Document:

bigc-ex105_66.htm

Exhibit 10.5

 

 

December 26, 2017

 

Russell Klein

301 Main Street #17F

San Francisco, CA 94105

 

Dear Russell,

 

On behalf of Bigcommerce (the “Company”), I am pleased to offer you a full-time, exempt position as Chief Development Officer reporting to me at our San Francisco, CA location effective December 16, 2017. You will be provided a job description to outline basic responsibilities and expectations of your position, but the company reserves the right to add, delete or modify your duties as needed. All other details of your compensation and employment remain unchanged.

 

Subject to the approval of the Company’s Board of Directors, you will be granted the following options under the Company’s Stock Plan (collectively, the “Options”):

 

	
 
	
(1)
	
Promotion Grant. An option to purchase 150,581 shares of the Company’s common stock at a price per share equal to the fair market value of the common stock on the date upon which the Board of Directors approves the option grant (the “Promotion Grant”). We will recommend to the Company’s Board of Directors that 25% of the shares subject to the Promotion Grant vest on the first anniversary of the effective date above and in equal monthly installments thereafter over a total vesting period of four (4) years, provided you remain an employee of the Company.
	
 

 

	
 
	
(2)
	
Liquidity Event Grant. An option to purchase 150,581 shares of the Company’s common stock at a price per share equal to the fair market value of the common stock on the date upon which the Board of Directors approves the option grant (the “Liquidity Event Grant”). We will recommend to the Company’s Board of Directors that 100% of the shares subject to the Liquidity Event Grant vest immediately prior to and conditioned upon the closing of a Qualifying Liquidity Event that occurs before December 31, 2019. A “Qualifying Liquidity Event” means one of the following transactions that values the Company at or in excess of $1 billion immediately prior to the transaction: (i) a Change in Control, as that term is defined in the 2013 Stock Plan, or (ii) a Qualified IPO, as that term is currently defined in the Company’s certificate of incorporation.
	
 

 

The issuance of each of the Options will be conditioned on your execution and delivery to the Company of the stock option agreement. Other details on the Options will be provided at a later date.

 

We are pleased to offer you this exciting opportunity and hope that you find it rewarding and fulfilling. To acknowledge your acceptance, please electronically sign below.

 

Kindest regards,

 

/s/ Brent Bellm

 

Brent Bellm 

CEO

 

 

 

 

Offer Letter Acknowledgement and Acceptance

 

			
	
Accepted:
	
/s/ Russell Klein
	
12/27/2017

	
 
	
Russell Klein
	
Datebigc-ex106_67.htm

Exhibit 10.6

 

BigCommerce Holdings, Inc.

Acknowledgement and Agreement Regarding

Revised Acceleration Terms for all Outstanding Equity Awards and Revised Severance Terms

 

The undersigned (“Service Provider”) hereby acknowledges and agrees to the following terms with respect to his or her employment relationship with BigCommerce Holdings, Inc. (the “Company”), in consideration of Service Provider’s continued employment with the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Service Provider. References to the Company shall include each of the Company’s wholly-owned subsidiaries unless the context dictates otherwise.

 

The terms of any agreement or contract between Service Provider and the Company, whether written or oral, and whether set forth in any employment agreement, offer letter, option agreement, option notice, side letter, the Company’s 2013 Stock Plan (the “Plan”), the Directors’ and Employees’ Option Plan of BigCommerce Pty Ltd assumed by the Company (the “AUS Plan”), or any other agreement or contract of any kind (collectively, “Employment Arrangements”), are hereby amended on the following terms:

 

	
 
	
1.
	
