Document:

EX-10.14

 Exhibit 10.14 
  

			
	

	 	 Penumbra, Inc.

2551 Merced Street
 San Leandro, CA
94577
 Phone: (510) 614-6491
 Fax:
(510) 614-4411

 December 10, 2004 

Mr. James R. Pray 
  

	Re:	Employment Agreement 

 Dear Jim: 

On behalf of Penumbra, Inc. (“Company”), I am pleased to offer you employment in the position of President, reporting to Adam Elsesser. This letter
sets out the terms of your employment with the Company, which will start on January 4, 2005. 
 You will be paid a starting base salary of $6,807.69
every two weeks, which equals $177,000 per year, less applicable tax and other withholdings. This position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay if you work
more than 8 hours in a workday or 40 hours in a workweek. 
 You will also be eligible to participate in various Company fringe benefit plans, in accordance
with the Company’s benefit plan requirements. You will also be eligible to participate in any incentive compensation plan that may be established by the Company during your employment. 

Subject to the approval of the Company’s Board of Directors, you will be granted an option to purchase 500,000 shares of Company common stock under the
Company’s stock option plan at an exercise price equal to the fair market value of that stock on your option grant date. Your option will vest over a period of four years, and will be subject to the terms and conditions of the Company’s
stock option plan and standard form of stock option agreement, which you will be required to sign as a condition of receiving the option. 
 Your employment
with the Company is “at will.” This means it is for no specified term and may be terminated by you or the Company at any time, with or without cause or advance notice. In addition, the Company reserves the right to modify your
compensation, positions, duties or reporting relationship to meet business needs and to decide on appropriate discipline. 
 As a condition of your
employment, you will be required to sign the Company’s standard form of employee nondisclosure and assignment agreement (a copy of which is enclosed), and to provide the Company with documents establishing your identity and right to work in the
United States. Those documents must be provided to the Company within three business days of your employment start date. 

 In the event of any dispute or claim relating to or arising out of your employment relationship with the Company,
this agreement, or the termination of your employment with the Company for any reason (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race, national origin, disability or other discrimination or
harassment), all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted by the American Arbitration Association (“AAA”) under AAA’s National Rules for the Resolution of Employment Disputes then
in effect, which are available online at the AAA’s website at www.adr.org or by requesting a copy from the Company. You and the Company hereby waive your respective rights to have any such disputes or claims tried before a judge or jury.

 This agreement and the non-disclosure and stock option agreements referred to above constitute the entire agreement between you and the Company regarding
the terms and conditions of your employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and the Company. The provisions of this agreement regarding “at will” employment and
arbitration may only be modified by a document signed by you and an authorized representative of the Company. 
 Jim, we look forward to working with you at
the Company. Please sign and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement. 
  

			
	Sincerely,
	
	PENUMBRA, INC.
		
	By:		 /s/ Adam Elsesser

			Adam Elsesser
			CEO

 I agree to and accept employment with Penumbra on the terms and conditions set forth in this agreement. I understand and
agree that my employment with the Company is at-will. 
  

					
	Date: 27 December, 2004				 /s/ James R. Pray

					James R. PrayEX-10.15

 Exhibit 10.15 
  

			
	

	 	Penumbra, Inc.
	 	2401 Merced Street
	 	Suite 200
	 	San Leandro, CA 94577
	 	Phone: (510) 618-3200
	 	Fax: (510) 618-3232

 December 18, 2007 

Ms. Lynn Rothman 
  

	Re:	Employment Agreement 

 Dear Lynn: 

On behalf of Penumbra, Inc. (“Company”), I am pleased to offer you employment in the position of Director of Human Resources, reporting to Adam
Elsesser. This letter sets out the terms of your employment with the Company, which will start on January 2, 2008. 
 Initially, you will work
part-time, approximately 20 hours per week. Upon mutual agreement at any time after your start date, your part-time status will change permanently to full-time status. During the part-time portion of your employment, you will be paid $3,365.38 every
two weeks, which equals $87,500 per year, less applicable tax and other withholdings. When your status changes to full-time, you will be paid $6,730.77 every two weeks, which equals $175,000 per year, less applicable tax and other withholdings. This
position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay if you work more than 4 hours in a workday or 20 hours in a workweek when you are part-time, or 8 hours in a
workday or 40 hours in a workweek when you are full-time. 
 During the part-time portion of your employment, you will not be eligible to participate in
Company fringe benefit plans. When your employment status becomes full-time, you will be eligible to participate in various Company fringe benefit plans, in accordance with the Company’s benefit plan requirements. You will also be eligible to
participate in any incentive compensation plan that may be established by the Company during your employment. 
 Subject to the approval of the
Company’s Board of Directors, you will be granted an option to purchase 50,000 shares of Company common stock under the Company’s stock option plan at an exercise price equal to the fair market value of that stock on your option grant
date. Your option will vest over a period of four years, and will be subject to the terms and conditions of the Company’s stock option plan and standard form of stock option agreement, which you will be required to sign as a condition of
receiving the option. 
 Your employment with the Company is “at will.” This means it is for no specified term and may be terminated by you or the
Company at any time, with or without cause or advance notice. In addition, the Company reserves the right to modify your compensation, positions, duties or reporting relationship to meet business needs and to decide on appropriate discipline. 

