Chinese Internet portal Sohu.com (SOHU) has renewed the employment agreements of Belinda Wang, co-president and chief marketing officer, and Gong Yu, Sohu's chief operating officer.
Under the terms of each of the renewed employment agreements, the executives are each entitled to receive an annual base salary of US$150,000, entitled to receive a US$25,000 annual housing allowance, and eligible for an annual discretionary cash bonus equal to up to 50% of their base salary. Each will also be eligible to participate in the company's 2000 Stock Incentive Plan, as amended, and will receive health, life and disability insurance.
If Wang and Gong terminate their employment for good cause or if their employment is terminated by the company without cause, they are entitled to receive certain severance benefits, including the monthly base salary for the lesser of six months following their termination and the remainder of the term of the employment agreements; health care coverage for up to six months following their termination; and the payment of the bonus for the remainder of the year in which the employee was terminated to the extent that the bonus would have been earned had Wang's or Gong's employment continued through the end of such year.
Unless sooner terminated by either Wang, Gong or Sohu, the employment agreements will expire on May 31, 2010.