Document:

Q2 2019 Exhibit 10.2

Exhibit 10.2

   

   

   

8X8, INC.

2017 EXECUTIVE CHANGE-IN-CONTROL 

AND SEVERANCE POLICY

 

(As Amended and Restated effective January 31, 2019)

   

   

   

Table of Contents

	
	
	
	
Page

	
	
	
	

	
1.
	
	
INTRODUCTION
	
2

	
2.
	
	
DEFINITIONS
	
2

	
3.
	
	
CHANGE-IN-CONTROL BENEFITS
	
5

	
4.
	
	
CHANGE-IN-CONTROL SEVERANCE BENEFITS
	
6

	
5.
	
	
SEVERANCE BENEFITS NOT IN CONNECTION WITH A CHANGE-IN-CONTROL
	
6

	
6.
	
	
CONDITIONS FOR PAYMENT OF SEVERANCE
	
7

	
7.
	
	
COORDINATION WITH OTHER BENEFITS
	
7

	
8.
	
	
LIMITATION ON BENEFITS
	
8

	
9.
	
	
ADMINISTRATION
	
8

	
10.
	
	
AMENDMENT OR TERMINATION
	
9

	
11.
	
	
NOTICES
	
9

	
12.
	
	
SECTION 409A
	
9

	
13.
	
	
MISCELLANEOUS
	
10

   

   

   

                                                   i

8X8, INC.

2017 EXECUTIVE CHANGE-IN-CONTROL 

AND SEVERANCE POLICY

(As Amended and Restated effective January 31, 2019)

1.   INTRODUCTION 

This 2017 Executive Change-in-Control and Severance Policy (the "Policy") was established by 8x8, Inc., effective as of October 1, 2017, to provide for
the payment of certain benefits in connection with certain terminations of an Executive's employment, including in connection with a potential Change-in-Control of the Company.  The Policy was
subsequently amended and restated effective as of January 31, 2019 (the "Amendment Effective Date").

2.   DEFINITIONS

2.1   Administrator
. For purposes of this Policy, "Administrator" means the person(s) designated by the Board or the Committee as the administrator of this Policy.

2.2   Board. For purposes of this Policy, the "Board" means the Board of Directors of the Company. 

2.3   Cause
. For purposes of this Policy, "Cause" means Executive's: 

	willful failure to attend to Executive's duties that is not cured by Executive within 30 days of receiving written notice from the CEO (or, in the case of
the CEO, from the Board) specifying such failure;

	 material breach of Executive's employment agreement that is not cured by Executive within 30 days of receiving written notice from the CEO (or, in the case of the
CEO, from the Board) specifying such breach;

	 conviction of (or plea of guilty or nolo contendere to) any felony or a misdemeanor involving theft, embezzlement, dishonesty or moral turpitude; or

	 misconduct resulting in material harm to the Company's business or reputation, including fraud, embezzlement, misappropriation of funds or a material violation of
the Executive's Confidential Information, Non-Disclosure and Invention Assignment Agreement.

2.4   Change-in-Control
. For purposes of this Policy, "Change-in-Control" means the consummation of any of the following corporate transactions: 

	an acquisition in one or more related transactions of 45% or more of the Company's common stock or voting securities by a "person" (as
defined in Sections 13(d) and 14(d) of the Securities Exchange Act, but excluding the Company, any employee benefit plan of the Company and any corporation controlled by the Company's
stockholders) or multiple "persons" acting as a group;

	a complete liquidation or dissolution of the Company;

                                                                   2

	a sale, transfer or other disposition of all or substantially all of the Company's assets; or

	a merger, consolidation or reorganization (collectively, a "Business Combination") other than a Business Combination in which (i) the stockholders of the
Company receive 50% or more of the stock of the corporation resulting from the Business Combination and (ii) at least a majority of the board of directors of such resulting corporation were
incumbent directors of the Company immediately prior to the consummation of the Business Combination and (iii) after which no individual, entity or group (excluding any corporation or other
entity resulting from the Business Combination or any employee benefit plan of such corporation or of the Company) who did not own 45% or more of the stock of the resulting corporation or
other entity immediately before the Business Combination owns 45% or more of the stock of such resulting corporation or other entity. 

2.5   Code
. For purposes of this Policy, "Code" means the Internal Revenue Code of 1986, as amended. 

2.6   Committee
. For purposes of this Policy, "Committee" means the Compensation Committee of the Board. 

2.7   Company
. For purposes of this Policy, "Company" means 8x8, Inc., a Delaware corporation, and any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of 8x8, Inc. 

2.8   Constructive Termination
. For purposes of this Policy, "Constructive Termination" means the termination of Executive's employment (a) by the Company other than for
Cause or Disability or (b) by the Executive for Good Reason. 

