Document:

EX-10.9

 Exhibit 10.9 
  

 

                        
[                                        ] 

[                          
              ] 
  

	Re:	 Confirmatory Offer of Employment 

Dear
[                                         
   ]: 
 This offer letter confirms the terms of your continued employment with ACV Auctions Inc. (the
“Company”), as its
[                                        ] in the
Company’s __________________ office. Of course, the Company may change your position, duties, and work location from time to time in its discretion. This letter supersedes and replaces the terms of your [employment agreement][offer letter
agreement] with the Company dated, [Click And Type Date]. 
 You will continue to receive an annualized salary of $[Click And Type Amount] (the
“Annual Base Salary”)[, increased to
$[                                        ],
effective April 1, 2021], less applicable withholdings, which will be paid semi-monthly in accordance with the Company’s normal payroll procedures. 

You will continue to be eligible to earn an annual discretionary bonus equal to [[●]% of your Annual Base Salary][$[●]][, increased to [[●]%
of your Annual Base Salary][$[●]], effective April 1, 2021]. The amount of this bonus will be determined in the sole discretion of the Company based on the performance of the Company during the calendar year and may also be based in part
on your individual performance. The Company will pay you this bonus, if any, by no later than March 15th of the following calendar year. Subject to the satisfaction of any other conditions established by the Company for such bonus, the bonus is not
earned until paid and no pro-rated amount will be paid if your employment terminates for any reason prior to the payment date. 

You were previously granted certain equity awards under the Company’s 2015 Long-Term Incentive Plan, as amended. Your equity awards will continue to be
governed by the terms of the 2015 Long-Term Incentive Plan and the grant documents thereunder. You will remain eligible to receive future equity awards at the discretion of the Board or the Compensation Committee of the Board. 

During your employment, you will remain eligible to participate in the standard benefits plans offered to similarly situated employees by the Company from
time to time, subject to plan terms and generally applicable Company policies. A full description of these benefits is available upon request. The Company may change compensation and benefits from time to time in its discretion. 

You will be eligible to receive severance and change in control benefits under the Company’s Severance and Change in Control Plan and an individual
participation agreement thereunder, which will be effective as of the date of the underwriting agreement between the Company and the underwriter(s) managing the initial public offering of the Company’s common stock, pursuant to which such
common stock is priced for the initial public offering. 
 In connection with your continued at-will employment with
the Company, you will receive and have access to Company confidential information and trade secrets. Accordingly, enclosed with this offer letter is an Employee Confidential Information and Inventions Assignment Agreement
(“PIIA”), which contains restrictive covenants and prohibits unauthorized use or disclosure of the Company’s confidential information and trade secrets, among other obligations. Please review the PIIA and only sign it
after careful consideration. 

 We also ask that, if you have not already done so, you disclose to the Company any and all agreements
relating to your prior employment that may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from continuing
to perform the duties of your position and you represent that such is the case. Moreover, you agree that, during the term of your continued at-will employment with the Company, you have not and will not engage
in any other employment, occupation, consulting, or other business activity directly related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities
that conflict with your obligations to the Company. Similarly, you agree not to bring any third-party confidential information to the Company, including that of your former employer, and that you will not in any way utilize any such information in
continuing to perform your duties for the Company. 
 Your employment with the Company will be, and has been at all times,
“at-will.” You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any
time, with or without cause or advance notice. 
 For purposes of federal immigration law, you were required to provide to the Company documentary evidence
of your identity and eligibility for employment in the United States. If there are any updated documents concerning your identity and continued eligibility for employment in the United States, you must submit such documentation within five
(5) business days from the date you sign this letter, or our employment relationship with you may be terminated. 
 To ensure the timely and economical
resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all disputes, claims, or causes of action arising from or relating to the enforcement, breach, performance,
negotiation, execution, or interpretation of this letter agreement, the PIIA, or your employment, or the termination of your employment, including but not limited to all statutory claims, will be resolved pursuant to the Federal Arbitration Act, 9
U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration by a single arbitrator conducted by Judicial Arbitration and Mediation Services Inc.
(“JAMS”) under the then applicable JAMS rules (at the following web address: https://www.jamsadr.com/rules-employment-arbitration/). A hard copy of the rules will be provided to you upon request. By agreeing to this
arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge or administrative proceeding. In addition, all claims, disputes, or causes of action under this provision, whether by
you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person
or entity. The Arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or proceedings are
found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. The Company acknowledges that you will have the right to be
represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration under this agreement) shall be decided by the arbitrator. Likewise, procedural questions which grow out of the dispute and bear on the
final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; (b) issue a
written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (c) be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of
law. You and the Company shall equally share all JAMS’ arbitration fees. Each party is responsible for its own attorneys’ fees, except as expressly set forth in your PIIA. To the extent JAMS does not collect or you otherwise do not pay to
JAMS an equal share of all JAMS’ arbitration fees for any reason, and the Company pays JAMS your share, you acknowledge and agree that the Company shall be entitled to recover from you half of the JAMS arbitration fees invoiced to the parties
(less any amounts you paid to JAMS) in a federal or state court of competent jurisdiction. Nothing in this letter agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm
pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction. 

