Document:

twtr-ex101_201506016.htm

Exhibit 10.1

 

24 April 2015 

Robert Kaiden, via email

Dear Robert,

Twitter, Inc., a Delaware corporation (the “Company”), is pleased to offer you employment on the following terms:

1.Position.  Subject to the approval of the Company’s Board of Directors, your title will be Chief Accounting Officer and you will report at the start of your employment to Anthony Noto, Chief Financial Officer.  You will be a regular, full-time employee. 

2.Start Date.  Your employment will commence on the date that is mutually agreed between you and Anthony, but no later than May 26, 2015. You will be providing services from the Company’s San Francisco, CA location.  You may be required to travel as one part of your duties.

3.Base Salary. The Company will pay you a gross starting salary at an annualized rate of three hundred fifty thousand dollars annualized ($350,000.00), payable in accordance with the Company’s standard payroll schedule.  This salary will be subject to adjustment from time to time in accordance with the employee compensation policies then in effect. This is an exempt position, and your salary is intended to cover all hours worked. 

4.Bonus Opportunity.  In addition to your base salary, you will be eligible for an annual discretionary performance bonus of up to 100% of your base salary (the “Annual Bonus”). The amount of your Annual Bonus earned, if any, will be determined in the sole and good faith discretion of the Company’s Chief Financial Officer. For the calendar year 2015, your bonus will be pro-rated based on the number of days worked in 2015. If the Company establishes an annual incentive compensation program, we anticipate that your target will be 100% of your eligible base salary and your incentive compensation would be paid in accordance with the provisions of such program.

 

 

 

5.Employee Benefits.  As a regular employee of the Company, you will be eligible to participate in Company-sponsored benefits in accordance with the terms of the applicable benefit plans.

6.Equity Compensation. Subject to the approval of the Company’s Board of Directors, you will be granted one hundred twenty thousand (120,000) restricted stock units (“RSUs”) of the Company. The RSUs will be subject to the terms and conditions set forth in the Company’s 2013 Equity Incentive Plan.  You will vest in 25% of the RSUs on the first day of the first month following the year anniversary of your hire date, and the balance evenly over the next twelve quarters of continuous service, provided you have been continuously employed by Twitter during each of the vesting dates and as described in the equity plan.  Please note that the terms of the Company’s equity plans are reviewed periodically, and subject to revision at the Company’s sole discretion.

7.Relocation. To assist with your relocation to your new workplace, the Company will reimburse or when available, pay directly for eligible relocation expenses facilitated through Twitter's external relocation service provider, subject to certain terms and restrictions that will be provided to you in the “Employee Relocation Reimbursement and Repayment Agreement”.  

Should you leave the Company within twelve (12) months of the commencement of your employment, or in the event your employment is terminated for misconduct, the relocation expenses paid to you or on your behalf will be immediately repayable to the Company, subject to a pro-rata reduction based on length of service. The Company reserves the right to deduct from your pay, any sums which may be repayable in respect of relocation costs and/or monies paid to you or on your behalf. In order to receive the relocation services, you will be required to sign the "Employee Relocation and Repayment Agreement".

8.Employee Invention Assignment and Confidentiality Agreement.  You will be required, as a condition of your employment with the Company, to sign the Company’s standard Employee Invention Assignment and Confidentiality Agreement (“Confidentiality Agreement”).  A copy of the Confidentiality Agreement is enclosed with this letter.  

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9.Employment Relationship.  Employment with the Company is for no specific period of time.  Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause.  This is the full and complete agreement between you and the Company regarding the duration of the employment relationship.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures may change from time to time, the “at will” nature of your employment, may only be changed through an express written agreement signed by you and the Company’s Chief Executive Officer.  

10.Outside Activities.  While you render services to the Company, you will not engage in any other employment, consulting, or other business activity that would create a conflict of interest with the Company, which includes engaging in any work that is competitive in nature.  While you render services to the Company, you also will not assist any person or entity in competing with the Company, in preparing to compete with the Company, or in hiring any employees or consultants of the Company.  In addition, for a period of one (1) year after the termination of your services, you will not solicit either directly or indirectly, any employee of the Company to leave the Company for other employment or assist any person or entity in doing the same.

11.Background Check.  This offer is contingent on successful completion of a background check regarding your employment experience, educational credentials, criminal history and the like.  This offer may be withdrawn in the sole discretion of the Company based on its review of the background check results. Your acceptance of this offer of employment will be complete when you have initiated authorization to perform a background check, as instructed by our Human Resources Department.

12.Verification of Employability.  This offer is contingent upon your providing legal proof of your identity and authorization to work in the United States within three (3) days of the commencement of your employment.

13.Taxes. All forms of compensation that are subject to income or payroll taxes will be reduced to reflect applicable income tax withholding and payroll taxes.  Any form of compensation that is subject to income or payroll taxes and that is not paid in cash will 

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result in a reduction in cash compensation to reflect applicable income tax withholding and payroll taxes.  

