Document:

Exhibit

Exhibit 10.56
	
			
	[COMPANY LOGO]
	 
	Rocket Fuel Inc.
1900 Seaport Boulevard
Pacific Shores Center
Redwood City, CA 94063
Phone: 650.517.1300

	 
	 
	 

	 
	August 20, 2016
	 

Rick Pittenger

Dear Rick:

On behalf of Rocket Fuel Inc. (“Rocket Fuel” or the “Company”), I am pleased to offer you the position of SVP, Engineering of Rocket Fuel. You will report directly to Randy Wootton, CEO. You will work primarily from our office in Redwood City, California, but will manage a distributed team.  Your compensation and benefits package outlined in this offer letter (“Offer Letter”) are subject to approval by the Board or its designated committee.

Cash Compensation and Benefits

Your starting base salary will be $325,000 and will be paid in accordance with Rocket Fuel’s normal payroll procedures. In addition, you will be eligible for a bonus of 50% of your base salary pursuant to Rocket Fuel’s Executive Incentive Compensation Plan (“Bonus Plan”), and subject to your continued employment through the date the bonus is earned pursuant to the terms of the Bonus Plan. This bonus is not part of your base compensation and the Company reserves the right to adjust the bonus terms and amounts at any time pursuant to the Bonus Plan.  Incentive compensation, including bonuses paid pursuant to the Bonus Plan, will be subject to any Company recoupment or clawback policy that may be established and/or amended from time to time, and you may be required to forfeit, return and/or reimburse   the Company for all or a portion of such incentive compensation in accordance with such recoupment or clawback policy and/or as necessary or appropriate to comply with applicable law.  You will be eligible to participate in the Bonus Plan as described above beginning with the 2016 fiscal year and your participation may be pro-rated depending on your agreed start date in 2016.

All amounts payable under this Offer Letter will be paid subject to applicable tax withholdings.

You will also be eligible to participate in Rocket Fuel’s complete package of employee benefits that are generally made available to all of Rocket Fuel’s full-time employees, subject to the terms, conditions and eligibility requirements of such benefits. Details about these benefit plans will be made available 

Mr. Rick Pittenger
August 20, 2016
Page 2 of 5

for your review. You should note that Rocket Fuel may modify or terminate benefits from time to time, as it deems necessary or appropriate.

You will be expected to travel in connection with your employment. Rocket Fuel will reimburse you for reasonable business expenses incurred in connection with your employment, upon presentation of appropriate documentation and in accordance with the Company’s expense reimbursement policies.

Option Award

Additionally, following your first day of employment in the position of SVP, Engineering, and subject to your continued employment with the Company on the date of grant, it will be recommended to the Board or its designated committee, that you be granted the following option award, as approved by either the Company's independent compensation committee or a majority of the Company's independent directors: a stock option to purchase 325,000 shares of Rocket Fuel’s common stock (the “Option Award”) at a price per share equal to the fair market value per share of Rocket Fuel’s common stock on the date of grant, as determined in accordance with the Rocket Fuel equity plan under which it is granted.  We will recommend to the Board or its designated committee that the Option Award be scheduled to vest in accordance with the four-year vesting schedule typically applied to employee equity awards of the applicable type, subject to your continued service to Rocket Fuel through each applicable vesting date.  Your Option Award will be subject to (a) the terms and conditions of the Rocket Fuel equity plan under which it is granted, (b) the terms and conditions, including vesting schedule, of an option award agreement that will be provided to you as soon as practicable after the grant of the Option Award, and (c) Rocket Fuel’s Management Retention Agreement, if executed by you. If the Board establishes stock ownership requirements for officers, you recognize that you may be subject to those requirements as SVP, Engineering.

Severance Benefits

If you have a qualifying termination of employment, you will be entitled to certain payments and benefits in such amounts and pursuant to such terms and conditions as set forth in the Company’s Board approved Management Retention Agreement, if separately executed by you, which is attached hereto as Exhibit A.

Additional Terms

As a Rocket Fuel employee, you will be expected to abide by Rocket Fuel rules and regulations and sign and comply with Rocket Fuel’s At Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement (“Proprietary Information and Inventions 

Mr. Rick Pittenger
August 20, 2016
Page 3 of 5

Agreement”) that, among other things, prohibits the unauthorized use or disclosure of Rocket Fuel proprietary information.

We ask that, if you have not already done so, you disclose to Rocket Fuel any and all agreements relating to your prior employment that may affect your employment by Rocket Fuel or limit the manner in which you may be employed. It is Rocket Fuel’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.

