Document:

patcopelandofferletter

zendesk  May 11, 2022  Delivered by email to: Pat@patrickcopeland.org  Dear Patrick:  On behalf of Zendesk, Inc. (the "Company"), I am pleased to offer you employment  with the Company. This letter outlines the terms for your employment.  Position: Your initial position with the Company will be Chief Engineering Officer.  This is a regular full-time exempt position reporting to Mikkel Svane, Chief Executive  Officer.  Start Date: Unless we arrange separately, your first day of employment will be  prior to or on July 18, 2022, subject to the satisfactory completion by the Company of  your background check, credentials and references.  Salary: The Company will pay you an annual salary of $450,000, paid bi-weekly  during your employment, and subject to periodic review and adjustments at the discretion  of the Company. Your salary and other compensation will be subject to applicable  deductions and withholdings.  Bonus: You will be eligible to receive an annual target bonus of 80% of your Base  Salary (or annualized target base pay, if paid hourly) based upon the achievement of  performance goals established separately ("Bonus''). The actual Bonus is discretionary and  will be subject to the Company's assessment of your performance, as well as business  conditions at the Company. The Company also may make adjustments to the targeted  amount of your Bonus, and the Bonus may be subject to approval by and adjustments at  the discretion of the Company's Board of Directors ("Board"), a delegee of the Board, or  the Company and subject to the terms of any applicable bonus plan separately delivered  to you. Employees with a Start Date on or before September 30th are eligible for a  prorated Bonus for the performance year in which they started, as determined by the  Board and subject to the terms of any applicable bonus plan that will be separately  delivered to you. The Bonus, if any, will be payable in the calendar year following the  close of the performance year; provided that you are employed and in good standing with  the Company through the date of payment and satisfy the terms and conditions of any  applicable bonus plan.  ��  nncleslc  989 Market St J f ISCO CA 94103  Zendesk,Inc  Exhibit 10.1 

 

 

 

 

 

 

 

We are excited about the opportunity to work with you at Zendesk, Inc. If you  have any questions about this information, please do not hesitate to call. Otherwise,  please confirm your acceptance of this offer of employment by May 13th, 2022 by signing  below and returning a copy. We are confident that with your background and skills, you  will have an immediate positive impact on our organization.  Very truly yours,  Mikkel Svane  Chief Executive Officer  I have reviewed this offer letter and accept its terms. I also have reviewed the Mutual  Agreement to Arbitrate, and the Confidentiality and Invention Assignment Agreement. I  also understand that either Zendesk, Inc. or I may end the employment relationship at  any time, with or without cause, and with or without notice.  Patrick Copeland  5/11/2022  Date  s/ Patrick Copelandzendesk-employeeseveranc

W/3429844  ZENDESK, INC.  Amended and Restated Zendesk, Inc.   Employee Severance Plan and Summary Plan Description  1. Purpose.  The purpose of this Amended and Restated Zendesk, Inc. Employee Severance Plan (this “Plan”) is to provide severance protection to designated employees of the  Company and its Subsidiaries in the event of a termination of their employment in certain specified  circumstances.  This Plan is an “employee benefit plan,” as defined in Section 3(3) of ERISA.  This Plan is governed by ERISA and, to the extent applicable, the laws of the State of California.   This document constitutes both the written instrument under which this Plan is maintained and the  required summary plan description for this Plan.  This Plan is effective as of July 26, 2022 (the  “Effective Date”).    2. Definitions.  The following definitions are applicable for purposes of this Plan, in addition to the terms defined in Section 1 above:  (a) “Accrued Obligations” means, for an Eligible Employee, the Eligible Employee’s (i) Annual Base Salary or Week of Pay, as applicable, otherwise payable through the  Date of Termination; (ii) any bonus earned by the Eligible Employee under the Annual Bonus Plan  for the most recently completed fiscal year but not paid to the Eligible Employee as of the Date of  Termination; (iii) unreimbursed business expenses reimbursable under Company policies then in  effect; and (iv) earned and accrued vacation pay, if applicable, to the extent not theretofore paid.  (b) “Administrator” means the Company, whether or not acting through the Committee or another duly constituted committee of members of the Board, or any officer of the  Company to whom the Administrator has delegated any authority or responsibility with respect to  this Plan; provided that with respect to each Eligible Employee who is an executive officer of the  Company, the Administrator shall be the Compensation Committee of the Board.  (c) “Affiliate” means any entity controlled by, controlling or under common control with the Company.  (d) “Annual Base Salary” means a salaried Eligible Employee’s annual rate of base salary (as reflected in the Company’s records).  (e) “Annual Target Bonus” means the Eligible Employee’s annual target bonus opportunity as in effect under the applicable annual, short-term cash bonus plan (the “Annual  Bonus Plan”) for the fiscal year in which the Date of Termination occurs (as reflected in the  Company’s records, to the extent not provided to the Eligible Employee in an offer letter or other  written communication).  Exhibit 10.2 

