Document:

Exhibit 10.3

 

 

May 27, 2014

 

Ms. Kesa Tsuda

212 35th St.

Hermosa Beach, CA 90254

 

Dear Kesa,

 

On behalf of United Online, Inc. (“United Online” or the “Company”) I  am pleased to confirm our offer for the position of SVP and Chief People Officer reporting to me subject to Board and/or Compensation Committee approval, the successful completion of the background check, references and the terms and conditions of this letter. It is anticipated that you will start on June 16, 2014 (“Start Date”).

 

Your annual salary will be $250,000.00. You will be eligible for the Company’s annual incentive bonus the target value of which for the 2014 performance year will be 50% of your annual base salary prorated for the number of months employed during the bonus cycle, subject to the terms and conditions of any bonus plan maintained by the Company, which may require continued employment on each bonus payment date as a condition of eligibility. The bonus amount for which you are eligible will be based on a number of factors which may include some or all of the following, among others: (1) United Online’s performance (2) your department’s performance and achievements, and (3) your own personal performance and achievements. The performance criteria for purposes of determining your actual bonus for each fiscal year, and the target percentage for purposes of determining your actual bonus for each fiscal year subsequent to 2014, will be established by the Board or the Board’s Compensation Committee. All bonus eligibility and bonus amount determinations will be at United Online’s sole discretion and may be subject to change at any time and from time to time.

 

In addition to the cash compensation described above, you will receive a one-time equity, new hire grant of 27,000 stock options to purchase shares of United Online common stock (the “Stock Options”),  with a per share exercise price equal to the per share fair market value of our common stock on the grant date. Your stock options will vest and become exercisable with respect to (i) thirty-three and one-third percent (33 1/3%) of the option shares in the first annual installment and (ii) the balance of the option shares in a series of twenty-four (24) successive equal monthly installments following the first annual installment. You will also be granted 9,000 restricted stock units (“RSUs”) vesting in three successive equal annual installments. Your new hire grants are subject to approval by the respective Compensation Committee of the Board at its next regularly scheduled meeting following your start date. The Stock Options and RSUs will be subject to the terms and conditions, including with respect to vesting and exercise, as set forth in the respective individual award agreements and the governing stock incentive plan. You will also be eligible to receive annual long-term incentive grants based on your performance as determined by the Board and/or the respective Compensation Committee of the Board pursuant to the terms of the applicable stock incentive plan then maintained by the Company.

 

1

 

The primary location of your employment will be at the offices of the Company, located in Woodland Hills, California. However, there may be extensive travel required to other offices and locations. Your usual and customary business travel expenses will be reimbursed.

 

You will be eligible to participate in most of United Online benefits programs on your Start Date. This includes medical, dental, vision, and life insurance. In addition, you, and your eligible dependents will be eligible for Exec-U-Care Medical Reimbursement Insurance, which provides an annual benefit of up to $2,000,000 for eligible out-of-pocket major medical expenses not covered by your medical, dental or vision plans. You will also be eligible to enroll in the 401(k) Plan and Employee Stock Purchase Plan. The specifics of each plan, including enrollment dates, will be discussed with you upon your commencement of employment and again upon being eligible to participate. Finally, you are eligible under our Amended and Restated Severance Benefit Plan, (see separate document for details). The benefit programs are subject to change by the Company from time to time.

 

Your employment with United Online is “at will”, which means that you may resign at any time with or without notice, and United Online may terminate your employment or alter your position, duties, compensation, or title with or without notice. The “at will” nature of all employment with United Online will not and cannot change except by written authorization by the President and Chief Executive Officer of United Online.

 

By signing this letter, you represent that, as of your Start Date, you will not be subject to any restrictions from former employers or otherwise (other than restrictions on the use of third parties’ confidential information) that would preclude you from performing your anticipated duties for United Online. To the extent United Online requests information confirming the accuracy of this representation; this offer is contingent upon you providing such information to United Online. This offer of employment is also contingent upon completion of a background investigation previously authorized by you and execution of standard employment policies of United Online including the Employee Proprietary Information and Inventions Agreement.

 

Any representations that may have been made to you, either oral or in writing, contrary to those contained in this letter are superseded by this offer. If you accept this offer, this letter (together with the employment policies, including the Employee Proprietary Information and Inventions Agreement) constitutes the complete agreement of the terms of your employment.

 

On your Start Date, please report to Human Resources in our Woodland Hills, California office to complete your new hire paperwork. In compliance with the Immigration Reform and Control Act of 1986, please provide us with appropriate documentation demonstrating your work authorization and identification, which will be verified on your Start Date.

 

 

2

 

If these terms of employment are acceptable to you, please sign where indicated below and return this letter to HR by May 30, 2014. Unless you accept this offer on or before such date, this offer will expire. The HR fax number is 818-287-3013. If you have any questions, please give me a call at 818-287-3511.