2.9   Disability
. For purposes of this Policy, "Disability" means a physical or mental impairment for which the Executive qualifies for benefits under the
Company's long-term disability program, as it may be amended from time to time. 

2.10   Equity Award
. For purposes of this Policy, "Equity Award" means each incentive award relating to the Company's common stock (whether stock options,
stock appreciation rights, shares of restricted stock, restricted stock units, performance shares, performance units or other similar awards). 

2.11   Executive
. For purposes of this Policy, "Executive" means any one of the following individuals: (a) the Company's Chief Executive Officer; (b) any
employee classified by the Company as an Executive Vice President, including (as of October 23, 2018) the Company's Chief Technology Officer, the Company's Chief Marketing Officer, the
Company's Chief Product Officer and the Company's Chief Financial Officer; and (c) any employee classified by the Company as a Senior Vice President.  

2.12   Good Reason
. For purposes of this Policy, "Good Reason" means the occurrence of any of the following conditions without Executive's written consent, but
only if such condition is reported by the Executive within 90 days of Executive's knowledge that such condition has occurred and remains uncured 30 days after written notice from Executive to
the Board of said condition: 

                                                                   3

	a material reduction in Executive's then-current base salary or annual target bonus (expressed as a percentage of Executive's then-current base
salary), except for a reduction proportionate to reductions concurrently imposed on all other members of the Company's executive management;

	in Connection with a Change-in-Control, a material reduction in Executive's then-current base salary or annual target bonus (expressed as a percentage of
Executive's then-current base salary);

	a material reduction in Executive's then-current employee benefits package, taken as a whole, except for a reduction proportionate to reductions concurrently
imposed on all other members of the Company's executive management;

	in Connection with a Change-in-Control, a material reduction in Executive's then-current employee benefits package, taken as a whole, both in terms of the amount of
benefits provided and the level of Executive's participation relative to other participants;

	a material reduction in Executive's responsibilities with respect to the Company's overall operations;

	as to the Chief Executive Officer, a requirement for the Chief Executive Officer to report to another officer as opposed to the Company's Board; or a failure to
nominate the Chief Executive Officer for election as a Board member if at the proper time for nomination, the Chief Executive Officer is a Board member;

	a material breach by the Company of any material provision of Executive's employment agreement;

	a requirement that Executive relocate Executive's Company office (i) to a location more than 35 miles from Executive's then-current Company office location, unless
such office relocation results in the distance between the new office and Executive's home being closer or equal to the distance between the prior office and Executive's home or (ii) that is more
than 50 miles from Executive's home, and such relocation results in the distance between the new office and Executive's home being at least 15 miles further than the distance between the prior
office and Executive's home; or

	a failure of a successor or transferee to assume the Company's obligations under this Policy. 

2.13   In Connection with a Change-in-Control
. For purposes of this Policy, a termination of Executive's employment or the occurrence of any other condition will be "in Connection with a
Change-in-Control" if Executive's employment terminates or such other condition occurs at any time within three months before, on or within 12 months following a Change-in-Control. 

2.14   Transaction Price
. For purposes of this Policy, "Transaction Price" means the per share consideration paid pursuant to the transaction(s) constituting the Change-in-Control. 

2.15   Stock Performance-Based Equity Award
. For purposes of this Policy, "Stock Performance-Based Equity Award" means each Equity Award with vesting conditioned all or in part on the
per share fair market value of the Company's common stock exceeding one or more target levels. 

2.16   TSR Performance-Based Equity Award
. For purposes of this Policy, "TSR Performance-Based Equity Award" means each Equity Award with vesting conditioned all or in part on the
relative appreciation of the per share fair market value of the Company's common stock versus one or more other publicly-traded securities. 

                                                                   4

2.17   Time-Based Equity Award
. For purposes of this Policy, "Time-Based Equity Award" means each Equity Award that generally vests based only on Executive's service to
the Company over a specified time period. 

3.   CHANGE-IN-CONTROL BENEFITS

If Executive is either employed at the time of a Change-in-Control or experiences a Constructive Termination in Connection with a Change-in-Control, Executive will
receive the following change-in-control benefits from the Company: 

3.1   Stock Performance-Based Equity Awards
. Executive will be deemed to have satisfied the performance vesting condition for 100% of Company shares covered by Executive's outstanding Stock
Performance-Based Equity Award(s) that (i) were granted prior to the Change-in-Control and (ii) have a target Company share price for vesting purposes equal to or less than the Transaction
Price. The effective date of the foregoing vesting credit will be the date of the Change-in-Control. Any such Stock Performance-Based Equity Awards will continue to vest in accordance with any
service-based vesting condition specified in the award agreement(s), except as otherwise provided by Article 4 of this Policy. 

