Document:

EX-10.1

  Exhibit 10.1

  February 25, 2022

   

  Dear Angelique:

   

  We are delighted by the prospect of you joining CARS! We are confident that as part of our team, you will help us achieve our goals as a premier digital media company. We are pleased to offer you employment on the terms described below.

   

  In your role of Chief Legal Officer, you will report to Alex Vetter, Chief Executive Officer. Your first day will be April 4, 2022. Your annualized base compensation in this exempt position, as agreed, will be $375,000 and you will be eligible to participate in CARS Short-Term Incentive Plan (“STIP”) which enables you to earn an annual cash performance bonus calculated at a target of 50% of your base salary.

   

  You are eligible to participate in our comprehensive benefits package which includes 23 days paid time off annually, prorated based on start date, and will be nominated to participate in CARS’ Change of Control/Severance program, which requires approval from the board

   

  We are also recommending you for an annual grant of CARS Restricted Stock Units (“RSUs”). The target value of this award on the date of grant will be $656,250 – or 175% of your base salary. The number of RSUs you receive will be rounded to the nearest whole share based on the closing price of CARS stock on the grant date. These grants are not official until they are formally authorized by the Compensation Committee of our Board of Directors in its sole discretion and in accordance with our normal grant process, which is typically quarterly.

   

  Please note that the incentive plans may be amended or terminated at any time and for any reason. Also, your final award values are based on the Company’s and your performance and applicable guidelines, which may be changed at any time. The terms of any RSUs granted to you will be governed only by the applicable plan document and award agreement thereunder.

   

  After acceptance of this offer and clearance of the background check, you will receive an email from our onboarding website, Greenhouse Onboarding containing a link with your log-in credentials. This site will guide you through the process of completing your tasks prior to your first day, as well as give you the opportunity to learn more about our business. Upon receipt of your credentials, please log-in and complete your task list. Within the task list, are instructions on where to upload your signed Acceptance Letter and Restrictive Covenant Agreement. Please complete this at your earliest opportunity.

   

  Your initial new hire orientation is scheduled for April 4, 2022, at 9:00am and will include a detailed review of our benefits and many other employee programs. Please be sure to upload your I-9 documentation to Greenhouse Onboarding by your first day.

   

  Angelique, we recognize that we will achieve success only by attracting and retaining the finest talent available. We are confident that you will find your work with CARS personally and professionally rewarding and that you will play a vital role in contributing to our future success.

   

  Congratulations and welcome,

   

  D.V. WilliamsEX-10.2

  Exhibit 10.2

  March 30, 2022

   

  Dear Jandy:

   

  We are delighted that you have agreed to enhance the contributions you will make with us.

   

  In your role of Interim Chief Financial Officer, you will report to Alex Vetter, CEO. The effective date of this change will be April 1, 2022. Your annualized base compensation in this exempt position will remain $301,601.28 (salary effective April 1, 2022), and you will additionally receive a monthly salary enhancement bonus of $28,811 payable in the second payroll each month. This salary enhancement bonus shall be payable to you for nine months, or through December 31, 2022.

   

  If a permanent Chief Financial Officer is hired in the period between April 1, 2022 and December 31, 2022, any unpaid salary enhancement bonus from this same period shall become payable to you in a lump sum, payable in the first payroll cycle following the Chief Financial Officer’s date of hire. If you remain in role beyond this period, the monthly salary enhancement will continue until the role is filled.

   

  In addition to the salary enhancement bonus, you will receive a one-time cash bonus of $129,650 paid effective the first payroll following your start date in the position.

   

  You are also eligible to receive a special equity grant in the amount of $111,050. This special RSU grant will have a one-year vesting period. The number of RSUs you receive will be rounded to the nearest whole share based on the closing price of Cars.com stock on the grant date. This grant is not official until it is formally authorized by the Compensation Committee of our Board of Directors in its sole discretion, which we anticipate being quickly following start date.

   

  Combined, these compensation elements augment by $500,000 your current salary, STIP, and LTIP. Congratulations and thank you for your ongoing and continued contributions to the success of CARS.

