Document:

Exhibit

EXHIBIT 10.11

March 24, 2016
Bryan Cox
[Personal Address]
Delivered by email to: [Personal Email Address]
Dear Bryan:

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 Revenue 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 on May 3, 2016 (the “Start Date”), subject to and contingent upon the satisfactory completion by the Company of your background check, credentials and references.

Salary:  The Company will pay you an annual salary of $350,000, 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 performance bonus of $300,000, subject to applicable deductions and withholdings, based upon targets established separately (the “Bonus”). We anticipate that your Bonus will be structured around annual performance targets for sales, financial and/or operating results as established by reference to the Company’s annual operating plan, as approved and as may be modified by the Company’s Board of Directors (“Board”).  Your Bonus will include a semi-annual (mid-year) advance against expected performance against target.  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 Bonus will also be subject to your employment for the full period covered by the Bonus, approval by and adjustments at the discretion of the Compensation Committee of the Board and the terms of any applicable bonus plan separately delivered to you. The Company or the Compensation Committee of the Board may also make adjustments in the targeted amount of your Bonus. The Bonus will be prorated to your Start Date.

Sign-on Bonus:  The Company will provide you with a sign-on bonus of $250,000, subject to applicable taxes and withholdings (the “Sign-on Bonus”). The full amount of the Sign-on Bonus will be advanced to you on the next regularly scheduled payroll date after your Start Date. You will

ZENDESK, INC.    -    1019 MARKET STREET    -    SAN FRANCISCO, CA 94103

earn half of the Sign-on Bonus ($125,000) upon completing six months of employment with the Company after the Start Date, and you will earn the remaining half of the Sign-on Bonus ($125,000) upon completing twelve months of employment with the Company after the Start Date. In the event that your employment is terminated with Cause (as defined in the Company’s Change in Control Acceleration Plan (the “Acceleration Plan”)) or you resign without Good Reason (as defined in the Acceleration Plan), within twelve months of the Start Date, you will be required to repay the unearned portion of the Sign-on Bonus to the Company, no later than sixty (60) days after your termination or resignation. There shall be no obligation to repay the Sign-on Bonus in the event that your employment is terminated by the Company without Cause or you resign with Good Reason.

RSU Award: We will recommend to the Compensation Committee of the Board, that you be granted Restricted Stock Units (“RSUs”) representing 200,000 shares of the Company’s Common Stock (the “RSU Award”). The RSU Award is subject to approval by the Compensation Committee of the Board. The terms and conditions associated with the RSU Award, including vesting and other conditions, will be governed by the associated RSU Award agreement that you will be required to enter with the Company.

Restricted Stock Unit Vesting:  Your RSUs will vest over a four-year vesting schedule, subject to the RSU Award agreement and the acceleration provisions provided below. The first 25% shall vest during the month of the first anniversary of your Start Date with the Company. The remaining 75% shall vest ratably on a monthly basis over the remaining 36 months.

Stock Options: We will recommend to the Compensation Committee of the Board, that you be granted an option to purchase 300,000 shares of the Company’s Common Stock at the stock’s fair market value on the date of grant (the “Stock Option Award”). The Stock Option Award is subject to approval by the Compensation Committee of the Board. Your eligibility for the Stock Option Award will be governed by the associated Stock Option Award agreement that you will be required to enter with the Company.

Stock Option Vesting: Your stock options will vest over a four-year vesting schedule, subject to the Stock Option Award agreement and the acceleration provisions provided below. The first 25% shall vest on the first anniversary of your Start Date with the Company. The remaining 75% shall vest ratably on a monthly basis over the remaining 36 months.

Acceleration of the Vesting of Equity: You will be eligible to participate in the Acceleration Plan. The Acceleration Plan provides for the acceleration of the vesting of a participant’s RSUs and stock options in the event that the participant’s provision of services to the Company is terminated under certain circumstances following a change in control of the Company, subject to the terms and conditions set forth in the Acceleration Plan. The full text of the Acceleration Plan is available for your review.