3.2   TSR Performance-Based Equity Awards
. Executive will be deemed to have satisfied the performance vesting condition for that percentage of the Company shares covered by Executive's TSR
Performance-Based Equity Award determined by applying the formula set forth in the award agreement as if (a) the last day of each performance measurement period specified in such
agreement were the date of the Change-of-Control and (b) the fair market value of the Company's common stock on such date were the Transaction Price provided, however, that no vesting
credit under this Section 3.2 will apply to Executive's TSR Performance-Based Award(s) first granted after the Change-in-Control. The effective date of the foregoing vesting credit will be the date
of the Change-in-Control. Any such TSR Performance-Based Equity Awards will continue to vest in accordance with any service-based vesting condition specified in the award agreement(s),
except as otherwise provided by Article 4 of this Policy. 

4.   CHANGE-IN-CONTROL SEVERANCE BENEFITS

If Executive experiences a Constructive Termination in Connection with a Change-in-Control, Executive will receive the following severance benefits from the
Company.

4.1   Earned Amounts
. Executive will receive all compensation that is earned but unpaid as of the date of termination, including salary, commissions and accrued but unused paid
time off and vacation. 

                                                                   5

4.2   Cash Severance
. Executive will receive a single lump sum severance payment equal to the sum of the percentage of Base Salary and Bonus set forth in the Benefit
Schedules applicable to Executive's job title tier. This lump sum payment will be made within 60 days following termination of employment. 

4.3   Time-Based Equity Awards
. Executive will vest in 100% of Executive's outstanding Time-Based Equity Awards effective as of the Executive's date of termination (or, if later, the date of
the Change-in-Control); provided, however, that Executive will vest in only 50% of Executive's outstanding and then unvested Time-Based Equity Awards if the date of termination or the date of
the Change-in-Control (whichever is later) is prior to the 12-month anniversary of Executive's date of hire. 

4.4   Benefits
. For a period of 12 months following the date of termination, (i) Executive will on a monthly basis receive reimbursement of the full premium amount (less
withholding taxes) charged under the Consolidated Omnibus Budget Reconciliation Act for continuation of Executive's group health insurance in effect as of the date of termination and (ii)
Executive will have the right, on the same basis as other employees of the Company, to participate in and to receive benefits under any Company group medical, dental, life, disability or other
group insurance plans, as well as under the Company's, educational assistance and other benefit plans and policies, to the extent such rights are available, or can be secured on commercially
reasonable terms, under such plans and policies. 

4.5   Performance-Based Equity Awards
. Executive will fully vest in all shares covered by outstanding Stock Performance-Based Equity Awards and TSR Performance-Based Equity Awards for
which the performance condition was deemed satisfied pursuant to Article 3 of this Policy. Executive will also receive this vesting acceleration benefit upon a Constructive Termination that occurs
more than 12 months after a Change-in-Control (i.e., after such termination is no longer considered to be "in connection with a Change-in-Control"). 

5.   SEVERANCE BENEFITS NOT IN CONNECTION WITH A CHANGE-IN-CONTROL 

If Executive experiences a Constructive Termination during any time period not addressed by Article 4 of this Policy or terminates due to death or Disability at any
time, Executive will receive the following severance benefits from the Company. 

5.1    Earned Amounts
. Executive will receive all compensation that is earned but unpaid as of the date of termination, including salary, commissions and accrued but unused paid
time off and vacation. 

5.2   Cash Severance
. Executive will receive a single lump sum severance payment equal to the sum of the percentage of Base Salary and Bonus set forth in the Benefit
Schedules applicable to Executive's job title tier. This lump sum payment will be made within 60 days following termination of employment. 

                                                                   6

5.3   Time-Based Equity Awards
. Executive will vest in that portion (if any) of Executive's outstanding Time-Based Equity Awards set forth in the Benefit Schedules applicable to Executive's
job title tier, effective as of the Executive's date of termination. 

5.4   Benefits
. For the period set forth in the Benefit Schedules applicable to Executive's job title tier, (i) Executive will receive payment of the full premium amount (less
withholding taxes) charged under the Consolidated Omnibus Budget Reconciliation Act for continuation of Executive's group health insurance in effect as of the date of termination and (ii)
Executive will have the right, on the same basis as other employees of the Company, to participate in and to receive benefits under any Company group medical, dental, life, disability or other
group insurance plans, as well as under the Company's, educational assistance, and other benefit plans and policies, to the extent such rights are available, or can be secured on commercially
reasonable terms, under such plans and policies. 

5.1   Performance-Based Equity Awards
. Executive will receive no acceleration of outstanding Stock Performance-Based Equity Awards and TSR Performance-Based Equity Awards. 