14.Dispute Resolution.  We sincerely hope that no dispute will arise between us.  If a dispute should arise, it can be resolved through the Company’s Dispute Resolution Policy.  A copy of the Dispute Resolution Policy is enclosed with this letter.

15.Entire Agreement.  This letter agreement supersedes and replaces any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company.

Please do not make any change in your present living or employment circumstances until all of the conditions to this offer, including successful completion of the background check and, if applicable, acquisition of a visa, have been satisfied.   Any questions regarding your satisfaction of these conditions should be directed to Brian Schipper at ######@twitter.com.

By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.

We hope that you will accept our offer to join the Company.  To indicate your acceptance of this offer, please initiate the authorization of your background check, and sign and date the enclosed duplicate original of this letter agreement, the enclosed Confidentiality Agreement, and the enclosed Dispute Resolution Policy and return them to Brian Schipper.  This offer will expire if the signed documents are not returned by the end of business on 27 April, 2015.

Very truly yours, 

Twitter, Inc.

By   /s/ Richard Costolo          

Richard Costolo, Chief Executive Officer

 Page 4

 

 

I have read, understood and accept all the provisions of this offer of employment:

 

 

/s/ Robert Kaiden

Robert Kaiden

 

April 27, 2015

Date

 

 

 

 Page 5Exhibit 4.1

 

	
        NUMBER

        U-__________
	 	UNITS
	
        SEE REVERSE FOR

        CERTAIN DEFINITIONS
	ELECTRUM SPECIAL ACQUISITION CORPORATION	 

 

	 	 	CUSIP G3105C 120

 

UNITS CONSISTING
OF ONE ORDINARY SHARE AND

ONE WARRANT

 

THIS CERTIFIES THAT ___________________________________________________________________________

is the owner of

_______________________________________________________________
Units.

 

Each Unit (“Unit”) consists of one (1) ordinary
share of Electrum Special Acquisition Corporation, a British Virgin Islands company (the “Company”), and one (1) warrant
(the “Warrants”). Each Warrant entitles the holder to purchase one half (1/2) of one ordinary share for $5.75 per half
share (subject to adjustment) and may only be exercised for a whole number of ordinary shares. Each Warrant will become exercisable
commencing on the later of (a) __________ __, 2016, 12 months from the date of the final prospectus and (b) thirty (30) days after
the Company’s completion of a, share exchange, share reconstruction and amalgamation, purchase of all or substantially all
of the assets, contractual arrangement, or other similar business combination with one or more businesses or entities (a “Business
Combination”), and will expire unless exercised before 5:00 p.m., New York City Time, five years after the completion by
Company of an initial Business Combination (the “Expiration Date”). The ordinary share and Warrant(s) comprising the
Unit(s) represented by this certificate are not transferable separately until ________ the 52nd day after the date of
the final prospectus, unless Cantor Fitzgerald & Co. informs the Company of its decisions to allow earlier separate trading
, except that in no event will the Ordinary Shares and Warrants be separately tradable until the Company has filed an audited balance
sheet reflecting the Company’s receipt of the gross proceeds of its initial public offering and issued a press release announcing
when such separate trading shall commence. The terms of the Warrants are governed by a Warrant Agreement, dated as of _______,
2015, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.
Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and
are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile seal of the Company
and the facsimile signatures of its duly authorized officers.

 

	By	 	 	 
	 	Chairman	 	Secretary
	 	 	 	 

 

    	1

    	 

    

 

Electrum Special Acquisition Corporation

 

The Company will furnish without charge
to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM –	as tenants in common	UNIF GIFT MIN ACT -	_____ Custodian ______
	TEN ENT –	as tenants by the entireties	 	(Cust)            (Minor)
	JT TEN –	
        as joint tenants with right of survivorship

        and not as tenants in common
	 	
        under Uniform Gifts to Minors and not as tenants in common

        Act __________________

        (State)

 

Additional Abbreviations may also be used
though not in the above list.

 

For value received, ___________________________
hereby sell, assign and transfer unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 	 
	 	 	 
	 	 	 
	 	 	 

 

	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	 
	 
	 

	
________________________________________________________________________________________________________________________________________________________________________	Units
	represented by the within Certificate, and do hereby irrevocably
constitute and appoint	

	________________________________________________________________________________________________________________________________________________________________________	Attorney
	to transfer the said Units on the books of the within named
Company will full power of substitution in the premises.	 

 

	Dated:	 	 	 
	 	 	 	Notice:	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever

	Signature(s) Guaranteed:	 
	 	 

 

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

The holder of this certificate shall be entitled to receive
funds from the trust fund only in the event of the Company’s liquidation upon failure to consummate a business combination
or if the holder seeks to redeem his shares upon consummation of such business combination or in connection with certain amendments
to the Company’s Memorandum and Articles of Association. In no other circumstances shall the holder have any right or interest
of any kind in or to the trust fund.

 

    	2

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