Corporate Housing:  During your employment with the Company, you will be provided with access to a fully furnished corporate apartment. This benefit is subject to change at the sole discretion of the Company.

Benefits:  You will be eligible to participate in the employee benefits and insurance programs generally made available to employees, including health, dental, life and disability insurance, subject to the terms and conditions of those plans and programs which may be modified from time to time. Details of these benefits programs, including mandatory employee contributions, will be made available to you on or after your Start Date. You may also participate in the Company’s 401(k) Retirement Plan and you will be eligible to participate in our “Take What You Need” Vacation Policy.

Representation Regarding Other Obligations:  This offer is contingent on your representation that you are not subject to any confidentiality, non-competition agreement or a similar type of restriction that may affect your ability to devote full time and attention to your work at Zendesk. If you have entered into any agreement that may limit your ability to work on behalf of the Company, please provide the Company a copy of such agreement as soon as possible.

Other Terms:  Your employment with the Company shall be on an at-will basis. In other words, you or the Company may terminate employment for any reason and at any time, with or without notice. Similarly, the terms of employment outlined in this letter are subject to change at any time provided that the at-will nature of your employment may not be altered except by a formal writing signed by the Company’s Chief Executive Officer. You also will be required to sign the Company’s standard Confidentiality, Compliance and Assignment Agreement as a condition of your employment. This offer letter and the Confidentiality, Compliance and Assignment Agreement shall be governed by California law. In addition, as with all employees, our offer to you is contingent on your submission of satisfactory proof of your identity and your legal authorization to work in the United States. You will be required to complete Form I-9 in accordance with the Immigration Reform and Control Act of 1986. You are required to complete Section 1 of the Form I-9 on or before your first day of employment and to present, within 72 hours of hire, verification of your identity and legal right to work in the United States. On your first day of employment, bring original documents to verify your employment eligibility - please refer to the I-9 form for the list of acceptable documents.

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 March 29, 2016 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,
	
		
	/s/ Mikkel Svane
	 

Mikkel Svane
Chief Executive Officer

Signature: /s/ Bryan Cox                    March 24, 2016                
       Bryan Cox                    DateExhibit

Exhibit 10.8

ONEBEACON’S 2016 MANAGEMENT INCENTIVE PLAN

Purpose
The Management Incentive Plan (MIP) is an integral part of the total compensation program for managers and certain key individual contributors. Its primary purpose is to focus attention on 2016 profitability goals and to reward eligible participants for the achievement of those goals. 

Eligibility
The Plan is limited to senior staff and certain key individuals who have a significant impact on OneBeacon’s operating results.

Target Awards
Target awards for all participants are expressed as a percent of salary.

Performance Measures
The corporate MIP pool will be established primarily based upon achievement of solid financial performance and can vary from 25% to 175% of the total aggregate of target awards. The OneBeacon Insurance Group, Ltd. Compensation Committee (the “Committee”) set the 2016 MIP primary performance objective at a 95.0% Combined Ratio or better.
The Committee established a performance scale around this primary objective as shown below:

	
		
	AECR
	Performance Factor

	90.0%
	175%

	91.0%
	160%

	92.0%
	145%

	93.0%
	130%

	94.0%
	115%

	95.0%
	100%

	96.0%
	85%

	97.0%
	70%

	98.0%
	55%

	99.0%
	40%

	100.0%
	25%

In addition to the primary combined ratio objective, the 2016 MIP objectives include maintaining an appropriately conservative loss reserve position, optimizing capital management, being opportunistic about adding new teams or growing current teams, and continuing work on sun-setting of IT systems in order to reduce overall expense.

The Committee will look first to the actual combined ratio performance and the corresponding performance score on the scale and may adjust the size of the pool based on under- or over-achievement of the Company’s other objectives at its sole discretion.