6.   CONDITIONS FOR PAYMENT OF SEVERANCE 

6.1   Release of Claims
. The payment of any severance or other benefits pursuant to Articles 3, 4 or 5 of this Policy will be subject to Executive signing and not revoking a release
of claims agreement in a form approved by the Company, and such release becoming effective and irrevocable within 60 days of Executive's termination or such earlier deadline required by the
release. Any severance amounts or benefits otherwise payable within 60 days of Executive's termination shall be paid on the 60th day following Executive's termination. If the
release does not become effective within the time period set forth above, Executive will forfeit all rights to severance payments and benefits under this Policy. 

6.2   Confidentiality
. The payment of any severance or other benefits pursuant to Articles 3, 4 or 5 of this Policy will be subject to Executive's adherence to Executive's
Confidential Information, Non-Disclosure and Invention Assignment Agreement (and/or any similar agreement as the Company and Executive may enter into from time to time). 

7.   COORDINATION WITH OTHER BENEFITS 

7.1   Sole Severance Benefit
. If any severance benefits and payments are payable to an Executive under this Policy, then such amounts will be the only severance benefits and
payments that are due to Executive upon Executive's Constructive Termination, unless the Committee or the Board expressly approves any additional or other severance benefits and payments.
For avoidance of doubt, from and after the Amendment Effective Date, no Executive shall be eligible for any benefits or payments under the Amended and Restated 2015 Executive Change-in-
Control and Severance Policy, which was terminated effective as of the Amendment Effective Date. 

                                                                   7

7.2   Mitigation
. Executive will not be required to mitigate the amount of any payment contemplated by this Policy, nor will any earnings that Executive may receive from
any other source reduce any such payment. 

8.   LIMITATION ON BENEFITS 

8.1   Treatment of Parachute Payments
. To the extent that any of the payments and benefits provided for in this Policy or otherwise payable to Executive (the "Payments") constitute
"parachute payments" within the meaning of Section 280G of the Code, the amount of such Payments shall be either: 

	the full amount of the Payments, or

	a reduced amount that would result in no portion of the Payments being subject to the excise tax imposed pursuant to Section 4999 of the Code (the "Excise
Tax"), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income and employment taxes and the Excise Tax, results in the receipt by
Executive, on an after-tax basis, of the greatest amount of benefit. In the event that any Excise Tax is imposed on the Payments, Executive will be fully responsible for the payment of any and all
Excise Tax, and the Company will not be obligated to pay all or any portion of any Excise Tax.

8.2   Determination of Amounts
. All computations and determinations called for by Section 8.1 shall be promptly determined and reported in writing to the Company and the Executive by
independent public accountants or other independent advisors selected by the Company and reasonably acceptable to the Executive (the "Accountants"), and all such computations
and determinations shall be conclusive and binding upon the Participant and the Company. For the purposes of such determinations, the Accountants may rely on reasonable, good faith
interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and the Executive shall furnish to the Accountants such information and documents as the
Accountants may reasonably request in order to make their required determinations. The Company shall bear all fees and expenses charged by the Accountants in connection with these
services. 

9.   ADMINISTRATION 

The Policy will be administered by the Administrator. The Administrator may interpret the Policy, prescribe, amend and rescind rules and regulations under the Policy
and make all other determinations necessary or advisable for the administration of the Policy, subject to all of the provisions of the Policy. The Administrator may delegate any of its duties
hereunder to such person or persons from time to time as it may designate. 

10.   AMENDMENT OR TERMINATION 

The Board will have the right to amend or terminate this Policy at any time in its sole discretion; provided, however that any amendment or termination reasonably
determined to have an adverse effect on the then-eligible Executives (a) must be disclosed to the Executives at least three months prior to taking effect and (b) cannot take effect within three
months before, on or within 12 months following any Change-in-Control.   Unless earlier terminated, this Policy shall expire automatically on September 30, 2027.

                                                                   8

11.   NOTICES 

11.1    Notice
. Notices and all other communications contemplated by this Policy will be in writing and will be deemed to have been duly given when personally delivered
or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices will be addressed to him/her at the home address
which he/she most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed
to the attention of the Company's General Counsel. 

11.2   Notice of Termination
. Any Constructive Termination will be communicated by a notice of termination to the other party hereto given in accordance with Section 11.1 of this
Policy. Such notice will indicate the specific termination provision in this Policy relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
under the provision so indicated, and will specify the termination date. 

12.   SECTION 409A 

12.1    General
. Any benefits payable under this Policy upon an Executive's termination will be interpreted to require that Executive experiences a "separation from
service" (as such term is defined in Treasury regulations issued under Code Section 409A). Further, if Executive is a "specified employee" within the meaning of Code Section
409A at the time of his separation from service (other than due to Executive's death), then the severance benefits payable to Executive under this Policy that are considered deferred
compensation under Section 409A and are due to Executive on or within the six-month period following his separation from service will accrue during such six-month period and will become
payable (without interest) in a lump sum payment on the earlier of (a) the first payroll date that occurs on or after the date six months and one day following the date of Executive's separation
from service and (b) the Executive's death.  Each payment and benefit payable under this Policy is intended to constitute a separate payment for purposes of Treasury Regulations  1.409A-2(b)(2).