 To indicate your acceptance of the Company’s confirmatory offer letter, please sign and date this
letter in the space provided below. This letter, along with any agreements relating to proprietary rights between you and the Company, set forth the terms of your employment with the Company and supersede any prior representations or agreements
including, but not limited to, any prior offer letter or employment agreement between you and the Company and any representations made during your interviews or negotiations, whether written or oral. You acknowledge and agree that you are not
relying on any representations other than the terms set forth in this letter. This letter, including, but not limited to, its at-will employment provision, may not be modified or amended except by a written
agreement signed by the Company CEO and you. This confirmatory offer of employment will terminate if it is not accepted, signed, and returned by
[                                        ]. 

We look forward to your favorable reply and to a productive and enjoyable work relationship. 

 

			
	Sincerely,
	
	  

	[                                    
    ]
	[                                    
    ]

  

	
	Acknowledged and accepted:
	
	  

	[                                      
  ]
	
	  

	DATE

 Enclosures 
 Employee
Confidential Information and Inventions Assignment Agreement 
 Severance and Change in Control Plan and individual participation agreement thereunderEX-10.10

 Exhibit 10.10 

ACV AUCTIONS INC. 

PERFORMANCE BONUS PLAN 

 

	1.	 PURPOSE 

The ACV Auctions Inc. Performance Bonus Plan (the “Plan”) is designed to provide incentives to participating employees to make
important contributions to the success of ACV Auctions Inc. (the “Company”) and reward such employees for outstanding performance. The Plan is also intended to enhance the ability of the Company to attract and
retain highly talented individuals. 
  

	2.	 ADMINISTRATION 

The Plan will be administered by the Compensation Committee (the “Plan Administrator”) of the Board of Directors (the
“Board”) of the Company. The Plan Administrator will have the sole discretion and authority to administer and interpret the Plan, and the decisions of the Plan Administrator will in every case be final and binding on all
persons having an interest in the Plan. 
  

	3.	 ELIGIBILITY 

 

	 	(a)	 Participation 

Each employee of the Company who (i) is an “officer” of the Company (within the meaning of Section 16 of the Securities Exchange Act of
1934, as amended, and Rule 16a-1 thereunder) (such individuals, the “Officers”) or is otherwise designated by the Plan Administrator as a participant in the Plan and (ii) has been
provided with a Target Award (as defined in Section 4 below) and eligibility in the Plan by means of a written agreement with the Company or written notification by the Company, is eligible to participate in the Plan and shall be considered a
“Participant” in the Plan. Unless otherwise specified by the Plan Administrator or expressly provided in a written agreement between a Participant and the Company, an individual who commences employment with the Company
during an applicable performance period may become a Participant for such performance period, commencing on the date such individual commences employment with the Company (provided such individual meets all other eligibility criteria for
participation in the Plan) and will receive a pro-rated Target Award (as defined below) for such initial performance period. 
  

	 	(b)	 Awards 

Each Participant in a performance period will be granted an award of a contingent right to a future payment under the Plan (an “Award”)
for such performance period, which will be paid contingent upon achievement of applicable performance goals established by the Plan Administrator for the applicable performance period and earned upon satisfaction of all applicable conditions for
earning such Awards.

  
 1. 

	 	(c)	 Award Payments 

In order to be eligible to receive payment of an Award, a Participant must meet the following criteria unless otherwise specified by the Plan Administrator or
expressly provided in a written agreement between such Participant and the Company: (A) continue to be employed with the Company from the date his or her participation in the Plan commences for the applicable performance period through the date
the Award is paid; and (B) comply with any rules of the Plan established by the Plan Administrator. If a Participant ceases to be an Officer during a performance period but continues to be an employee through the date the Award is paid and
otherwise is eligible to receive payment of an Award, such individual’s Award may be adjusted as determined appropriate by the Plan Administrator. There is no guarantee for any payment of an Award under the Plan. Awards are paid as advances and
not earned until no longer subject to recoupment in accordance with the Clawback Provisions described in Section 6(h) below, as applicable. 
  