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Individual Awards
Each business unit will be judged against a number of performance metrics including, where appropriate, a combined ratio target.  Generally these metrics will relate to the aggregate financial plan rolled up by line of business. If the financial metrics are achieved, in conjunction with other business metrics, the business may be awarded 100% of its indicated share of the corporate pool. Businesses failing to meet goals may or may not, at the discretion of the CEO, receive a reduced, partial allocation of the pool. Businesses exceeding objectives may receive greater than 100% of indicated allocation.  In no event will the sum of the performance-adjusted business unit pools be greater than the performance-adjusted Company pool as authorized by the Committee.

Within each business, it will be the prerogative of the business leader, with guidance from and after consultation with the CEO, to further allocate the business' pool amount to the constituent branches, lines of business and individuals, based upon performance and contributions to the attainment of business goals throughout the year.
 
For corporate or administrative functions that support all or multiple businesses, participants will receive allocations from the corporate pool based upon attainment of their department and individual goals for 2016. Each department leader shall allocate the department’s pool amount to individuals based on performance and contributions to attainment of department goals throughout the year. 

The salary used to determine the amount of the individual awards will be that in effect at the end of the plan year (12/31/16)

Plan Participation for New Hires
Employees hired during the plan year are eligible to participate in the MIP.  Awards will be pro-rated, specifically based on date of hire unless other arrangements are agreed to at the time of the employment offer.

Payment of Awards
Except as provided under Special Circumstances below, in the event of termination of employment prior to the payment of awards, no incentive payments will be made.  Unless payment is deferred in accordance with an election made pursuant to the OneBeacon Deferred Compensation Plan and any related procedures adopted by the Company, payment of any MIP award shall be made by the Company no later than 2 1/2 months after the end of the Company's fiscal year in which such MIP award is earned, but in any event not prior to the Committee’s certification of performance results following the end of the plan year.  In all cases, payment will not be made unless and until the Committee approves the overall corporate performance factor and performance-adjusted MIP pool and no payment will be made to the CEO, the Executive Team or any of the other executive officers without specific approval from the Committee.   

Clawback Policy    
Amounts paid pursuant to the MIP are subject to clawback by OneBeacon pursuant to the Clawback Policy adopted by the Board of Directors of OBIG on June 16, 2010.   The Clawback Policy provides that, in the event of a restatement of the financial statements of OBIG for failure to comply with the federal securities laws due to misconduct of a MIP participant, the Board of Directors of OBIG may require the participant to reimburse OneBeacon for all or a portion of his or her MIP award; provided, however, that in the event of fraud, the MIP participant shall reimburse OneBeacon for all of his or her MIP award.

Special Circumstances
The Committee may, in its sole discretion, also recognize extraordinary conditions or circumstances in determining payment eligibility.

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In the event of termination due to (i.) retirement, (ii.) reduction in force, or (iii.) transfer of employment upon the acquisition of a OneBeacon business by a third party, at or after the end of the plan year but before payment is made, MIP payments may be made if approved by the senior business leader. Payment shall be contingent upon the participant signing a OneBeacon Agreement and Release as consideration for all incentive payments. No participant who has terminated prior to the payment of awards due to a reduction in force may be considered for a MIP payment unless the participant also signed the Agreement and Release provided to the participant at the time of termination within the time period specified in the Agreement and Release. For purposes of the MIP, “retirement” shall mean termination of service with the Company, other than for cause, at any time after attaining age sixty (60) or termination of service under circumstances which the Committee deems equivalent to retirement. These exceptions will be made on a case by case basis. In the event of death or disability, the participant or beneficiary may be considered for an award payment if approved by the senior business leader. 

The MIP is discretionary; in no way does eligibility in this plan imply an obligation of payment on the part of OneBeacon nor should it be construed as a promise of continued employment.

Effect on Benefit Plans
Amounts paid under the terms of the MIP will not be counted for purposes of determining compensation under any other employee benefit plan sponsored by OneBeacon.

Plan Continuation
Notwithstanding any of the aforementioned, the MIP may be amended or terminated, in whole or in part, at any time, by the Committee.

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