As a condition of your employment, you will be required to sign the Company’s standard form of employee nondisclosure and assignment agreement (a copy of
which is enclosed), and to 

 
provide the Company with documents establishing your identity and right to work in the United States. Those documents must be provided to the Company within three business days of your employment
start date. 
 We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that
may affect your eligibility to be employed by the Company or limit the manner in which you may be employed. It is the Company’s understanding that any such agreements will not prevent you from performing the duties of your position and you
represent that such is the case. 
 In the event of any dispute or claim relating to or arising out of your employment relationship with the Company, this
agreement, or the termination of your employment with the Company for any reason (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race, national origin, disability or other discrimination or
harassment), all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted by the American Arbitration Association (“AAA”) under AAA’s National Rules for the Resolution of Employment Disputes then
in effect, which are available online at the AAA’s website at www.adr.org or by requesting a copy from the Company. You and the Company hereby waive your respective rights to have any such disputes or claims tried before a judge or jury.

 This agreement and the non-disclosure and stock option agreements referred to above constitute the entire agreement between you and the Company regarding
the terms and conditions of your employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and the Company. The provisions of this agreement regarding “at will” employment and
arbitration may only be modified by a document signed by you and an authorized representative of the Company. 
 Lynn, we look forward to working with you
at the Company. Please sign and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement. 
  

			
	Sincerely,
	
	PENUMBRA, INC.
		
	By:		 /s/ Adam Elsesser

			Adam Elsesser
			CEO

 I agree to and accept employment with Penumbra on the terms and conditions set forth in this agreement. I understand and
agree that my employment with the Company is at-will. 
  

					
	Date: 12/19, 2007				 /s/ Lynn Rothman

					Lynn RothmanEX-10.16

 Exhibit 10.16 
  

			
	

	 	Penumbra, Inc.
	 	2401 Merced Street
	 	Suite 200
	 	San Leandro, CA 94577
	 	Phone: (510) 618-3200
	 	Fax: (510) 618-3232

 October 18, 2007 

Mr. Robert D. Evans 
  

	Re:	Employment Agreement 

 Dear Bob: 

On behalf of Penumbra, Inc. (“Company”), I am pleased to offer you employment in the position of Executive Vice President and General Counsel,
reporting to Adam Elsesser. This letter sets out the terms of your employment with the Company, which will start on December 3, 2007 or such other date as you and Penumbra agree upon. 

You will be paid a starting base salary of $7,692.31 every two weeks, which equals $200,000 per year, less applicable tax and other withholdings. This
position is an exempt position, which means you are paid for the job and not by the hour. Accordingly, you will not receive overtime pay if you work more than 8 hours in a workday or 40 hours in a workweek. 

You will also be eligible to participate in various Company fringe benefit plans, in accordance with the Company’s benefit plan requirements. You will
also be eligible to participate in any incentive compensation plan that may be established by the Company during your employment. 
 Subject to the approval
of the Company’s Board of Directors, you will be granted an option to purchase 150,000 shares of Company common stock under the Company’s stock option plan at an exercise price equal to the fair market value of that stock on your option
grant date. Your option will vest over a period of four years, and will be subject to the terms and conditions of the Company’s stock option plan and standard form of stock option agreement, which you will be required to sign as a condition of
receiving the option. 
 Your employment with the Company is “at will.” This means it is for no specified term and may be terminated by you or the
Company at any time, with or without cause or advance notice. In addition, the Company reserves the right to modify your compensation, positions, duties or reporting relationship to meet business needs and to decide on appropriate discipline. 

As a condition of your employment, you will be required to sign the Company’s standard form of employee nondisclosure and assignment agreement (a copy of
which is enclosed), and to provide the Company with documents establishing your identity and right to work in the United States. Those documents must be provided to the Company within three business days of your employment start date. 

 In the event of any dispute or claim relating to or arising out of your employment relationship with the Company,
this agreement, or the termination of your employment with the Company for any reason (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race, national origin, disability or other discrimination or
harassment), all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted by the American Arbitration Association (“AAA”) under AAA’s National Rules for the Resolution of Employment Disputes then
in effect, which are available online at the AAA’s website at www.adr.org or by requesting a copy from the Company. You and the Company hereby waive your respective rights to have any such disputes or claims tried before a judge or jury.

 This agreement and the non-disclosure and stock option agreements referred to above constitute the entire agreement between you and the Company regarding
the terms and conditions of your employment, and they supersede all prior or contemporaneous negotiations, representations or agreements between you and the Company. The provisions of this agreement regarding “at will” employment and
arbitration may only be modified by a document signed by you and an authorized representative of the Company. 
 Bob, we look forward to working with you at
the Company. Please sign and date this letter on the spaces provided below to acknowledge your acceptance of the terms of this agreement. 
  

			
	Sincerely,
	
	PENUMBRA, INC.
		
	By:		 /s/ Adam Elsesser

			Adam Elsesser
			CEO

 I agree to and accept employment with Penumbra on the terms and conditions set forth in this agreement. I understand and
agree that my employment with the Company is at-will. 
  

					
	Date:             , 2007				 /s/ Robert D. Evans

					Robert D. Evans

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