12.2   Reimbursements
. Notwithstanding any other provision herein to the contrary, to the extent that any in-kind benefit or reimbursement arrangement provides for a payment
that is considered deferred compensation under Section 409A, then such in-kind benefit or reimbursements will be made in accordance with Treasury Regulations  1.409A-3(i)(1)(iv) including:
(a) the amount of such in-kind benefits provided in any calendar year and the amount of such expenses eligible for reimbursement in any calendar year will not affect the in-kind benefits to be
provided or expenses eligible for reimbursement in any other calendar year; (b) in no event will any such expenses be reimbursed after the last day of the calendar year following the calendar
year in which the Executive incurred such expenses; and (c) in no event will any such right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for
another benefit or payment. 

                                                                   9

12.3   Interpretation
. The foregoing provisions are intended to comply with the requirements of Code Section 409A so that none of the severance payments and benefits to be
provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to so comply. Notwithstanding the foregoing, the
Company makes no representations as to the tax compliance or treatment of any benefits payable under this Policy. The Company and Executive agree to work together in good faith to consider
amendments to this Policy and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition. 

13.  MISCELLANEOUS 

13.1   Choice of Law
. The validity, interpretation, construction and performance of this Policy will be governed by the laws of the State of California (with the exception of its
conflict of laws provisions). 

13.2   Integration
. Unless the Board or the Committee expressly approves any additional or other severance benefits and payments for a particular Executive, this Policy
represents the entire agreement and understanding between the parties as to the payment of severance or other benefits if Executive's employment with the Company terminates, including in
Connection with a Change-in-Control, and supersedes all prior or contemporaneous agreements and the vesting provisions of any Equity Award, with respect to the subject matter of this Policy.

13.3   Severability
. In the event that any provision or any portion of any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable, or void, this Policy will continue in full force and effect without said provision or portion of provision. The remainder of this Policy will be interpreted so as best to effect the intent of
the Company and Executive. 

13.4   Funding
. The Company will not be required to fund or otherwise segregate assets to be used for the payment of any benefits under the Policy. The Company will
make such payments only out of its general corporate funds, and therefore its obligation to make such payments will be subject to any claims of its other creditors. 

13.5   Withholding
. The Company may withhold all applicable taxes from payments or benefit due under this Policy. 

                                                                   10

8X8, INC.

2017 EXECUTIVE CHANGE-IN-CONTROL 

AND SEVERANCE POLICY

(As Amended and Restated as of January 31, 2019)

 

BENEFIT SCHEDULES AS OF JANUARY 31, 2019

	
Tier
	
Change-in-Control Benefits
	
Change-in-Control Severance Benefits
	
Severance Benefits

	
Tier One 

Chief Executive Officer
	
Stock Performance-Based Equity Awards: Performance condition satisfied for 100% of shares subject to a per-share target price no higher than Transaction Price; any
service-based vesting applies thereafter

TSR Performance-Based Equity Awards: Performance condition satisfied for that number of shares determined by relative appreciation of Company common stock through Change-of-Control date;
any service-based vesting applies thereafter
	
Cash: 100% of Base Salary + 100% of target Bonus

Benefits: 12 months after date of termination

Time-Based Equity Awards: 100% acceleration (50% acceleration, if within 12 months of hire date)

Performance-Based Equity Awards: 100% acceleration for shares for which performance criteria deemed satisfied as Change-in-Control benefit
	
Cash: 150% of Base Salary + prorated % of earned Bonus, based on % of performance period before termination

Benefits: 18 months after date of termination

Time-Based Equity Awards: 12 months acceleration

Performance-Based Equity Awards: 0% acceleration

	
Tier Two

Executive Vice Presidents
	
See Tier One
	
Cash: 100% of Base Salary + 0% of Bonus

Benefits: 12 months after date of termination

Time-Based Equity Awards: 100% acceleration (50% acceleration, if within 12 months of hire date)

Performance-Based Equity Awards: 100% acceleration for shares for which performance criteria deemed satisfied as Change-in-Control benefit
	
Cash: 100% of Base Salary + pro-rated Bonus

Benefits: 12 months after date of termination

Time-Based Equity Awards: no acceleration

Performance-Based Equity Awards: 0% acceleration

                                                                   S-1

	
Tier
	
Change-in-Control Benefits
	
Change-in-Control Severance Benefits
	
Severance Benefits

	
Tier Three

Senior Vice Presidents
	
See Tier One
	
Cash: 100% of Base Salary + 0% of Bonus

Benefits: 12 months after date of termination

Time-Based Equity Awards: 100% acceleration  (50% acceleration, if within 12 months of hire date)