 

  2  (f) “Base Hourly Rate of Pay” means an hourly Eligible Employee’s base  hourly wage rate (as reflected in the Company’s records), which for the avoidance of doubt shall  not include any overtime or holiday, weekend, or other premiums.  (g) “Board” means the Board of Directors of the Company.  (h) “Cause” means: (i) gross neglect of, or willful failure or refusal to timely  perform the material duties of the Eligible Employee’s employment following written notice and  a reasonable opportunity (not to exceed 30 days) to cure, if such neglect, failure or refusal is  capable of being cured; (ii) a material breach of the terms of any offer letter or employment  agreement between the Eligible Employee and the Company, or any other agreement (including  the confidentiality agreement and/or proprietary information agreement entered into in connection  with Eligible Employee’s employment) by and between the Eligible Employee and the Company  which causes demonstrable injury to the Company provided that Eligible Employee has received  written notice of the breach and a reasonable opportunity (not to exceed 30 days) to cure, if such  breach is capable of being cured; or (iii) commission of, or plea of guilty or nolo contender to, a  crime involving moral turpitude, dishonesty, fraud or unethical business conduct, or any felony.  (i) “Change in Control Plan” means the Company’s Change in Control  Acceleration Plan, dated May 12, 2015, as amended.  (j) “Change in Control Protection Period” means the period beginning on the  date of the Closing and ending on the first anniversary thereof.  (k) “Closing” means the completion of the transactions contemplated by that  certain Merger Agreement among Zoro Bidco, Inc., Zoro Merger Sub, Inc., and the Company,  dated June 24, 2022, as the same may be amended.  (l) “Code” means the Internal Revenue Code of 1986, as amended from time  to time, and all regulations, interpretations, and administrative guidance issued thereunder.  (m) “Committee” means the Compensation Committee of the Board, or its  designee.  (n) “Company” means Zendesk, Inc., a Delaware corporation and any  successor that assumes the obligations of the Company under this Plan, by way of merger,  acquisition, consolidation, or other transaction.  (o) “Date of Termination” means, for an Eligible Employee, the Eligible  Employee’s “separation from service” as defined in Treasury Regulations §1.409A-1(h), which,  except as otherwise expressly provided in Section 6(f) below, for purposes of this Plan, shall not  occur prior to the last day of the Notice Period.  (p) “Eligible Employee” means any salaried or hourly employee (within the  meaning of the Federal Labor Standards Act) of the Company, and any non-U.S.-based employee  employed by a Subsidiary.  

 

  3  (q) “ERISA” means the Employee Retirement Income Security Act of 1974, as  amended.  (r) “Good Reason” means  (i) if the Eligible Employee is a participant in the  Change in Control Plan, the definition of Good Reason as defined and determined under the  Change in Control Plan, or (ii) if the Eligible Employee is not a participant in the Change in Control  Plan, “Good Reason” means a resignation from employment on or within 30 days after a cure  period of 30 days following the Eligible Employee’s Notice Date in which the Eligible Employee  has provided written notice to the Company (or any successor) of any of the following  circumstances, in each case occurring without the Eligible Employee’s consent: (x) the Eligible  Employee’s Annual Base Salary (for salaried employees) or Base Hourly Rate of Pay (for hourly  employees) and Annual Target Bonus are materially reduced or diminished (other than in  connection with a reduction in the Annual Base Salary/Base Hourly Rate of Pay and Annual Target  Bonus of all similarly situated employees, that is equivalent on a percentage basis), or (y) the  Eligible Employee’s principal location at which the Eligible Employee is expected to work (which  for the avoidance of doubt may be at a remote location from a Company property) is relocated to  a location that is more than 35 miles from the then-current principal location at which the Eligible  Employee is working prior to such relocation.   (s) “Notice Date” means the date on which the Company or Eligible Employee,  as applicable gives written notice to the other party of the intention to terminate employment due  to a Qualifying Termination.   (t) “Notice Pay” means the Annual Base Salary or Weeks of Pay, as applicable,  paid to the Eligible Employee in respect of the Notice Period (whether paid over the Notice Period  or paid in a lump sum in lieu of notice, in as permitted under applicable law).  (u) “Notice Period” means the period beginning on the Notice Date and ending  on the sixtieth (60th) day following the Notice Date or, for any non-U.S. Eligible Employee, such  notice period required by such employee’s contract of employment or applicable statutory law,  whichever is longer, during which time, subject to applicable law, the Eligible Employee may be  placed on garden leave, to be available to provide such transition and other position-related  services as the Eligible Employee’s supervisor may reasonably request.   (v) “Qualifying Termination” means a termination of an Eligible Employee’s  employment with the Company or any of its Subsidiaries that is initiated by the Company or any  of its Subsidiaries without Cause or by the Eligible Employee for Good Reason.  Termination due  to death or disability shall not be treated as a Qualifying Termination.    (w) “Release” has the meaning specified in Section 6.  (x) “Severance Benefits” has the meaning specified in Section 6.  (y) “Subsidiary” means any corporation, partnership, joint venture, limited  liability company or other entity during any period more than a 50% voting or profits interest is  owned, directly or indirectly, by the Company or any successor to the Company.  

