Document:

mrin-ex102_117.htm

Exhibit 10.2

July 1, 2015

Catriona M. Fallon

1500 Hudson Street, 2J

Hoboken, NJ 07030

Offer of Employment by Marin Software Incorporated

Dear Catriona:

I am very pleased to confirm our offer to you of employment with Marin Software Incorporated (the "Company") in the position of Executive Vice President, Chief Financial Officer based in our San Francisco office. In this position you will report to David A. Yovanno, Chief Executive Officer. Your start date shall be on Monday, July 27, 2015. The terms of our offer and the benefits currently provided by the Company are as follows:

1. Starting Salary and Bonus Potential. Your starting salary will be at the annualized rate of $325,000 USD per year (less normal payroll deductions and withholdings), and will be subject to review on an annual basis. In addition you will be eligible to receive variable bonus compensation equal to 50% of your base salary per year (less normal payroll deductions and withholdings). Based on a salary of $325,000, your annualized on target bonus potential would be $162,500 USD, for an annualized on target earnings of $487,500 USD. Your bonus potential will be based on achievement of corporate financial metrics and individual goals, as established and determined by the Compensation Committee and the CEO. You are eligible for bonus compensation for 2015, which shall be pro-rated for the portion of the fiscal year you are employed with the Company; provided that for 2015, your pro-rata bonus potential will be guaranteed based on achievement of at least 100% of your target bonus potential.

2. (a) Benefits. You will be eligible to participate in regular health, vision and dental insurance, 401(k), and other employee benefit plans established by the Company for its employees from time to time. Comprehensive medical benefits go into effect on the first of every month. If your start date falls any time after the first of the month, your benefits will start on the first day of the following month. Except as expressly provided herein, the Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well as any of the terms set forth herein at any time in the future. We have a flexible time off policy, and employees do not accrue paid time off (PTO). Instead, you will submit time off requests for preapproval by your manager in his or her sole discretion. Typically, time off for US managers is approximately 15 days in the first full year of employment. In addition, we generally have nine regular Company holidays each calendar year. The Company also offers US employees a monthly commuting benefit for parking and mass transit expenses. Details regarding the benefit will be provided in new hire orientation.

(b) Relocation Costs. The Company will pay for your move of household goods from you current home to the San Francisco Bay area, not to exceed $40,000, based on receipts for the actual costs incurred within three months of your start date.

3. Confidentiality. As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you will need to sign the Company's standard "Employee Invention Assignment and Confidentiality Agreement" as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing with updates from time-to-time as requested any other gainful employment, business or activity that you are currently associated with or participate in. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of this offer letter and the Company's Employee Invention Assignment and Confidentiality 

 

 

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Agreement and your commencement of employment with the Company will not violate any agreement currently in place between yourself and current or past employers. Notwithstanding anything in this Agreement to the contrary, you may" engage in charitable activities and community affairs, and with the prior approval of the Board of Directors you may serve as a director of any corporation which does not compete in any way with Company business or proposed business; provided that such activities are not inconsistent with your obligations to the Company.

4. Options. After your date of hire, we will recommend to the Compensation Committee (the "Committee') of the Board of Directors of the Company that you be granted an option to purchase 275,000 shares of Company common stock (the "Shares"), with an exercise price per share equal to the closing price per share of Company common stock as of the date of the Committee's approval of the grant. The vesting and the other terms of the option will be set by the Committee. Any option granted to you will be governed by the terms and conditions of the applicable grant agreement and the 2013 Marin Software Incorporated Equity and Incentive Plan.

5. (a) At Will Employment. While we look forward to a profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment or other relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause. You should regard any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) as ineffective. Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment or service for any particular period of time. Any modification or change in your at-will employment status may only occur by way of a written employment agreement signed by you and an authorized officer of the Company (other than you), and approved by the Company's Board of Directors.

(b) Severance and Change in Control Agreement. You agree to sign the Company's standard Severance and Change in Control Agreement applicable to executive and senior officers of the Company, which provides certain severance benefits if your employment relationship is terminated under certain circumstances. You will not be entitled to any severance benefits if your employment is terminated by the Company for Cause (as defined in the Severance and Change in Control Agreement).

6. Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States.