Performance-Based Equity Awards: 100% acceleration for shares for which performance criteria deemed satisfied as Change-in-Control benefit
	
Cash: 75% of Base Salary + pro-rated Bonus

Benefits: 9 months after date of termination

Time-Based Equity Awards: no acceleration

Performance-Based Equity Awards: 0% acceleration

   

   

   

                                                                   S-2Q2 2019 Exhibit 10.37

Exhibit 10.37

August 27, 2018

Matthew Zinn

RE:SVP, General Counsel Position

Dear Matt,

On behalf of 8x8, Inc., a Delaware corporation ("8x8," or the "Company"), I am pleased to offer you the position of Senior Vice President, General Counsel, Chief
Privacy Officer and Secretary, beginning on a mutually agreed upon date no later than September 24, 2018.  The terms of your employment relationship with the Company will be as set forth
below.

	Position. You will become Senior Vice President, General Counsel, Chief Privacy Officer and Secretary.  As such, you will have responsibilities as determined
by your manager, which shall be the Company's Chief Executive Officer, and by the Board of Directors.   Your duties and responsibilities are subject to change depending on the needs of the
Company.

	Compensation.

	Base Salary. You will be paid an annualized salary of $360,000, payable in accordance with the Company's standard payroll policies, and subject to required
withholding.

	Salary Review.  Your base salary will be reviewed as part of the Company's normal salary review process.

	Expenses. You will be reimbursed for all reasonable and necessary business expenses incurred in the performance of your duties as provided in the
Company's Employee Handbook.

	Management Incentive Plan.  Subject to approval by the Board of Directors, you will be eligible to participate in the Company's Management Incentive Plan
(the "MIP"), with an annual bonus target of 50%.  Payments are made under the MIP on a quarterly and annual basis, shortly after the completion of the relevant fiscal period, based on the
Company's achievement of its performance targets and/or your attainment of your individual objectives, but only if the Company achieves or exceeds a minimum revenue-based target for the fiscal
period.  Your participation in the MIP would commence on your employment start date, and you would be entitled to a pro rata payment (based on number of days of participation) of any quarterly
and annual awards that become payable in respect of the partial period during which you begin participating in the MIP.  A copy of the MIP is attached for reference as Exhibit A.
Notwithstanding the foregoing, the Company reserves the right to change the terms of the MIP at any time.

   

8x8, Inc.                                 
2125 O'Nel Drive                                 
San Jose, CA  95131                                 
Phone: 408.727.1885                                  Fax: 408.980.0432

   

Mr. Matthew Zinn

Page 2 

	Stock Awards.

	Initial Equity Grants.  Subject to approval by the Board of Directors, you will receive the following equity awards shortly after the commencement of your
employment:

	RSUs (restricted stock units) representing rights to acquire a total of 32,820 shares of 8x8's common stock, vesting over a three-year period, with one-third (1/3) of the
total number of shares subject to the award vesting on the first anniversary of the grant date, and one-eighth (1/8) of the remaining number of shares vesting on a quarterly basis thereafter, subject
to your continued employment or other qualifying association with the Company or any of its subsidiaries; 

	PSUs (performance share units) representing rights to acquire a total of 25,678 shares of common stock (at target), which vest and may be earned in accordance with
the terms and conditions set forth on Exhibit B attached hereto; and

	RSUs representing rights to acquire a total of 3,516 shares of common stock, with 100% of the shares vesting one year from the grant date, subject to your continued
employment or other association with the Company or any of its subsidiaries. 

We expect that each of these awards will be subject to the terms and conditions of the 8x8, Inc. Amended and Restated 2012 Equity Incentive Plan (the "2012
Plan") and an award agreement between the Company and you in the Company's standard form.

	Share Retention.  You agree to acquire and retain an ownership interest in shares of 8x8 Common Stock whose value equals or exceeds one times (1X) the
amount of your base salary as set forth above in paragraph 2(a).  For avoidance of doubt, any unvested or unearned shares will not be counted towards this requirement.  You will have five years
from your start date in which to meet this stock ownership threshold.  If at any time thereafter, while you remain employed by the Company, your aggregate share ownership as defined in this
paragraph 5 should fall below the threshold, you agree (a) to retain shares as they vest and you acquire them pursuant to any awards granted to you, and (b) not to sell or otherwise transfer any of
your shares of 8x8 common stock (other than in satisfaction of withholding requirements as permitted under the 2012 Plan), until your share ownership equals or exceeds the threshold.  In the
event of a Corporate Transaction (as defined in the 2012 Plan), this paragraph 5 shall cease to apply.