 

  4  (z) “Week of Pay” means (i) if the Eligible Employee is a salaried employee,  then the quotient of (x) such employee’s Annual Base Salary as of the Date of Termination, divided  by (y) fifty-two (52) and (ii) if the Eligible Employee is an hourly employee, then the product of  (x) such employee’s Base Hourly Rate of Pay as of the Date of Termination and (y) forty (40).  (aa) “Years of Service” means the total number of full years from the Eligible  Employee’s adjusted date of hire (as reflected in the Company’s records for purposes of benefits  generally) to the Eligible Employee’s Date of Termination (i.e. rounded down to the nearest total  whole number).  3. Eligibility.  An Eligible Employee shall be eligible for the Severance Benefit,  subject to the terms and conditions described herein, only if he or she experiences a Qualifying  Termination and is an Eligible Employee on his or her Date of Termination.    4. Administration.  This Plan shall be interpreted, administered, and operated by the  Administrator, which shall have complete authority, subject to the express provisions of this Plan,  to interpret this Plan, to prescribe, amend, and rescind rules and regulations relating to this Plan,  and to make all other determinations necessary or advisable for the administration of this Plan.   Such authority shall include the powers to resolve ambiguities, inconsistencies, and omissions, and  to correct any scrivener’s error.  The Administrator may delegate any of its duties hereunder to a  subcommittee, or to such other person or persons from time to time as it may designate.  All  decisions, interpretations and other actions of the Administrator shall be final, conclusive, and  binding on all parties who have an interest in this Plan.  5. Accrued Obligations.  Subject to the terms and conditions hereof, in the event of an  Eligible Employee’s Qualifying Termination:  (a) The Company or its Subsidiaries shall pay the Eligible Employee the  Accrued Obligations, payable, subject to applicable law, on the dates such amounts would have  been payable under the Company’s policies if the Eligible Employee’s employment had not  terminated.  (b) The Eligible Employee’s benefits and rights under the Company’s benefit  plans shall be determined in accordance with the applicable provisions of such plans, in each case  as in effect and amended from time to time.  6. Qualifying Termination.  In addition to the payments and benefits set forth in  Section 5, if an Eligible Employee’s termination of employment with the Company is a Qualifying  Termination, the Eligible Employee shall also be entitled to receive the following payments and  benefits (collectively, the “Severance Benefits”):   (a) Cash Severance.  A cash severance payment, which shall be paid in a lump  sum within 60 days following the Date of Termination, equal to the following (as applicable):  (i) Eligible Employees with a Title of Senior Vice President or Above  (“SVP+”).  An amount equal to (A) the product of (x) 1.0 multiplied by (y) the sum of the  Eligible Employee’s Annual Base Salary and Annual Target Bonus for the year in which  the Date of Termination occurs (or, if no such Annual Target Bonus has been set as of the  

 