7. Arbitration. You and the Company shall submit to mandatory and exclusive binding arbitration of any controversy or claim arising out of or relating to this Agreement. any breach of this Agreement, or your employment with the Company or termination thereof, including but not limited to claims for breach of contract. tort, employment discrimination (including unlawful harassment), non-payment of wages or other compensation due, and any violation of any local, state, or federal law, provided, however, that the parties retain their right to, and shall not be prohibited, limited or in any other way restricted from, seeking or obtaining equitable relief from a court having jurisdiction over the parties. In agreeing to binding arbitration, you agree that arbitration as set forth in this Agreement shall constitute your sole remedy in the event of a dispute between you and the Company and you hereby waive any right to participate in or bring a collective, representative or class action on your behalf or the behalf of others. Unless you and the Company agree otherwise, such arbitration shall be governed by the Federal Arbitration Act and conducted and administered under the JAMS Employment Arbitration Rules and Procedures then in effect. These rules may be obtained at www.jamsadr.com/rules-employment-arbitration or through human resources. The parties shall have all rights, remedies and defenses available to them in an individual civil action for the issues in controversy and the arbitrator shall have the authority to award all remedies, legal and equitable, available in a civil action for the claims presented by the parties. Unless you and the Company agree otherwise, such arbitration shall be conducted in the State of California, San Francisco County, or alternatively, within fifty miles of your primary place of employment. While nothing in this Agreement shall prohibit you from filing a charge or complaint with the Equal Employment Opportunity Commission or a similar fair employment practices agency, any such claim which cannot be resolved administratively shall be resolved exclusively through this Agreement. The parties may conduct discovery prior to the hearing, in accordance with the applicable AAA rules. The arbitrator shall issue a written 

 

123 Mission Street, 25th Floor | San Francisco, CA 94105 | (415) 399-2580 | (415) 704-3085 (fax) | www.marinsoftware.com

 

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decision that contains the essential findings and conclusions on which the decision is based. You shall bear only those costs of arbitration you would otherwise bear had you brought a claim covered by this Agreement in court. Judgment upon the determination or award rendered by the arbitrator may be entered in any court having jurisdiction thereof. In addition to any other award, the arbitrator shall have discretion to award the prevailing party attorneys' fees, costs and arbitration costs, incurred by the prevailing party as a result of the arbitration.

8. Successors, Binding Agreement. This Agreement shall not automatically be terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation, whether or not the Company is the surviving or resulting corporation, or upon any transfer of all or substantially all of the assets of the Company. In the event of any such merger, consolidation or transfer of assets, the provisions of this Agreement shall bind and inure to the benefit of the surviving or resulting corporation, or the corporation to which such assets shall have been transferred, as the case may be; provided, however, that the Company will require any successor to all or substantially all of the business and/or assets of the Company, by agreement in form and substance satisfactory to you, to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.

9. Miscellaneous. This Agreement shall be construed and enforced in accordance with the laws of the State of California without giving effect to California's choice of law rules. No waiver of any term of this Agreement constitutes a waiver of any other term of this Agreement. This Agreement may be amended only in writing by an agreement specifically referencing this Agreement which is signed by both you and the Company. In the event that a court or other trier of fact invalidates one or more terms of this Agreement, all the other terms of this Agreement shall remain valid and enforceable. You shall have no duty to mitigate any damages caused by the breach of the Company of this Agreement.

10. Acceptance. This offer is contingent on a satisfactory background check. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me on or before July 3, 2015. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me.

We look forward to the opportunity to welcome you to the Company.

 

	
	
Very truly yours,

	
/s/ David A. Yovanno

	
David A. Yovanno, Chief Executive Officer

 

I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein.

 

	
/s/ Catriona M. Fallon
	
 
	
July 6, 2015

	
Catriona M. Fallon
	
 
	
Date

 

 

123 Mission Street, 25th Floor | San Francisco, CA 94105 | (415) 399-2580 | (415) 704-3085 (fax) | www.marinsoftware.com4TH AMENDMENT TO 1991 EMPLOYEE STOCK PURCHASE AND DIVIDEND REINVESTMENT PLAN

EXHIBIT 4(j)

STATE AUTO FINANCIAL CORPORATION

AMENDMENT NO. 4
TO THE
1991 EMPLOYEE STOCK PURCHASE
AND
DIVIDEND REINVESTMENT PLAN

The State Auto Financial Corporation 1991 Employee Stock Purchase and Dividend Reinvestment Plan (the “Plan”) is hereby amended pursuant to the following provisions:

