Document:

Exhibit 10.18

 

Boxed, Inc.

Non-Employee Director Compensation Policy

 

Non-employee members of the
board of directors (the “Board”) of Boxed, Inc. (the “Company”) shall be eligible
to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this “Policy”).
The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action
of the Board, to each member of the Board who (a) is “independent,” as defined in the New York Stock Exchange Listed Company
Manual, (b) is not an employee of the Company or any parent or subsidiary of the Company and (c) did not otherwise serve as Chief Executive
Officer or the Chief Financial Officer of the Company (or any predecessor thereto) prior to the Effective Date (each, a “Non-Employee
Director”) who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the
receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective on the date immediately
after the consummation of the mergers contemplated by the Agreement and Plan of Merger by and among Seven Oaks Acquisition Corp., Blossom
Merger Sub Inc., Blossom Merger Sub II, LLC and Giddy Inc. (as it may be amended and/or restated from time to time) (the “Effective
Date”) and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended,
modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior
cash and/or equity compensation arrangements for service as a member of the Board between the Company (or any predecessor thereto) and
any of its Non-Employee Directors and between any subsidiary of the Company (or any predecessor thereto) and any of its non-employee directors.

 

1.                 
Cash Compensation.

 

(a)              
Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $62,500 for service on the Board.

 

(b)              
Additional Annual Retainers. In addition, a Non-Employee Director shall receive the following annual retainers:

 

(i)                
Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual
retainer of $20,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson thereof)
shall receive an additional annual retainer of $10,000 for such service.

 

(ii)             
Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional
annual retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Compensation Committee (other than the
Chairperson thereof) shall receive an additional annual retainer of $7,500 for such service.

 

(iii)            Nominating
and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Corporate Governance Committee shall
receive an additional annual retainer of $10,000 for such service. A Non-Employee Director serving as a member of the Nominating and
Corporate Governance Committee (other than the Chairperson thereof) shall receive an additional annual retainer of $5,000 for such
service.

 

     

     

    

 

(c)              
Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based
on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar
quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section
1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable
to such Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion determined by multiplying
such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director
serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and
the denominator of which is the number of days in the applicable calendar quarter.

 

2.                 
Equity Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described
below shall be granted under and shall be subject to the terms and provisions of the Company’s 2021 Incentive Award Plan or any
other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the “Equity
Plan”) and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially
the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein,
and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

 

(a)              
Initial Awards. Each Non-Employee Director who (i) serves on the Board as of the first business day following the filing
of a registration statement on Form S-8 with respect to the Equity Plan (the “Initial Issuance Date”) and (ii)
will continue to serve as a Non-Employee Director immediately following the Initial Issuance Date, shall be automatically granted, on
the Initial Issuance Date, an award of restricted stock units that has an aggregate fair value on the Initial Issuance Date of $62,500
(as determined in accordance with FASB Accounting Codification Topic 718 (“ASC 718”) and subject to adjustment
as provided in the Equity Plan). The awards described in this Section 2(a) shall be referred to herein as the “Initial Awards”).
For the avoidance of doubt, a Non-Employee Director eligible to receive an Initial Award shall not be eligible to receive a Start Date
Award (as defined below).

 

(b)               Annual
Awards. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company’s
stockholders (an “Annual Meeting”) after the Effective Date and (ii) will continue to serve as a
Non-Employee Director immediately following such Annual Meeting, shall be automatically granted, on the date of such Annual Meeting,
an award of restricted stock units (unless otherwise determined by the Board), that has an aggregate fair value on the date of grant
of $62,500 (as determined in accordance with ASC 718 and subject to adjustment as provided in the Equity Plan). The awards described
in this Section 2(b) shall be referred to as the “Annual Awards.” For the avoidance of doubt, a
Non-Employee Director elected for the first time to the Board at an Annual Meeting shall receive only an Annual Award in connection
with such election, and shall not receive any Start Date Award on the date of such Annual Meeting as well.