  5  Date of Termination, the Annual Target Bonus for the immediately preceding year), minus  (but not reduced below zero) (B) any Notice Pay which, prior to calculation of this amount,  has been paid to the Eligible Employee and (C) statutory severance pay, where applicable;  (ii) Eligible Employees with a Title of Vice President (“Vice  Presidents”).  An amount equal to (A) the product of (x) 0.5 multiplied by (y) the sum of  the Eligible Employee’s Annual Base Salary, plus (B) one additional Week of Pay for each  Year of Service, up to a maximum amount for clauses (A) and (B) together equal to the  Eligible Employee’s Annual Base Salary for a full year, minus (but not reduced below zero)  (C) any Notice Pay which, prior to calculation of this amount, has been paid to the Eligible  Employee, and (D) statutory severance pay, where applicable; or  (iii) Eligible Employees with a Title of Senior Director or Below (“All  Other Eligible Employees”).  An amount equal to:   (A) for any salaried Eligible Employee, (I) the product of  (x) 0.25 multiplied by (y) the sum of the Eligible Employee’s Annual Base Salary,  plus (II) one additional Week of Pay for each Year of Service, up to a maximum  amount for clauses (I) and (II) together equal to the Eligible Employee’s Annual  Base Salary for a full year, minus (but not reduced below zero) (III) any Notice Pay  which, prior to calculation of this amount, has been paid to the Eligible Employee  and (IV) statutory severance pay, where applicable; and  (B) for any hourly Eligible Employee, (I) thirteen (13) Weeks of  Pay of such Eligible Employee, plus (II) one additional Week of Pay for each Year  of Service, up to a maximum amount for clauses (I) and (II) together equal to fifty- two (52) Weeks of Pay, minus (but not reduced below zero) (III) any Notice Pay  which, prior to calculation of this amount, has been paid to the Eligible Employee  and (IV) statutory severance pay, where applicable.  (b) Prorated Annual Target Bonus.  For all Eligible Employees other than  SVP+, an amount, which shall be paid in a lump sum within 60 days following the Date of  Termination, equal to (A) the Eligible Employee’s Annual Target Bonus, multiplied by (B) a  fraction, (I) the numerator of which is the number of completed months elapsed in the performance  year of the Annual Bonus Plan as of the Date of Termination, and (II) the denominator of which  is 12.  (c) Health Care Benefits.  If a U.S.-based Eligible Employee timely elects  continued medical and dental benefit coverage pursuant to Section 4980B(f) of the Code, then,  until the earlier of such time as the Eligible Employee becomes eligible to receive medical and  dental benefits under another employer-provided plan and:  (i) for SVP+, the first anniversary of the Date of Termination,   (ii) for Vice Presidents, a period equal to (I) six (6) full calendar months  occurring after the Date of Termination, plus (II) an additional calendar week for each Year  of Service, minus (but not reduced below zero) (III) the percentage (not to exceed 100%)  of the Notice Period that has expired since the Notice Date; and   

 

  6  (iii) for All Other Eligible Employees, a period equal to (I) three (3) full  calendar months occurring after the Date of Termination, plus (II) an additional calendar  week for each Year of Service, minus (but not reduced below zero) (III) the percentage (not  to exceed 100%) of the Notice Period that has expired since the Notice Date;   in each such case the Company or its Subsidiaries shall direct pay for the premiums associated  with such coverage in an amount equal to the premiums that the Company or its Subsidiaries would  have paid in respect of such coverage had the Eligible Employee’s employment continued during  such period (so long as the Eligible Employee continues to pay his or her share of the active  employee rate).  (d) Equity-Based Awards.    (i) During the sixty (60) day period following the Notice Date, any  unvested long-term incentive awards granted prior to the Closing (including any cash- based awards which correspond to awards that, prior to the Closing, were denominated in  shares of common stock of the Company) (collectively, “LTIP Awards”) that are held by  the Eligible Employee on the Notice Date shall continue to vest and be settled in  accordance with their terms.  (ii) Upon the Date of Termination, any LTIP Awards then remaining  unvested shall become vested as follows:  if the Eligible Employee is a participant in the  Change in Control Plan and the Date of Termination occurs (x) during the Change in  Control Period, then the treatment of all such awards shall be as provided under the Change  in Control Plan, or (y) other than during the Change in Control Period, then any such  awards that would, by their terms as in effect immediately prior to the Date of Termination,  otherwise become vested within (I) for SVPs+, (A) six (6) full calendar months occurring  after and including the Date of Termination, minus (but not reduced below zero) (B) the  number of days (not to exceed 60 days) that have elapsed since the Notice Date and (II) for  Vice Presidents, (A) three (3) full calendar months occurring after and including the Date  of Termination, minus (but not reduced below zero) (B) the number of days (not to exceed  60 days) that have elapsed since the Notice Date, in each case shall become immediately  and fully vested, and subsequently settled within 60 days following the Date of  Termination.   (iii) For the avoidance of doubt, and except as otherwise provided under  Section 6(d)(i) above, if the Eligible Employee is not a participant in the Change in Control  Plan, then any LTIP Awards that remain unvested as of the Date of Termination will be  forfeited without further vesting or payment on such date.  (e) Outplacement Services.  For all Eligible Employees other than SVP+, the  Company or its Subsidiaries shall, at its sole expense as incurred, provide the Eligible Employee  with reasonable outplacement services for six (6) months after the Date of Termination, the  provider and scope of which shall be selected by the Company or its Subsidiaries in its sole  discretion.  (f) Pay in Lieu of Notice.  Notwithstanding anything set forth in this Plan to the  contrary, nothing in this Plan shall prevent the Company or any of its Subsidiaries from terminating  

 

