreement
without cause at any time, with termination effective fifteen (15) days after
Immersion's delivery to Van Naarden of written notice of termination. Immersion
also may terminate this Agreement (i) immediately upon Van Naarden's breach of
Paragraph 5 ("Intellectual Property Rights") or 6 ("No Conflict of Interest"),
or (ii) thirty (30) days after Immersion's delivery to Van Naarden of written
notice of Van Naarden's material breach of any other provision or obligation
owed by Van Naarden under this Agreement, which is not cured within such thirty
(30) day period
2.3 Termination by Van Naarden. Van Naarden may terminate this
Agreement without cause at any time, with termination effective fifteen (15)
days after Van Naarden's delivery to Immersion of written notice of termination.
Van Naarden also may terminate this Agreement for material breach by Immersion
if Immersion has not cured the breach within thirty (30) days of receiving
written notice from Van Naarden.
3. Compensation; Expenses.
3.1 Compensation. Immersion will pay Van Naarden a monthly fee of
$15,000.00 for Van Naarden's work hereunder. Upon termination of this Agreement
for any reason, Van Naarden will be paid fees for any work completed by that
date that has not yet been compensated, but shall be entitled to no other
compensation from Immersion.
3.2 Expenses. Van Naarden will be reimbursed for any reasonable,
out-of-pocket, travel-related expenses incurred in furtherance of Van Naarden's
performance hereunder. Van Naarden will be reimbursed only for expenses which