 

We look forward to welcoming you as part of the United Online team!

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Francis Lobo
    	
 
    
	
Francis Lobo
    	
 
    
	
President and Chief Executive Officer
    	
 
    

 

 

	
/s/   Kesa Tsuda
    	
 
    	
5/29/14
    
	
Signature of Acceptance
    	
 
    	
Date
    

 

3Exhibit 10.4

 

March 10, 2015

 

Shahir Fakiri

44 Montgomery Street, Suite 250

San Francisco CA 94104

 

Re:                                  Amended and Restated Offer Letter

 

Dear Shahir:

 

As you know, MyPoints.com, Inc. (“MyPoints”), a subsidiary of United Online, Inc. (“UOL” or “United Online”) and you entered into an offer letter dated July 9, 2013 (the “Offer Letter”), regarding your employment with MyPoints. The parties agree that the Offer Letter is fully amended and restated as set forth herein.

 

Subject to the approval of the Board of Directors of UOL, you will assume the position of, and your title will be changed to, Senior Vice President and General Manager, Communications and MyPoints, effective on or about Tuesday, March 10, 2015, as determined by the Chief Executive Officer of UOL (such actual start date, the “Effective Date”).

 

Subject to the approval of the Compensation Committee of the Board of Directors of UOL and effective as of the Effective Date, your new annual base salary shall be $375,000 and the new target value of your annual bonus shall be 60% of your annual base salary (subject to the terms, conditions and metrics of the bonus plan in which you participate) (“Annual Bonus”), which Annual Bonus shall be: (1) payable (if earned in accordance with its terms) no later than March 15 of the year following the performance year and (2) pro-rated for the 2015 performance year based on the Effective Date. For clarity, for the period of time from January 1, 2015 to the Effective Date, the target value of your 2015 annual bonus shall be 50% of $275,000 (which is your base salary in effect as of January 1, 2015). The Annual Bonus amount for which you are eligible will be based on a number of factors which may include some or all of the following, among others: (1) UOL’s and/or business unit performance (2) your own personal performance and achievements, and (3) the terms, conditions and metrics of the bonus plan in which you participate. Annual Bonus eligibility and certain amount determinations will be at UOL’s sole discretion and may be subject to change at any time and from time to time.

 

In addition to the cash compensation described above, you will also be eligible to receive annual long-term incentive grants based on your performance, subject to approval by the respective applicable Committee of the Board of United Online. The annual grants will be subject to the terms and conditions, including with respect to vesting and exercise, as set forth in the respective individual award agreements and the governing stock incentive plan.

 

You will be eligible to continue to participate in most of United Online’s benefit programs. This includes medical, dental, vision, and life insurance. You will also be eligible to enroll in (or continue to participate in) the 401(k) Plan and the Employee Stock Purchase Plan.

 

 

 

The specifics of each plan, including eligibility and enrollment dates, will be discussed with you. The benefit programs are subject to change from time to time.

 

Your employment with MyPoints and UOL or its subsidiaries (together the “Company”) is “at will” and will not be for any specified term, which means that you may resign at any time with or without notice, and the Company may terminate your employment at any time or alter your position, duties, compensation, or title with or without notice. The “at will” nature of all employment with the Company will not and cannot change except by written authorization by the President and Chief Executive Officer of United Online.

 

By signing this letter, you represent and confirm that, as of your Effective Date, you will not be subject to any restrictions from former employers or otherwise (other than restrictions on the use of third parties’ confidential information) that would preclude you from performing your anticipated duties for the Company. To the extent the Company requests information confirming the accuracy of this representation; this offer is contingent upon you providing such information to the Company. To the extent not already completed, this offer of employment is also contingent upon your successful completion of a background investigation previously authorized by you and execution of standard employment policies of the Company and United Online including the Employee Proprietary Information and Inventions Agreement.

 

Any representations that may have been made to you, either oral or in writing, contrary to those contained in this letter are superseded by this offer. If you accept this offer, this letter (together with the employment policies, including the Employee Proprietary Information and Inventions Agreement) constitutes the complete agreement of the terms of your employment.

 

Please contact me if you have any questions.

 

 

	
Sincerely,
    	
 
    
	
 
    	
 
    
	
/s/   Kesa Tsuda
    	
 
    
	
Kesa   Tsuda
    	
 
    
	
Chief   People Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/   Shahir Fakiri
    	
 
    
	
Signature   of Acceptance
    	
 
    
	
Shahir   Fakiri
    	
 
    
	
Date:   March 10, 2015
    	
 
    
	
 
    	
 
    
	
cc:   
    	
Human   Resources Department, United Online, Inc.

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