  7  the services of any Eligible Employee prior to the expiration of the Notice Period (an “Early  Termination”).  Upon the occurrence of an Early Termination, (i) the term “Date of Termination”  as used under this Plan shall be deemed to refer to the date of such Early Termination and (ii) any  then unpaid Notice Pay shall be paid in a lump sum within 60 days following the Date of  Termination.      (g) Certain Severance Benefits Subject to a Release of Claims.  The Severance  Benefits that are greater than that to which an Eligible Employee is entitled under statute shall only  be paid or provided, as applicable, if the Eligible Employee executes and does not revoke a  separation agreement and release of claims in the form customarily used by the Company or its  Subsidiaries (the “Release”) within the time period specified therein, and if no such time period is  specified therein, then within sixty (60) days following the Date of Termination, which Release  will include, among other provisions, an affirmation of compliance with those restrictive covenants  set forth in the Eligible Employee’s Confidentiality & Invention Agreement or employment  agreement, as applicable.  For the avoidance of doubt, none of the Eligible Employee’s continued  employment and receipt of compensation and benefits during the Notice Period (nor,  for Eligible  Employees outside of the U.S., the benefits provided under Section 6(d) above), shall be  conditioned upon the Eligible Employee’s execution and non-revocation of the Release.  7. Other Provisions Applicable to the Severance Benefit.  (a) Non-Duplication of Severance Benefits and Statutory Benefits.  No notice  pay or other similar payments required to be paid under the Worker Adjustment and Retraining  Notification Act of 1988 (or any successor or similar law) shall be paid in addition to the Notice  Pay and other benefits to be provided during the Notice Period.  For the avoidance of doubt, if the  Eligible Employee is entitled to any notice, severance, separation, termination indemnity, or other  similar payments and benefits under any non-U.S. law or custom outside the U.S., the Notice Pay  and other benefits to be provided during the Notice Period and the Severance Benefits shall be  reduced, on a dollar-for-dollar basis, by the amount of such payments and benefits otherwise  provided in such non-U.S. jurisdiction.   (b) No Duty to Mitigate; No Offset.  In no event shall an Eligible Employee be  obligated to take any action by way of mitigation of the amounts payable to such Eligible  Employee under any of the provisions of this Plan, and payments and benefits payable or to be  provided under this Plan shall not be offset by amounts earned from another employer.  (c) Deferrals Included in Base Pay and Annual Target Bonus.  All references  in this Plan to Annual Base Salary, Base Hourly Rate of Pay, Week of Pay, and Annual Target  Bonus, as applicable, mean such amount before reduction pursuant to any plan or other  arrangement for deferral of compensation (including any tax-qualified retirement plan).  (d) Transfers of Employment.  Anything in this Plan to the contrary  notwithstanding, a transfer of employment from the Company to an Affiliate or vice versa shall  not be considered a termination of employment for purposes of this Plan.  

 

  8  8. Special Rules for Compliance with Section 409A of the Code.  This Section 8  serves to ensure compliance with applicable requirements of Section 409A of the Code.  If the  terms of this Section 8 conflict with other terms of this Plan, the terms of this Section 8 shall  control.  (a) General Compliance.  All payments that may be made and benefits that may  be provided pursuant to this Plan are intended to comply with or be exempt from the requirements  of Section 409A of the Code and this Plan shall be interpreted accordingly.  In addition to the  foregoing provisions, the terms of this Plan, including any authority of the Company and rights of  the Eligible Employee that constitute a deferral of compensation subject to Section 409A of the  Code, shall be limited to those terms permitted under Section 409A of the Code without resulting  in a tax penalty to Eligible Employee, and any terms not so permitted under Section 409A of the  Code shall be modified and limited to the extent necessary to avoid tax under Section 409A of the  Code but only to the extent that such modification or limitation is permitted under Section 409A  of the Code.  The Company and its employees and agents make no representation and are  providing no advice regarding the taxation of the payments and benefits under this Plan, including  with respect to taxes, interest, and penalties under Section 409A of the Code and similar liabilities  under state and local tax laws.  No indemnification or gross-up is payable under this Plan with  respect to any such tax, interest, or penalty under Section 409A of the Code or similar liability  under state or local tax laws applicable to any Eligible Employee.  (b) Six (6)-Month Delay Rule.  If an Eligible Employee is a “specified  employee” (as determined by the Administrator or its designee in accordance with Treasury  Regulations § 1.409A-1(i)) as of his or her Date of Termination, then the Severance Benefit shall  be subject to the six (6)-month delay rule of Section 409A of the Code(a)(2)(B)(i) to the extent  required by Section 409A of the Code (determined after taking into account the “short-term  deferral” rule in Treasury Regulations § 1.409A-1(b)(4), the “two-year, two-time” rule described  in Treasury Regulations § 1.409A-1(b)(9), and any other available exception from such  requirements).  Each payment that is subject to such six (6)-month delay rule shall be made,  without interest, on the later of (i) the Company’s first payroll date that is at least six (6) months  after the Eligible Employee’s Date of Termination (or, if earlier, as soon as practicable after the  Eligible Employee’s death) or (ii) the date when such payment would otherwise be due under the  terms of the Plan.  Each installment in a series of payments or benefits shall be deemed a separate  payment for purposes of Section 409A of the Code.  9. Claims Procedures.    (a) Initial Claims.  An Eligible Employee who believes he or she is entitled to  a payment under this Plan that has not been received may submit a written claim for benefits under  this Plan within sixty (60) days after the Eligible Employee’s Date of Termination.  Claims shall  be addressed and sent to:    Zendesk, Inc.  989 Market St.  San Francisco, CA 94103  Attn: Chief People Officer    