	4.	 METHOD FOR ESTABLISHING AND
DETERMINING AWARDS 

  

	 	(a)	 Establishment of Target Awards 

For each performance period, each Participant shall have a target award opportunity under the Plan (“Target Award”), expressed in such
Participant’s offer letter with the Company or otherwise in writing and approved by the Plan Administrator, as either a percentage of such Participant’s Base Salary earned during such performance period or as a set dollar amount. The Plan
Administrator is not obligated to treat all Plan Participants similarly. For purposes of the Plan, unless otherwise determined by the Plan Administrator, “Base Salary” for a Participant means the total amount of base salary
or base wages earned by such Participant during the applicable performance period while such individual is a Participant. Base Salary does not include any bonuses, commissions or other incentive compensation, amounts received or otherwise recognized
in connection with equity awards, expense reimbursements, relocation payments, overtime or shift differential payments, contributions made by the Company under any employee benefit plan, the value of any employee benefits or perquisites paid for by
the Company, or any other similar items of compensation. Base Salary will be determined before any deductions for taxes or benefits and deferrals of compensation pursuant to any Company-sponsored plan. 

 

	 	(b)	 Establishment of Performance Periods 

The Plan Administrator will establish the applicable performance periods during which actual performance will be measured against the performance goals
established by the Plan Administrator to determine the Participant’s potential Award. Performance periods will generally be established by the Plan Administrator in reference to the Company’s fiscal year and may consist of a single fiscal
year, multiple fiscal years, or one or more portions of a fiscal year. 
  

	 	(c)	 Establishment of Performance Goals 

With respect to each performance period, the Plan Administrator will establish the following for each Participant: (i) one or more performance goals
(which may be corporate performance goals and/or individual performance goals) and (ii) the relative weights, if any, of such performance goals and (iii) such other terms and conditions of the Award, if any, the Plan Administrator
determines appropriate in its discretion (and in accordance with the terms of the Plan). The Plan Administrator will make such determinations under this Section 5(c) at the times and in the manner determined appropriate in its sole discretion
and is not obligated to treat all Plan Participants similarly. Unless otherwise determined by the Plan Administrator, performance goals established for each Award shall be selected pursuant to the “Performance Goals” and “Performance
Criteria” set forth in the Company’s 2021 Equity Incentive Plan (or successor thereto). 

  
 2. 

	 	(d)	 Evaluation of Performance Results 

Following the end of each performance period, the Plan Administrator will determine whether (and to what extent) the performance goals established for such
performance period have been achieved. 
  

	 	(e)	 Determination of Actual Awards 

For each performance period, the Plan Administrator will determine the amount of any actual Award for each Participant (which may be below, at or above the
applicable Target Award) based on (i) the extent to which the performance goals established for such performance period have been achieved (and any relative weighting of such performance goals), (ii) such Participant’s Target Award, and
(iii) if and the extent to which any and all other conditions for a Participant to earn and receive an Award have been met. Notwithstanding the foregoing, in determining the amount of any actual Award for any Participant, the Plan Administrator
will have the discretion to reduce the amount of any actual Award below the amount calculated under the terms of the Plan, including to zero, or increase the amount of any actual Award above the amount calculated under the terms of the Plan. In
making such determination the Plan Administrator may take into consideration such other factors as it determines appropriate, in its sole discretion, including the Participant’s individual performance. Awards will additionally be subject to any
maximum payout limitation approved by the Plan Administrator for the applicable performance period. 
 Unless otherwise determined by the Plan
Administrator: (i) any Participant who switches from full-time to part-time employment during the performance period will have his or her actual Award reduced on a pro-rata basis based upon the applicable
percentage of full-time equivalent employment that was in effect on an aggregate basis during the performance period and (ii) no adjustment will be made to the determined amount of an actual Award for any Participant due to any reduction in the
percentage of full-time equivalent employment of a Participant that occurs after expiration of the performance period and prior to determination of the actual Award.  

Unless prohibited by applicable law or otherwise determined by the Plan Administrator: (i) any Participant who is absent due to an approved leave of
absence during the performance period, and who otherwise is eligible to receive and earns an actual Award for such performance period, will have his or her actual Award reduced on a pro-rata basis based upon
the applicable period of active employment during the performance period and (ii) no adjustment will be made to the determined amount of an actual Award for any Participant due to any leave of absence that commences after expiration of the
performance period and prior to determination of the actual Award. 
  

	5.	 PAYMENT OF AWARDS 

Following, and subject to, the Plan Administrator’s determination of actual Awards for a performance period, the Plan Administrator will approve the
payment of Awards for such performance period, subject to satisfaction of any continued services or additional conditions established by the Plan Administrator to receive the Award. Payment of Awards under the Plan will be made as soon as
practicable after such approval or satisfaction of such conditions, as applicable. However, Awards are not earned until no longer subject to recovery pursuant to the 

  
 3. 

 
Clawback Provisions described in Section 6(h) below, as applicable. As a result, to the extent the Clawback Provisions described in Section 6(h) below apply, the Company pays Awards in
advance of the Participant’s earning of the Award, and such advances are subject to recovery pursuant to the Clawback Provisions described in Section 6(h) below. 