 

    2 

     

    

 

(c)              
Start Date Awards. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed
to the Board after the Initial Issuance Date on any date other than the date of an Annual Meeting shall be automatically granted, on the
date of such Non-Employee Director’s initial election or appointment (such Non-Employee Director’s “Start Date”),
an award of restricted stock units that has an aggregate fair value on such Non-Employee Director’s Start Date equal to the product
of (i) $62,500 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number
of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director’s Start Date
(or, if no such Annual Meeting has occurred, the Effective Date) and ending on such Non-Employee Director’s Start Date and the denominator
of which is 365 (with the number of shares of common stock underlying each such award subject to adjustment as provided in the Equity
Plan). The awards described in this Section 2(c) shall be referred to as “Start Date Awards.” For the
avoidance of doubt, no Non-Employee Director shall be granted more than one Start Date Award.

 

(d)              
Termination of Employment of Employee Directors. Members of the Board (i) who are employees of the Company or any parent
or subsidiary of the Company and did not otherwise serve as Chief Executive Officer of the Company (or any predecessor thereto) prior
to the Effective Date and (ii) who subsequently terminate their employment with the Company and any parent or subsidiary of the Company
and remain on the Board will not receive an Start Date Award pursuant to Section 2(c) above, but to the extent that they are otherwise
eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company,
Annual Awards as described in Section 2(b) above.

 

(e)              
Vesting of Awards Granted to Non-Employee Directors. Each Initial Award shall vest on the first Annual Meeting following
the Initial Issuance Date, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date,
and each Annual Award and Start Date Award shall vest on the earlier of (i) the day immediately preceding the date of the first Annual
Meeting following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing
in service on the Board through the applicable vesting date. No portion of an Initial Award, Annual Award or Start Date Award that is
unvested at the time of a Non-Employee Director’s termination of service on the Board shall become vested thereafter. All of a Non-Employee
Director’s Initial Awards, Annual Awards and Start Date Awards shall vest in full immediately prior to the occurrence of a Change
in Control (as defined in the Equity Plan), to the extent outstanding at such time.

 

* * * * *

 

    3Document

Exhibit 10.1

875 Stevenson Street, 5th Floor, San Francisco, CA 94103
November 18, 2021

John Caine
[***]

Re: Employment Terms 

Dear John:

NerdWallet, Inc. (“NerdWallet” or the “Company”) is pleased to offer you employment in the position of Chief Product Officer on the following terms.

You will report to our CEO, Tim Chen. Of course, the Company may change your position, duties, and work location from time to time in its discretion.

This offer will be contingent upon a background check clearance, satisfactory reference check, and satisfactory proof of your right to work in the United States being provided within three (3) business days of your date of hire. You agree provide any documentation or information at the Company’s request to facilitate these processes.

Compensation; Benefits

You will receive an annual salary of $525,000.00, less payroll deductions and withholdings, payable on the Company’s ordinary payroll cycle. As an exempt salaried employee, you will be expected to work the Company’s normal business hours as well as additional hours as required by the nature of your work assignments, and you will not be entitled to overtime compensation. During your employment, you will be eligible to participate in the standard benefits plans offered to similarly situated employees by the Company from time to time, subject to plan terms and generally applicable Company policies. Details about these benefits are available for your review.

The Company may change compensation and benefits from time to time in its discretion.

Signing Bonus

You will also receive a one-time signing bonus in the amount of $200,000 (the “Signing Bonus”), less applicable deductions and withholdings required by law. The Signing Bonus will be paid as a lump sum in the payroll period immediately following your start date. In the event you voluntarily terminate your employment with the Company or the Company terminates your employment due to Cause (as defined below), and such termination occurs before the one (1) year anniversary of the date in which you begin employment with the Company, then you agree that you will repay the Company a pro-rated portion of the Signing Bonus. Repayment of the Signing Bonus is due within ninety (90) days following your termination of employment with the Company.