 

  9  If the Eligible Employee’s claim is denied, in whole or in part, the Eligible Employee will  be furnished with written notice of the denial within ninety (90) days after the Administrator’s  receipt of the Eligible Employee’s written claim, unless special circumstances require an extension  of time for processing the claim, in which case the decision period may be extended by up to an  additional ninety (90) days.  If such an extension of time is necessary, written notice of the  extension will be furnished to the Eligible Employee before the termination of the initial ninety  (90)-day period and will describe the circumstances requiring the extension and the date by which  a decision is expected to be rendered.  Written notice of the denial of the Eligible Employee’s  claim will contain the following information:  (i) the reason or reasons for the denial of the Eligible Employee’s  claim;  (ii) references to the Plan provisions on which the denial of the Eligible  Employee’s claim was based;  (iii) a description of any additional information or material required by  the Administrator to reconsider the Eligible Employee’s claim (to the extent applicable)  and an explanation of why such material or information is necessary; and  (iv) a description of this Plan’s review procedures and time limits  applicable to such procedures, including a statement of the Eligible Employee’s right to  bring a civil action under Section 502(a) of ERISA following a benefit claim denial on  review.    (b) Appeal of Denied Claims.  If the Eligible Employee’s claim is denied, the  Eligible Employee (or his or her authorized representative) may file a request for review of the  claim in writing with the Administrator.  This request for review must be filed no later than sixty  (60) days after the Eligible Employee has received written notification of the denial.  (i) Such request for review may include any comments, documents,  records and other information relating to his or her claim for benefits.  (ii) The Eligible Employee has the right to be provided with, upon  request and free of charge, reasonable access to and copies of all pertinent documents,  records and other information that is relevant to his or her claim for benefits.  (iii) The review of the denied claim will take into account all comments,  documents, records and other information that the Eligible Employee submitted relating to  his or her claim, without regard to whether such information was submitted or considered  in the initial denial of his or her claim.  (c) Administrator’s Response to Appeal.  The Administrator will notify the  Eligible Employee of its decision within sixty (60) days after the Administrator’s receipt of the  Eligible Employee’s written claim for review; provided that the Administrator may extend the  review period by up to sixty (60) additional days, if the Administrator notifies the Eligible  Employee in writing of the need for an extension (and the reason therefor) before the end of the  

 

  10  initial sixty (60)-day period.  If the Administrator makes an adverse decision on appeal, the  Administrator shall communicate its decision in a writing that includes:  (i) the reason or reasons for the denial of the Eligible Employee’s  appeal;  (ii) reference to the Plan provisions on which the denial of the Eligible  Employee’s appeal is based;  (iii) a statement that the Eligible Employee is entitled to receive, upon  request and free of charge, reasonable access to, and copies of, this Plan and all documents,  records and other information relevant to his or her claim for benefits; and  (iv) a statement describing the Eligible Employee’s right to bring an  action under Section 502(a) of ERISA.  (d) Exhaustion of Administrative Remedies.  The exhaustion of these claims  procedures is mandatory for resolving every claim and dispute arising under this Plan. As to such  claims and disputes:  (i) no claimant shall be permitted to commence any arbitration or legal  action to recover benefits or to enforce or clarify rights under this Plan or under any  provision of law until these claims procedures have been exhausted in their entirety;  (ii) failure to submit a claim, appeal, or any required information by the  applicable deadline under these claims procedures shall result in forfeiture of the benefits  being claimed;  (iii) in any arbitration or legal action, all explicit and implicit  determinations by the Administrator (including, but not limited to, determinations as to  whether the claim, or a request for a review of a denied claim, was timely filed) shall be  afforded the maximum deference permitted by law; and  (iv) no legal action or arbitration may be commenced by the Eligible  Employee later than one hundred eighty (180) days subsequent to the date of the written  response of the Administrator to an Eligible Employee’s request for review pursuant to  Section 9(b).  10. Statement of ERISA Rights.  (a) Eligible Employees are entitled to certain rights and protections under  ERISA.  ERISA provides that all Eligible Employees shall be entitled to:  (i) Receive Information about This Plan and Benefits Hereunder.  • Examine, without charge, at the Administrator’s office and at other  specified locations, such as worksites, all documents governing the Plan  and a copy of the latest annual report (Form 5500 Series) filed by the  