Notwithstanding the terms of any such Employment Arrangements, the terms of any such Employment Arrangements with respect to the vesting of Vesting Securities upon a change of control are hereby superseded as follows: any and all equity securities of the Company held by Service Provider that are subject to any vesting requirement, whether in the form of restricted common stock, options to acquire common stock (including shares of restricted common stock issued upon the early exercise thereof) or otherwise, and whether issued pursuant to the Plan, the AUS Plan, or otherwise (collectively, “Vesting Securities”), shall be subject to the following provisions with respect to acceleration upon a change of control of the Company:
	
 

 

Vesting on any such Vesting Securities shall accelerate in full if Service Provider is terminated by the Company or its successor without Cause (as defined in the Plan) or if Service Provider resigns for Good Reason (as defined in the Company’s Management Incentive Plan) within three months prior to, or eighteen months following, a Change in Control (as defined in the Plan).

 

	
 
	
2.
	
Notwithstanding the terms of any such Employment Arrangements, the terms of any such Employment Arrangements with respect to any termination notice or severance arrangements owed to Service Provider upon his or her separation from service to the Company are hereby superseded as follows: in the event that Service Provider’s service to the Company is terminated by the Company or its successor without Cause (as defined in such Service Provider’s offer letter or employment agreement, if any, or if not so defined, as defined in the Plan): (a) Service Provider shall be entitled to a severance payment equal to six months base salary (including any salary required to be paid during any notice period required by any such Employment Arrangements) (b) vesting on any Vesting Securities shall accelerate by six months, and (c) neither party shall be required to provide any notice of termination.
	
 

 

	
 
	
3.
	
Notwithstanding the terms of any such Employment Arrangements, for the purposes of any such Employment Arrangements, the terms “Cause” and “Change in Control” shall have the respective meanings set forth in the Plan.
	
 

 

 

Acknowledged and Agreed:

 

	
Service Provider
	
 
	
Company

	
 
	
 
	
 
	
 
	
 

	
/s/ Russell Klein
	
 
	
BigCommerce Holdings, Inc.

	
Name:
	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
 
	
/s/ Jeff Mengoli

	
 
	
 
	
Name:
	
 
	
Jeff Mengoli

	
 
	
 
	
Title:
	
 
	
General Counsel and Secretary

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
02/14/2019

	
Date:  
	
 
	
03/22/2019
	
 
	
Date:
	
 
	
 

 

 

WEST\270302291.5bigc-ex107_68.htm

 

 

 

Exhibit 10.7

April 7, 2021 

Robert Kaloustian 

Dear Robert, 

On behalf of BigCommerce (the “Company”), I am pleased to offer you a full-time, exempt position as Chief Services Officer reporting to Brent Bellm, CEO at our Austin Four Points Office location. You will be provided a job description to outline basic responsibilities and expectations of your position, but the company reserves the right to add, delete or modify your duties as needed. If you accept our offer of employment by complying with the instructions set forth in the last paragraph of this offer, your first day of employment will be on May 3, 2021. The terms of this offer of employment are as follows: 

At-Will Employment: In accepting our offer of employment, you certify your understanding that your employment will be on an at-will basis, and that neither you nor the Company has entered into a contract regarding the terms or the duration of your employment. 

Compensation: Your compensation package details are included in the attached Exhibit A.

Relocation Assistance: Your relocation package details are included in the attached Exhibit B. 

Equity: Subject to the approval of the Company’s Board of Directors, at the next regularly scheduled and administratively feasible board meeting following your date of hire, you will be recommended for an equity grant with a grant-date value of approximately $2,400,000.00, of which seventy percent (70%) the value will be in BigCommerce Restricted Stock Units (“RSUs”). We will recommend that the RSUs vest annually at twenty-five percent (25%) per year over a four (4) year period commencing on your hire date, provided you remain an employee of the Company on each vesting date. The remaining thirty percent (30%) of the value will be granted in an option to purchase shares of the Company’s common stock (with the number of options to be reasonably calculated by the Board of Directors). We will recommend that twenty-five percent (25%) of the shares subject to the option vest on the first anniversary of your employment with the Company and in equal monthly installments thereafter over a total vesting period of four (4) years, provided you remain an employee of the Company. A condition to the issuance of your equity will be your execution and delivery to the Company of your equity award agreement. Additional details regarding your equity award will be provided following your date of hire, provided that your equity award will be subject to the equity plan and award agreement under which the equity is granted (the “Plan”). 