	Severance Benefits.  You will be entitled to benefits under the 8x8, Inc. 2017 Executive Change-in-Control and Severance Policy (the "Policy") as
a Tier Three participant (the Senior Vice President tier), in accordance with the terms thereof.  Such benefits include potential vesting acceleration of stock-based compensation and/or cash
severance upon the termination of your employment under specified circumstances, including in connection with a Change-in-Control (as defined in the Policy), subject to the terms and conditions
of the Policy.  A copy of the Policy, as in effect on the date of this offer letter, is attached for reference as Exhibit C.  You have proposed several changes to the Policy, which
management will raise with the Compensation Committee and Board of Directors for consideration at their next meetings.

   

Mr. Matthew Zinn

Page 3 

	Benefits.  The Company will make available to you standard vacation, medical and dental insurance benefits.  The Company will also make available to you a
401(k) Plan.  Medical benefits will start on your date of hire, and dental benefits will start on the first day of the month following your date of hire.  You will also be eligible to participate in the
Company's Employee Stock Purchase Plan, the offering periods for which commence on February 1st and August 1st of each year.  A copy of this plan is available
at the SEC's website at https://www.sec.gov/Archives/edgar/data/1023731/000113626117000117/exh10-4.htm.  A summary of benefits is being provided to you with this letter.

	 Standard Confidentiality and Inventions Assignment Agreement.  Like all Company employees, you will be required to sign the Company's standard form of
Confidential Information and Inventions Assignment Agreement (the "Confidentiality Agreement"), which includes provisions relating to the use and disclosure of the Company's
proprietary and confidential information, the assignment of inventions, and the solicitation of Company employees, among other provisions.

	Compliance with Obligations to Former Employers.  During the course of your employment with 8x8, we expect you to comply with any and all duties and
obligations you may have to your former employers (including your current employer), including, for example, prohibitions against the use or disclosure of such employer's confidential information,
or the solicitation of its employees.

 We do not want you to take with you, or to use or disclose during the course of your employment with 8x8, any trade secrets or other confidential or proprietary information
of these other companies.  Prior to commencing your employment with 8x8, we expect you to return or destroy (as directed by your former employer) any confidential information of your former
employer that you may have in your possession or under your control, in accordance with its policies and instructions.  You will not need this information to perform your duties at 8x8, and using
such information would violate 8x8 policies.  8x8 is hiring you for your talents, skills, general industry knowledge and expertise. 

We understand from our discussions with you that working for 8x8 in the role described in this letter will not violate any restrictions against working for competitors or similar
covenants to which you may be subject.  If this is incorrect, please do not sign this letter and contact us as soon as possible to discuss.  We encourage you to consult with a
personal attorney if you have any uncertainty in this regard.

	At-Will Employment; Employee Handbook.  You will be an at-will employee of the Company, meaning that either you or the Company may terminate your
employment at any time, without notice, for any reason or no reason, subject to applicable law.  You will be expected to review and comply with the policies set forth in the Company's Employee
Handbook, which will be made available to you on or around your first day of employment.  The Employee Handbook, as amended from time to time, will be a part of the terms of your employment
with the Company.

	No Outside Consulting.  You agree not to serve on the board of directors (or in a comparable supervisory position) of any other organization, nor to perform
any outside consulting work for any other person or organization, while you remain employed full-time at the Company, other than with the advance written approval of the Chief Executive Officer.
This restriction shall not apply to any positions in which you currently serve and have disclosed in writing to the Company.

   

Mr. Matthew Zinn

Page 4 

	Background Check.  This offer letter is contingent upon satisfactory results of a background check and reference checks (which you hereby authorize the
Company to conduct), and it may be rescinded at any time in the event either such check fails to meet the Company's reasonable and lawful requirements.  In addition, this offer letter is contingent
on your demonstrating your right to work in the United State in accordance with applicable law.

	Expiration Date.  You will be deemed to have accepted this offer when the Company receives your signed counterpart to this offer letter.  This offer will expire
at 5:00pm Pacific Time on Tuesday, August 28, 2018.

	Start Date.  Your new position will become effective on a mutually agreed upon date no later than Monday, September 24, 2018.

   

Congratulations on joining the team!

 
Sincerely,

 

By: /s/ Vikram Verma

   Vikram Verma

    Chief Executive Officer

ACCEPTED:

 

/s/ Matthew Zinn

Matthew Zinn

Date: August 27, 2018

   

   

Mr. Matthew Zinn

Exhibits to Offer Letter

   

   

   

Exhibit A

8x8, Inc. Amended and Restated Management Incentive Bonus Plan

 

[See attached]*

 

   

   

   

   

* This document was filed as Exhibit 10.4 to the Registrant's Annual Report on Form 10-K for the fiscal year ended March 31, 2018, filed on May 30, 2018. 