For purposes of the Signing Bonus repayment, “Cause” shall mean, as determined solely in the Company’s discretion (i) your failure or refusal to comply in any material respect with lawful policies, standards or regulation of the Company after having received written notice of such failure or refusal and at least thirty (30) days to cure such failure or refusal (if the failure or refusal can be cured); (ii) your violation of a federal or state
NerdWallet |  875 Stevenson Street, 5th Floor, San Francisco, CA 94103 | nerdwallet.com

law or regulation applicable to the business of the Company which results in material detriment to the Company, (iii) your conviction or plea of no contest to a felony under the laws of the United States or any state; (iv) fraud or misappropriation by you of property belonging to the Company or its affiliates; (v) your non-performance of, non-compliance with, or interference with performance of the terms of any confidentiality, invention assignment or proprietary information agreement with the Company or with a former employer; (vi) your willful failure to satisfactorily perform the material duties of your job with the Company (other than any such failure resulting from illness, legal incapacity due to mental or physical condition or disability) if such failure shall continue uncorrected beyond a period of thirty (30) days immediately after written notice therefore by the Company to you; or (vii) your willful misconduct or gross negligence in connection with the performance of your duties.

Equity

Subject to approval by the Company’s Board of Directors (the “Board”), you will be granted restricted stock units (“RSUs”) with a grant-date value of $2,750,000 (the “RSU Award”), calculated using the Company’s valuation in accordance with the Company’s policies then in effect. The RSU Award will be governed by the terms and conditions of the Restricted Stock Unit Award Agreement (which you are required to sign) and the Company’s 2021 Equity Incentive Plan (the “Plan”). Your RSU Award will vest over approximately four years, subject to a one-year vesting cliff (meaning none of the RSU Award will vest for approximately one year as measured from the date of grant of the RSU Award) and will generally vest quarterly thereafter, subject to your continuing to be a Service Provider as of each vesting date.

Subject to approval by the Board and upon execution of the Company’s Option Grant Notice, the Company will recommend that you be granted an option to purchase 274,014 shares of the Company’s Class A Common Stock at a price per share equal to the fair market value per share of the Common Stock on the date of grant, as determined by the Company’s Board of Directors. Twenty-five percent of the shares subject to the option shall vest twelve months after the date your employment begins, subject to your continuing employment with the Company, and no shares shall vest before such date. The remaining shares shall vest monthly over the next thirty-six (36) months in equal monthly amounts subject to your continuing employment with the Company. This option grant shall be subject to the terms and conditions of the Plan and Stock Option Agreement, including vesting requirements. No right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or employment.

Terms of Employment

As a Company employee, you will be expected to abide by Company rules and policies (including but not limited to the Company’s employee handbook), as adopted or modified by the Company from time to time. As a condition of employment, you must sign and comply with the Confidential Information, Inventions Assignment and Arbitration Agreement set forth in Attachment A, which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations.

At-will Employment

Your employment relationship with the Company will be at-will. Accordingly, you may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company; and the Company may terminate your employment at any time, with or without cause or advance notice. Any contrary representations that may have been made to you are superseded by this offer. This is the full and complete agreement between you and the Company on this term. Notwithstanding the foregoing, you will be eligible to participate in the Company’s Change of Control and Severance Policy as set forth in Attachment B.

Arbitration

To ensure the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, you and the Company agree that any and all controversies, claims, or disputes with anyone (including the Company and any employee, officer, director, shareholder, or benefit plan of the company, in their capacity as such or otherwise), arising out of, relating to, or resulting from your employment with the Company or the termination of your employment with the Company shall be subject to binding arbitration per the terms of the attached Confidential Information, Inventions Assignment and Arbitration Agreement.

This letter, including Attachments A and B, forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an officer of the Company. If any provision of this offer letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this offer letter agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This letter may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

Please sign and date this letter, and the enclosed Employee Confidential Information, Inventions Assignment and Arbitration Agreement and return them to me by November 22, 2021, if you wish to accept employment at the Company under the terms described above. If you accept our offer, we would like you to start on December 23, 2021.

We look forward to your favorable reply and to a productive and enjoyable work relationship. 

									
	Sincerely,		
			
			
	/s/ Tim Chen		
	Chief Executive Officer		
			
	Understood, Accepted and Agreed:		
			
			
	/s/ John Caine		11/22/2021
	john@caines.com

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