We also ask that, if you have not already done so, you disclose to Rocket Fuel any and all agreements relating to your prior employment that may affect your eligibility to be employed by Rocket Fuel or limit the manner in which you may be employed. Based on your representations, it is Rocket Fuel’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 addition, you agree that, during the term of your employment with Rocket Fuel, you will not engage in any other employment, occupation, consulting, or other business activity directly related to the business in which Rocket Fuel is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to Rocket Fuel. Similarly, you agree not to bring any third-party confidential information to Rocket Fuel, including that of your former employer, and that you will not in any way utilize any such information in performing your duties for us.

By signing below, you agree that your employment with Rocket Fuel is an employment “at will.” Employment “at will” means either party may terminate the relationship at any time for any reason whatsoever, with or without cause or advance notice. Rocket Fuel reserves the right to revoke this offer should it not receive a satisfactory reference check and background screen for you or satisfactory verification of employment eligibility.

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 a list of acceptable  documents.

This Offer Letter will be governed by the laws of the State of California, without reference to rules relating to conflicts of law or choice of law. This Offer Letter, together with the Proprietary Information and Inventions Agreement, and the Management Retention Agreement, is the entire agreement between you and Rocket Fuel with respect to your employment and supersedes any other agreements or promises made to you by anyone, whether oral or written. This Offer Letter may not be modified except in writing between you and another authorized officer of Rocket Fuel.

Mr. Rick Pittenger
August 20, 2016
Page 4 of 5

Please sign and date this Offer Letter and return one copy to Rocket Fuel by [DATE], 2016, if you wish to accept employment under the terms described above.   If you accept our offer, the first day of your employment will begin on September 6, 2016. This offer of employment will terminate if it is not accepted, signed and returned to me by August 22, 2016.

We welcome you to the Rocket Fuel team and look forward to your contribution to Rocket Fuel’s success. If you have any questions regarding this Offer Letter, feel free to contact me at any time.

Sincerely,
/s/ Jennifer Trzepacz    Aug-20-2016
Jennifer Trzepacz
SVP, Employee Success

AGREED TO AND ACCEPTED:
	
					
	 
	 
	 
	 
	 

	Signature:  /s/ Richard Pittenger
	 
	 
	 
	 

	Printed Name:  Rick Pettinger
	 
	 
	 
	 

	Date:  Aug-20-2016
	 
	 
	 
	 

Mr. Rick Pittenger
August 20, 2016
Page 5 of 5

Exhibit A

Management Retention AgreementExhibit

Exhibit 10.57

Exhibit A
        

[COMPANY  LOGO]

Strictly Private & Confidential
To be Read by Addressee Only

David Gosen
[address] 

03 May 2016 

Dear David
I am pleased to offer you the position of SVP International at Rocket Fuel Limited (the "Company").
Your employment will be on the terms and conditions set out in more detail in a contract of employment which will be sent to you in due course.  
Main terms
		
	1.
	Start Date. It is intended that your employment with the Company will commence on June 6, 2016.

		
	2.
	Annual salary.  The Company will pay you an annual salary of £250,000, payable in equal monthly instalments and subject to deduction of applicable income tax and national insurance contributions.

		
	3.
	Bonus. You will be eligible to participate in the Company's bonus plan and subject to satisfaction of applicable performance and other conditions shall be entitled to payment of a bonus of up to 50% of your base salary per annum.  Your eligibility for and payment of any bonus sum shall be subject to the terms and conditions set out in your employment agreement and the applicable bonus plan as amended from time to time.  

		
	4.
	Stock Options. Details of any stock options will be sent to you by separate letter.

		
	5.
	Management Retention Agreement.  Subject to the approval of Rocket Fuel Inc.'s compensation committee or board of directors, you shall be entitled to participate in a management retention agreement which provides for certain payments to be made to you in the event that your employment with the Company is terminated in specific circumstances, for example in the event of a change of control.  Any such payment will be subject to the terms and conditions of the management retention agreement, a copy of which shall be provided to you once the compensation committee or the board of Rocket Fuel Inc. has approved your participation in the management retention agreement.

		
	6.
	Employee benefits.  As an employee of the Company, you may be eligible to participate in certain Company-sponsored benefits, any details of which will be provided to you.

		
	7.
	Probationary period. Your employment will be subject to satisfactory completion of a 6 month probationary period during which your employment may be terminated on 1 month’s notice by either you or the Company.

Rocket Fuel Ltd company registration number: 07488984
Registered office: 34 Bow Street, London, UK, WC2E 7AU
VAT registration number: 109434327 

Exhibit A
        

[COMPANY  LOGO]

		
	8.
	Notice.  Following successful completion of your probationary period, you will be entitled to receive or be required to give a minimum of 6 months' notice to terminate your employment.