   

Mr. Matthew Zinn

Exhibits to Offer Letter

   

   

Exhibit B

PSU Vesting Schedule

PSUs will vest (1) as to 50% of the total number of "on-target" shares, on the second anniversary of the grant date, and (2) as to the remaining 50% of the
total number of "on-target" shares, on the third anniversary of the grant date, in each case subject to performance of the Company's Common Stock relative to the Russell 2000 Index
during the period from grant date through the applicable vesting date, with 100% of the applicable tranche vesting if the total shareholder return (TSR) of the Company's Common Stock equals the
TSR of the Russell 2000 Index over the applicable measurement period.  The number of PSUs that vest will be increased (or decreased), relative to target, by 2% for each 1% positive (or negative)
difference in the TSR of the Company's Common Stock relative to the TSR of the Russell 2000 Index; provided, however, (1) in the event the TSR of the Company's Common Stock is more than
30% lower than the TSR of the Russell 2000 Index for the applicable measurement period, no PSUs of the applicable tranche shall vest, and (2) in no event will the total number of PSUs that vest in
the event of a positive difference in the TSR of the Company's Common Stock relative to the TSR of the Russell 2000 Index exceed 200% of the total number of "on-target" PSUs in the
applicable tranche.

TSR shall be determined on a percentage basis based on the change in value of a $100 investment in Company Common Stock and the Russell 2000 Index, respectively,
made on the grant date, including deemed reinvestment of dividends. Fair market value of Company Common Stock and the Russell 2000 Index on any particular date shall be the 30-day trading
average price for the period prior to and through the date of determination.  

In addition and notwithstanding anything herein to the contrary, all vesting is subject to continued employment or other association with the Company or any of its subsidiaries
through the end of the applicable measurement period.

 

 

 

 

   

Mr. Matthew Zinn

Exhibits to Offer Letter

   

   

Exhibit C

8x8, Inc. 2017 Executive Change-in-Control and Severance Policy

 

[See attached]

 

 

   

   

   

   

* This document was filed as Exhibit 10.3 to the Registrant's Annual Report on Form 10-K for the fiscal year ended March 31, 2018, filed on May 30, 2018. 

   

   

October 23, 2018

VIA E-MAIL

Mr. Matthew Zinn

               E-mail:  matthew.zinn@8x8.com

RE:Changes to Your Terms of Employment

Dear Matt,

On behalf of 8x8, Inc., a Delaware corporation ("8x8," or the "Company"), I am pleased to inform you that the Board of Directors has approved the award to you of
performance share units ("PSUs") representing rights to acquire a total of 34,313 shares of the Company's common stock (at target).  These PSUs were granted
in lieu of the PSU award for 25,678 shares of common stock (at target) referenced in your offer letter dated August 27, 2018.  All other terms of the PSU award granted to
you are consistent with the terms referenced in your offer letter.

In addition, pursuant to the approval of the Board, section 6 of the offer letter between the Company and you dated August 27, 2018 is hereby amended in order to delete the
last sentence in that section 6 and to add the following language in its place:

"Notwithstanding the provisions of the Policy (including, without limitation, Section 4.3 thereof and the Benefits Schedule attached thereto), in the event
you experience a Constructive Termination in Connection with a Change-in-Control, among other severance benefits you would receive from the Company (as provided in the
Policy), you will vest in 100% of your outstanding Time-Based Equity Awards effective as of your date of termination (or, if later, the date of the Change-in-Control), regardless of
whether the date of termination or the date of the Change-in-Control (or both) occurs prior to the 12-month anniversary of your date of hire.  Subject to and upon your execution of
this offer letter, the Policy shall be deemed amended solely to the extent necessary to allow you to receive the vesting benefits described in this paragraph 6, without impacting any
benefits to which any other Executive would be entitled, or any other benefits to which you would be entitled, under the Policy.  Capitalized terms used and not defined in this
paragraph 6 shall have the meanings assigned to them in the Policy."

8x8, Inc.                                 
2125 O'Nel Drive                                 
San Jose, CA  95131                                 
Phone: 408.727.1885                                  Fax: 408.980.0432

   

Mr. Matthew Zinn

October 23, 2018

Page 2 

Sincerely,

8x8, Inc. 

 

By: /s/ Vikram Verma

  Vikram Verma

      Chief Executive Officer

Acknowledged and Agreed:

/s/ Matthew Zinn

    Matthew Zinn

   

   

   

8x8, Inc.                                 
2125 O'Nel Drive                                 
San Jose, CA  95131                                 
Phone: 408.727.1885                                  Fax: 408.980.0432

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00289-of-00352.parquet"}]]