All Awards made under the Plan will be paid in the form of cash or, if approved by the Board or the Committee, an equity award under the Company’s 2021
Equity Incentive Plan (or any successor thereto), as determined by the Plan Administrator in its sole discretion. The terms and conditions of any such equity award will be determined by the Plan Administrator in its sole discretion. 

 

	6.	 MISCELLANEOUS 

(a) Withholding of Compensation. The Company will deduct and withhold from any amounts payable to Participants under the Plan any
amounts required to be deducted and withheld by the Company under the provisions of any applicable federal, state, local or foreign statute, law, regulation, ordinance or order. The Company reserves the right to require a Participant to satisfy such
deduction and withholding obligation in such manner as specified by the Company under applicable law, in the event that amounts payable to Participants under the Plan are not paid in the form of cash. 

(b) Plan Funding. The Plan will be unfunded. Nothing contained in the Plan will be deemed to require the Company to deposit,
invest or set aside amounts for the payment of any Awards under the Plan. 
 (c) Amendment or Termination of the Plan. The
Plan may be amended or terminated at any time by the Compensation Committee or the Board. 
 (d) No Guarantee of Continued
Service. The Plan will not confer any rights upon an employee to remain in service with the Company or any affiliate of the Company for any specific duration or interfere with or otherwise restrict in any way the rights of the Company or any
affiliate of the Company to terminate an employee’s service with the Company (or affiliate, if applicable) for any reason, with or without cause or advance notice. 

(e) No Assignment or Transfer. None of the rights, benefits, obligations or duties under the Plan may be assigned or transferred
by any individual employee or Participant. Any purported assignment or transfer by any employee or Participant will be void. Participation in the Plan does not give any individual any ownership, security, or other rights in any assets of the
Company. 
 (f) Validity. In the event any provision of the Plan is held invalid, void, or unenforceable, the same will not
affect, in any respect whatsoever, the validity of any other provision of the Plan. 
 (g) Governing Documents. Each Award
under the Plan shall be governed by the provisions of the Plan as set forth herein. This Plan contains the entire agreement between the Company and each Participant on this subject, and supersedes all prior bonus compensation plans or programs of
the Company and all other previous oral or written statements regarding any such bonus compensation programs or plans. 

  
 4. 

 (h) Clawback/Recovery. All Awards and payouts under the Plan will be subject
to recoupment in accordance with the following provisions, as applicable (the “Clawback Provisions”): (i) any clawback policy that the Company (x) is required to adopt pursuant to the listing standards of any national
securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable law and (y) otherwise voluntarily adopts, to
the extent applicable and permissible under applicable law; and (ii) such other clawback, recovery or recoupment provisions set forth in an individual written agreement between the Company and the Participant. No recovery of compensation under
such a Clawback Provision will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company. 

(i) Recovery of Mistaken Payments: On occasion or by mistake, the Company may overpay or make incorrect payments of Awards. For
these situations, to the extent permitted by applicable law, the Company reserves the right to offset or recover such mistaken payment amounts from any future payments of compensation to the Participant. By signing below, the Participant hereby
authorizes the Company to reduce from any amounts owed to the Participant by the Company (including Base Salary, expense reimbursements, other bonuses or accrued vacation pay) such mistaken payment amounts and, to the extent the mistaken payment
amounts are not repaid to the Company from such reduction, then the unpaid balance becomes a debt the Participant owes to the Company. 

(j) Governing Law. The rights and obligations of any employee under the Plan will be governed by and interpreted, construed and
enforced in accordance with the laws of the state in which the Participant primarily performs services to the Company, without regard to its or any other jurisdiction’s conflicts of laws principles. 

(k) Section 409A. All Plan payments are intended to satisfy the requirements for the “short-term
deferral” exemption from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. 

  
 5. 

 ACV AUCTIONS INC. 

PERFORMANCE BONUS PLAN 

TARGET AWARD AND PERFORMANCE GOALS FOR FY[___] 

Plan Year:     
 Performance
Period:     
 Target
Award:                     [_]% of Base Salary 

Performance Goals (each as set, calculated and determined by ACV Auctions Inc., in its discretion): 

[INSERT DETAILS] 

Participant’s Acknowledgement: 
 I have
read and understood the terms and conditions of the ACV Auctions Inc. Performance Bonus Plan (attached hereto) (the “Plan”) and my participation terms described above, and I accept and agree to be bound by the Plan
such terms. I understand that failure to sign this document will disqualify me from earning any other payments under the Plan, and that I will not be otherwise eligible to earn any or other bonus payments. 

____________________________________ 
 Name:
______________________________ 

  
 6.

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