 

  11  Plan with the U.S. Department of Labor and available at the Public  Disclosure Room of the Employee Benefits Security Administration.  • Obtain, upon written request to the Administrator, copies of documents  governing the operation of the Plan and copies of the latest annual report  (Form 5500 Series) and any updated summary plan description. The  Administrator may make a reasonable charge for the copies.  • Receive a summary of the Plan’s annual financial report, if any.  The  Administrator is required by law to furnish each Eligible Employee with  a copy of this summary annual report.  (ii) Prudent Actions by Plan Fiduciaries.  In addition to creating rights  for Eligible Employees, ERISA imposes duties upon the people who are responsible for  the operation of the Plan.  The people who operate the Plan, called “fiduciaries” of the plan,  have a duty to do so prudently and in the interest of the Eligible Employees and their  beneficiaries.  No one, including any employer, may fire an Eligible Employee or otherwise  discriminate against an Eligible Employee in any way to prevent the Eligible Employee  from obtaining a benefit under this Plan or exercising the Eligible Employee’s rights under  ERISA.   (iii) Enforce Rights.  If an Eligible Employee’s claim for a benefit under  this Plan is denied or ignored, in whole or in part, the Eligible Employee has a right to  know why this was done, to obtain copies of documents relating to the decision without  charge, and to appeal any denial, all within certain time schedules.  Under ERISA, there  are steps the Eligible Employee can take to enforce the above rights.  For instance, if the  Eligible Employee requests a copy of plan documents or the latest annual report from the  Plan and do not receive them within thirty (30) days, the Eligible Employee may file suit  in a federal court.  In such a case, the court may require the Administrator to provide the  materials and pay the Eligible Employee up to $110 a day until the Eligible Employee  receives the materials, unless the materials were not sent because of reasons beyond the  control of the Administrator.  If the Eligible Employee has a claim for benefits that is  denied or ignored, in whole or in part, the Eligible Employee may file suit in a state or  federal court.  In addition, if the Eligible Employee disagrees with the Plan’s decision or  lack thereof concerning the qualified status of a domestic relations order or a medical child  support order, the Eligible Employee may file suit in federal court.  If it should happen that  plan fiduciaries misuse the Plan’s money, or if the Eligible Employee is discriminated  against for asserting the Eligible Employee’s rights, the Eligible Employee may seek  assistance from the U.S. Department of Labor, or the Eligible Employee may file suit in a  federal court.  The court will decide who should pay court costs and legal fees.  If the  Eligible Employee is successful the court may order the individual or entity the Eligible  Employee has sued to pay these costs and fees.  If the Eligible Employee loses, the court  may order the Eligible Employee to pay these costs and fees, for example, if it finds the  Eligible Employee’s claim is frivolous.  (iv) Assistance with Questions.  If an Eligible Employee has any  questions about the Plan, the Eligible Employee should contact the Administrator. If an  

 

  12  Eligible Employee has any questions about this statement or about the Eligible Employee’s  rights under ERISA, or if an Eligible Employee needs assistance in obtaining documents  from the Administrator, the Eligible Employee should contact the nearest office of the  Employee Benefits Security Administration, U.S. Department of Labor, listed in the  Eligible Employee’s telephone directory or the Division of Technical Assistance and  Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200  Constitution Avenue N.W., Washington, D.C. 20210.  The Eligible Employee may also  obtain certain publications about the Eligible Employee’s rights and responsibilities under  ERISA by calling the publications hotline of the Employee Benefits Security  Administration.  11. Miscellaneous.  (a) Assignment; Non-transferability.  No right of an Eligible Employee to any  payment or benefit under this Plan shall be subject to assignment, anticipation, alienation, sale,  transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Eligible  Employee or of any beneficiary of the Eligible Employee.  The terms and conditions of this Plan  shall be binding on the successors and assigns of the Company.  (b) Funding.  The Company or its Subsidiaries shall pay benefits from its  general assets.  No specific amount shall be set aside in advance for this purpose.  Eligible  Employees shall be unsecured general creditors of the Company or its Subsidiaries for purposes  of benefits due hereunder.    (c) Withholding.  The Company or its Subsidiaries shall have the right to  deduct from all payments hereunder all taxes that the Company or its Subsidiaries determine are  required by law to be withheld therefrom.  Regardless of the amount withheld, the recipient of  payments, benefits, or other income (including imputed income) under the Plan shall be solely  responsible for all taxes owed with respect to such payments, benefits, and other income.  (d) No Right to Employment; Employment At Will.  Nothing in this Plan shall  be construed as giving any individual the right to be retained in the employment of the Company  or its Subsidiaries, nor shall it affect the right of the Company or its Subsidiaries to dismiss an  Eligible Employee without any liability except as required by this Plan.  Nothing contained in this  Plan shall modify a U.S.-based employee’s at will employment relationship with the  Company.  This Plan is not a contract of employment between the Company or its Subsidiaries  and any employee.  (e) Amendment and Termination.  The Company, by action of the  Administrator, reserves the right to amend or terminate this Plan at any time, without advance  notice to any Eligible Employee and without regard to the effect of the amendment or termination  on any Eligible Employee or on any other individual. Any amendment or termination of this Plan  will be in writing.  Notwithstanding the foregoing, the Company may not, without an Eligible  Employee’s written consent, terminate this Plan, or amend this Plan in any way that adversely  affects the rights of any Eligible Employee who has previously experienced a Qualifying  Termination.  Any action of the Company in amending or terminating this Plan will be taken in  a non-fiduciary capacity.   