 1.    Definitions:  For the purposes of the Plan and this amendment, all capitalized terms used in this amendment which are not otherwise defined herein shall have the respective meanings given such terms in the Plan.
2.    Eligible Employees:  In order to permit individuals employed by an entity acquired by the Company or a related entity, but who are “ineligible employees” under the terms of Plan, to enroll in the Plan in anticipation of and conditioned on, becoming employed by the Company and therefore an eligible employee under the Plan, Subsection (a) of Section III is hereby amended in its entirety to read as follows:
(a)    All employees of the Company or its parent or subsidiary corporations, as defined in Section 424 of the Code, are eligible to participate in the Plan (“Eligible Employees”).  Notwithstanding the foregoing, an individual who is employed by an entity acquired by the Company or its parent or a subsidiary corporation, shall be deemed to be an Eligible Employee, in anticipation of and conditioned on, becoming an employee of the Company or its parent or a subsidiary corporation, and therefore, an Eligible Employee as of the commencement date of an applicable Subscription Period.  Such designation as an Eligible Employee shall be solely for the purpose of the individual’s eligibility to enroll in the Plan during an applicable Enrollment Period prior to the applicable Subscription Period.  In the event an individual is not an employee of the Company or its parent or a subsidiary corporation as of the commencement of a Subscription Period, the individual shall not be an Eligible Employee or become a Participant in the Plan.

3.    Enrollment and Subscription Periods:  In order to align the Plan’s enrollment and subscription periods with the calendar year and provide employees of acquired entities the opportunity to participate in the Plan upon the earliest available enrollment period, Section IV is hereby amended in its entirety to read as follows:

In order to participate in the Plan, an Eligible Employee must enroll in the Plan.  Enrollment will take place during the “Enrollment Periods” which shall be from the first through fourteenth day of May and of November of each year commencing with November 1991.  Notwithstanding the foregoing, effective June 1, 2008, the Enrollment Periods shall be from the first through fourteenth day of June and December, with the first such revised Enrollment Period to be held on the first through the fourteenth day of December, 2008.  In addition, an initial Enrollment Period shall take place commencing with the date of adoption of this Plan through the effective date of the original registration of stock under this Plan with the Securities and Exchange Commission.  Any person who is an Eligible Employee and who desires to subscribe for the purchase of stock must file with the Company an authorization for payroll deduction and subscription agreement during an Enrollment Period.  Such authorization shall be effective for the immediately following subscription period.  There shall be two subscription periods (each a “Subscription Period”) each and every 12 months during the term of this Plan, one period commencing on the first of June and ending on the following November 30, and a second period commencing on the first day of December and ending on the following May 31.  Notwithstanding the foregoing, effective June 1, 2008, one Subscription Period shall commence on the first of January and end on the following June 30, and one Subscription Period shall commence on the first of July and end on the following December 31, with such revised Subscription Periods to begin as of January 1, 2009.  Further, the period of December 1 through December 31, 2008 shall not be part of any Subscription Period.  In addition, an initial stub Subscription Period shall commence upon the first day following completion of the initial Enrollment Period and shall end on the following May 31 or November 30, whichever is earlier.  The offering of stock under this Plan shall occur only during a Subscription Period and shall be made only to Eligible Employees who are participants as of the first day of such Subscription Period.  Once enrolled, the Company will inform the Trustee of such fact and an Eligible Employee will be a “Participant” under the Plan and shall continue to participate in the Plan for each succeeding Subscription Period until he or she terminates his or her participation or ceases to be an Eligible Employee.  If a Participant desires to change his or her rate of contribution he or she may do so effective for the next Subscription Period by filing a new authorization for payroll deduction and subscription agreement with the Company during the Enrollment Period immediately preceding such Subscription Period.

4.    Effective Date; Construction:  The effective date of this amendment is June 1, 2008, and this amendment shall be deemed to be a part of the plan as of such date.  In the event of any inconsistencies between the provisions of the Plan and this amendment, the provisions of this amendment shall control.  Except as modified by this amendment, the Plan shall continue in full force and effect without change.  

This amendment shall be submitted to the Company’s shareholders for their approval as soon as practicable but in no event later than 12 months after this amendment has been adopted by the Company’s board of directors.  If this amendment is not approved by the Company’s shareholders within such 12-month period, this amendment shall automatically become null and void and have no further force or effect, and the Plan shall continue in effect without this amendment.

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