		
	9.
	Holiday.  You will be entitled to 25 days' holiday in each holiday year.  In addition, you are entitled to the usual public holidays in England and Wales.

		
	10.
	Place of work.  Your principal place of work will be at our offices in central London. You will be required to travel both within and outside of the United Kingdom as shall be necessary for the proper performance of your duties, including but not limited to the Company's head office in the US.

So far as there is any inconsistency between the terms of this letter and your contract of employment, the terms of your contract of employment will prevail.
Conditions
This offer is subject to the following conditions:
		
	(a)
	all information supplied by you to the Company being true and complete;

		
	(b)
	you signing and returning a contract of employment;

receipt by us of references which are satisfactory to the Company.  Please provide me with the names and contact details of two referees, one of which must be your current/most recent employer.  Please confirm in writing that you consent to us writing to them to obtain a reference.  We will not take up the references until you have accepted the offer;
		
	(c)
	the Company receiving satisfactory results in respect of any background checks undertaken against you;

		
	(d)
	you providing proof of any professional qualifications that you have declared on your CV.  This will include copies of any certificates/diplomas or awards you may have;

		
	(e)
	you producing to the Company your passport or such other documentation as we may require evidencing your right to remain and work in the United Kingdom (which we shall then copy and return to you).  If you do not hold a British passport or a passport from a country within the EEA or a passport from a non-EEA country which gives you the right to work in the UK, the Company will need to see one or more additional documents.  If this is the case then please let us know and we will inform you what documents you will need to provide. If you are subject to immigration restrictions on working in the UK this offer and your continuing employment are also subject to you possessing the necessary permissions to work in the UK.  In the event that such permissions lapse or expire your employment will be automatically terminate without the need for notice.

This offer will automatically lapse and be of no effect if any of the above conditions are not satisfied or it becomes clear to the Company that the condition will not be satisfied prior to the commencement of your employment.
Data Protection
As part of the process of personnel administration, we already hold certain personal details about you. 
If you accept this offer of employment, this information will inevitably increase (for example, to include sickness absence records, performance appraisals etc.).  By accepting this offer, you consent to the Company processing your personal and where appropriate, sensitive personal data for the purposes of 

Rocket Fuel Ltd company registration number: 07488984
Registered office: 34 Bow Street, London, UK, WC2E 7AU
VAT registration number: 109434327

Exhibit A
        

[COMPANY  LOGO]

personnel or pensions administration, employee management or compliance with any laws or regulations applicable to the Company.
You accept that such processing may require the Company to disclose some of your data to third parties, such as government agencies or regulatory bodies.  If it is necessary or desirable to do so, your personal and, where appropriate, sensitive personal data may be transferred outside of the European Economic Area including, but not limited to, the United States of America, for the purposes listed above, and by accepting this offer of employment you consent to such transfer(s) being made.
Acceptance
It is not our intention that you should breach any contractual obligations to any third party, such as a restriction imposed by a current or former employer.  By accepting this offer you warrant that you will not commit any such breach by accepting this offer or performing your obligations for the Company.
You further warrant and agree that:
		
	(a)
	you will not be accepting this offer in reliance on any representation not expressly set out in this offer letter; and

		
	(b)
	you have no previous convictions and have not previously been reported for or been subject to investigation for fraud or bribery related offences including without limitation, offences under the Bribery Act 2010.

We very much hope that you will accept this offer and join us.  If you wish to do so, please sign the enclosed copy of this letter and return it to me.  Your full contract of employment will follow in due course and your employment is conditional upon signature of that contact.
As you will appreciate, it is helpful for us to have your response as soon as possible and therefore this offer is open for you to accept until 5.30pm GMT on  May 11, 2016 at which time it will lapse without further notice being given to you. 
I look forward to hearing from you and please do not hesitate to contact me should you require any further information or wish to talk though any matter in more detail. 
Yours sincerely,
/s/ Tracy Nobin
Tracy Nobin, VP Head of HR EMEA 
For and on behalf of Rocket Fuel Limited

	
					
	 

I accept the offer of employment on the terms and conditions set out in this letter and which I understand will be subject to terms and conditions set out in more detail in a contract of employment. 

	
				
	Signed:
	/s/ David Gosen
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	Date:
	5th May 2016
	 
	 

Rocket Fuel Ltd company registration number: 07488984
Registered office: 34 Bow Street, London, UK, WC2E 7AU
VAT registration number: 109434327

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]