 

  13  (f) Governing Law.  THE VALIDITY, CONSTRUCTION, AND EFFECT OF  THIS PLAN AND ANY RULES AND REGULATIONS RELATING TO THIS PLAN SHALL  BE DETERMINED IN ACCORDANCE WITH THE LAWS (INCLUDING THOSE  GOVERNING CONTRACTS) OF THE STATE OF CALIFORNIA, WITHOUT GIVING  EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS, AND APPLICABLE FEDERAL  LAW.  If any provision hereof shall be held by a court or arbitrator of competent jurisdiction to be  invalid and unenforceable, the remaining provisions shall continue to be fully effective.  (g) Arbitration.  To the fullest extent permitted by law, any and all disputes,  claims, and causes of action, in law or equity, arising from or relating to this Plan (including the  Release, except as specifically provided in the Release) or its enforcement, performance, breach  or interpretation, shall be resolved by final, binding, and confidential arbitration held in the state  and county where the Eligible Employee principally worked immediately prior to the Eligible  Employee’s termination and conducted through Judicial Arbitration & Mediation Services  (“JAMS”) in accordance with the then-current JAMS Employment Arbitration Rules & Procedures  (and no other JAMS rules). Judgment may be entered on the arbitrator’s award in any court having  jurisdiction. Nothing in this Section 11(g) is intended to prevent either the Eligible Employee or  the Company from obtaining injunctive relief in court to prevent irreparable harm pending the  conclusion of any such arbitration.  For purposes of settling any dispute or controversy arising  hereunder or for the purpose of entering any judgment upon an award rendered by the arbitrator,  the Company and the Eligible Employee hereby consent to the jurisdiction of the courts in the  State of California.  The Company and the Eligible Employee hereby waive, to the fullest extent  permitted by applicable law, any objection which it may now or hereafter have to such courts’  jurisdiction and any defense of inconvenient forum with respect to such courts.  The Company and  the Eligible Employee hereby agree that a judgment upon an award rendered by the arbitrator may  be enforced in other jurisdictions by suit on the judgment or in any other manner provided by  law.  This Section 11(g) shall not apply to any claims of violation of any federal or state  employment discrimination laws.  (h) Complete Statement of Plan.  This Plan document contains a complete  statement of the Plan’s terms and supersedes all prior statements with respect to the Plan’s terms;  provided, however, that notwithstanding the terms set forth in this Plan, participants in the Change  in Control Plan shall continue to receive benefits under such plan to the extent that receiving such  benefits does not result in the duplication of benefits under this Plan or the Change in Control Plan.   No other evidence, whether written or oral, shall be taken into account in interpreting the  provisions of the Plan.  In the event of a conflict between a provision in this Plan document and  any booklet, brochure, presentation, or other communication (whether written or oral), the  provision of this Plan document shall control.  (i) Non-Duplication of Benefits.  Except as explicitly provided otherwise, to  the extent that an Eligible Employee is entitled to severance payments and benefits upon  termination of employment pursuant to the Company’s Change in Control Plan or any other change  in control or severance agreements or arrangements, the Eligible Employee shall be entitled to  Severance Benefits under this Plan only to the extent that they exceed the Eligible Employee’s  entitlements under such other plan, agreement, or arrangement.    

 

  14  * * * * 

 

  15  ADMINISTRATIVE INFORMATION REQUIRED BY ERISA  Plan Sponsor and Administrator,  including address and telephone:  Zendesk, Inc.  989 Market St.  San Francisco, CA 94103  Attn: Chief People Officer  INSERT PHONE    Name and address of person designated as  agent for service of process:    Zendesk, Inc.  989 Market St.  San Francisco, CA 94103  Attn: General Counsel  Basis on which Plan records are kept: Calendar year:  January 1 to December 31  Type of Plan: Unfunded welfare benefit severance plan  Plan Number: [●]  EIN: [●]

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