Change of Control: In the event that there is both a Change of Control (as defined in the Plan) of the Company and within the period beginning three (3) months prior to and ending twelve (12) months following such Change of Control your employment is terminated by the Company or their successors without Cause (as defined in the 

 

Plan), or you resign for Good Reason (a “CoC Termination”), then all of your remaining unvested Option Shares shall be accelerated and immediately become vested, released from the Company’s repurchase right and exercisable. 

External– Exec/SVP+ 

Revised: 04.06.2021

 

 

 

Termination of employment: You or the Company may terminate your employment at any time during the course of your employment by giving you notice in writing. Should the Company terminate you without Cause the Company shall pay you an amount equal to six (6) months base salary. The amount described above is referred to as “Severance Payments”. Severance Payments are in addition to payment of your base salary for the period through the date of termination, plus reimbursement of all expenses for which you are entitled to be reimbursed, but for which you have not yet been reimbursed. 

No Severance Payments shall be made or provided under this letter unless you first execute and do not revoke a waiver and release in a form reasonably satisfactory to the Company within 60 days following the date of termination (or if the Company delivers a copy of such release to you more than five days after termination, the time period will be extended to 60 days plus the number of days beyond five days), which provides for a release of any and all claims that you have or might have against the Company, subject to standard exclusions. 

Any Severance Payment above will be payable in one, lump sum payment, in accordance with the Company’s regular payroll practices, on the first payroll period following the date the waiver and release becomes effective (the “Payment Date”). Upon your receipt of the Severance Payment, you waive your right to the Notice Requirement. 

“Good Reason” means your resignation following the occurrence of one or more of the following without your consent: (i) the permanent non-voluntary relocation of your principal place of employment to a place more than 30 miles away from the Company’s headquarters in Austin, Texas; (ii) a material diminution in your base compensation or bonus opportunity, as a percentage of your base salary immediately before the such reduction; or (iii) a material diminution in your authority, title, duties, reporting status, powers or responsibilities with the entity employing you. In order to resign for Good Reason, you will be required to provide written notice of intent to resign for Good Reason within 60 days following the occurrence of the event that is alleged to constitute Good Reason, the entity employing you shall have 30 days from the delivery of such written notice by you to cure any acts constituting Good Reason, and, if not timely cured, your resignation must be effective no later than 30 days after the expiration of such cure period. 

Benefits: You will become eligible to participate in the Company’s medical, dental and vision plans on your first day of employment. In addition, the Company provides company-paid life insurance and coverage for short-term and long-term disability benefits. For an additional cost to you, dependent coverage for these plans is available for qualified family members. You will also be able to participate in the Company’s 401(k) plan after eligibility requirements are met. Once you are eligible, you will be automatically enrolled in the Company’s 401(k) plan at a contribution rate of three percent (3%), unless you decline enrollment. The parameters for all benefits, time off, and holidays will be further outlined during your new hire orientation; however, please contact your recruiter if you would like additional information sooner. 

Proprietary Information: You will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement (the “PIIA”) and any related exhibits. 

External– Exec/SVP+ 

Revised: 04.06.2021

 

 

 

External– Exec/SVP+ 

Revised: 04.06.2021

 

Any and all prior representations which may have been communicated to you, whether written or oral, regarding employment with the Company are superseded by the Proprietary Information and Inventions Agreement. 

Agreement Contingency: This offer is contingent upon successful completion of a criminal background check. As required by law, your employment with the Company is also contingent upon your providing documentation to support your identity and eligibility to work in the United States. For example, a valid U.S. Passport or Alien Registration Receipt Card are acceptable documents to establish both identity and employment eligibility. Additionally, a current driver’s license or voter’s registration card in addition to a social security card or certified birth certificate copy will establish identity and eligibility to work. The types of acceptable documentation are listed on the Form I-9 of the Immigration and Naturalization Service. Please contact your recruiter if you have any questions about which documents are acceptable to verify your identity and eligibility to work in the United States. 

Conflict of Interest: By signing this letter, you confirm with the Company that you are under no contractual or other legal obligations that would prohibit you from performing your duties while working for the Company. You also agree that you are entering into employment with the Company without constraint by any prior employment agreement, consulting agreement or other employment relationship. Furthermore, you are expected to be without possession of any confidential information belonging to any other company or entity that you have or had a working relationship and, which, in your best judgment, could be utilized in conjunction with your employment with the Company. 

Closing Terms: We are pleased to have you join our team and are confident that our offer will give you an opportunity for personal and professional development. If you have any questions or concerns, please contact your recruiter as soon as possible. Otherwise, I hope to hear from you with an acceptance so I can welcome you aboard. I look forward to working with you and am confident that you will find your employment with us a rewarding experience. 

Kindest Regards, 

 

/s/ Brent Bellm

 

Brent Bellm

CEO

 

			
	
Offer Letter Acknowledgement and Acceptance 

	
Please indicate your acceptance below by signing electronically by the close of business on April 12, 2021. 

	
 

	
Accepted:
	
/s/ Robert Kaloustian
	
 

	
 
	
Robert Kaloustian
	
 

 

External– Exec/SVP+ 

Revised: 04.06.2021

 

 

 

 

Exhibit A: Compensation for Robert Kaloustian

All forms of compensation below are subject to applicable withholding and payroll taxes.

		
	
Beginning Base Salary 

(Base Compensation)
	
$285,000.00 per year 

Payable on the Company’s regular pay dates on the 5th and the 20th of each month.

	
Executive Bonus Target

(Variable Compensation)

 
	
$142,500.00 per year 

Payable in accordance with the Executive Management Performance Incentive Plan. 

	
TOTAL On Target Earnings (OTE) (Base + Variable Compensation) 

 
	
 

On target and at plan, your projected, annualized, earnings with base and variable compensation are estimated at $427,500.00 per year.  

 

 

External– Exec/SVP+ 

Revised: 04.06.2021

 

 

 

 

Exhibit B: New Hire Relocation Benefit and Payback Agreement

All forms of compensation below are subject to applicable withholding and payroll taxes.

		
	
Relocation Bonus 
	
$60,000.00 

Payable on your first regularly scheduled paycheck following your start date.

	
Payback Agreement 
	
Relocation benefits must be repaid to the Company according to the below payback schedule if within one year from disbursement: 

● you resign from employment with the Company 

● your employment is terminated for one or more of the following: o you engage in serious misconduct; 

o you are seriously negligent in the performance of your duties; or o you are convicted of an offense punishable by imprisonment.

	
Payback Schedule 
	
Less than 3 months: 100% of relocation benefit 

Between 3-6 months: 75% of relocation benefit 

Between 6-9 months: 50% of relocation benefit 

Between 9-12 months: 25% of relocation benefit 

You will be responsible for any remaining balance due within thirty days of your termination of employment. If you fail to provide repayment within thirty days of your termination, the Company reserves the right to take legal action to recover the amount of the relocation benefit.

	
If employment ends for any of the reasons listed in the Payback Agreement prior to completion of one year of service, you will be subject to reimbursement via deduction from your final paycheck in accordance with the payback schedule listed above to the extent permitted by applicable state and local laws. 

I hereby certify my acceptance of the terms and conditions of the relocation benefit and payback agreement and authorize the company to recover the amount from my final paycheck as outlined in the Payback Schedule above. I understand that it is my responsibility to reimburse the company within 30 days for any amount that cannot be withheld from my final paycheck. 

 

				
	
Accepted and Agreed To:
	
 

	
 
	
/s/ Robert Kaloustian
	
Date: 4/7/2021

	
 
	
Robert Kaloustian
	
 

 

External– Exec/SVP+ 

Revised: 04.06.2021

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