   

  D.V. Williams Chief HR Officer CARSEX-10.3

  Exhibit 10.3

  April 30, 2022 

  Subject: Separation Agreement

  Dear Jim:

  This letter (our “Separation Agreement”) memorializes the terms we have agreed upon in connection with your separation of employment from Cars.com, LLC (the “Company”), effective April 30, 2022. Your termination of employment constitutes a “Qualifying Termination” as defined in the Company’s Executive Severance Plan as currently in effect (the “Plan”), entitling you to the “Severance Benefits” as defined in the Plan and described in detail below, subject to the terms and conditions of the Plan, including signing and not revoking this Separation Agreement: 

  1.Severance Amount. A severance payment (the “Severance Amount”) equal to (i) your current annual base salary, plus (ii) the average annual bonus you earned with respect to the three fiscal years immediately prior to 2022, as calculated pursuant to the terms of the Plan, multiplied by the multiplier (1) for a total of $534,035.

  2.COBRA Payment. An amount equal to the monthly COBRA cost of your medical and dental coverage in effect as of April 30, 2022 multiplied by 12 months, for a total of $5,606.

  3.Stock-based Awards. You will receive service credit and continued vesting in all of your stock-based awards for the 12-month period following April 30, 2022. The stock-based awards that become payable because of such service credit and continued vesting will be paid at the same time such awards would have been paid if you had remained employed for such period but no earlier than the Release Effective Date (as defined in the Release of Claims Agreement, defined below).

  4.Bonus. You will receive a portion of your annual bonus under the Company’s Short-Term Incentive Plan (“STIP”) for 2022, prorated from January 1 to April 30, 2022, based on the Company’s actual performance (and assuming an individual performance factor of 100%), which will be paid at the time that annual STIP bonuses are paid to other executives.

  5.Accrued Obligations. In addition, you will be paid in accordance with normal payroll practices all earned but unpaid compensation, accrued vacation and accrued but unreimbursed expenses required to be reimbursed through your date of termination. 

  You shall not be entitled to the Severance Benefits unless the you have signed and not revoked a release agreement in the form attached to the Executive Severance Plan as Exhibit A (the “Release Agreement”) by May 21, 2022. You shall forfeit all rights under this Agreement and the Executive Severance Plan if the Release Agreement has not been executed and become irrevocable by that date. 

  	Subject to the Release Agreement becoming effective and irrevocable, the Severance Amount is payable in a lump sum as soon as administratively possible after the Release Effective Date (as defined in the Release and Restrictive Covenant Agreement), except to the extent required by Section 409A of the Internal Revenue Code of 1986, as amended, and except to the extent we otherwise agree.

         You previously entered into a Restrictive Covenant Agreement with the (the “RCA”), which included certain provisions regarding non-competition, non-solicitation, non-recruitment, non-assistance, and confidentiality. By the terms of the RCA itself, you continue to be bound by those obligations even after the termination of your employment. This letter agreement does not supersede or replace the RCA. By signing below, you acknowledge and agree that you continue to be bound by the RCA. 

  	Nothing in this Agreement limits your rights, without notice to or approval from the Company, to engage in protected concerted activity for mutual aid and protection; or to file a claim, report suspected legal violations, give information or participate in any investigation or proceeding with any government agency (such as the Equal Employment Opportunity Commission or the Securities and Exchange Commission (“SEC”)) under any law protecting such rights. But you give up any money or other personal gain from the Company (not the SEC or other government agency) for any such claim or related litigation, unless prohibited by law.

   

  

   

  	This Agreement is strictly confidential. Any disclosure by you will cause the Company irreparable harm requiring immediate injunctive relief without a bond. Unless required by law, you have not disclosed and will not disclose anything regarding this Agreement to anyone except your immediate family and your legal and financial advisors. This section binds each of them, and a disclosure by any of them is a disclosure by you. You will tell the Company immediately if you get a legal demand to disclose anything regarding this Agreement, and you will disclose nothing pending a final judicial order.

  	This letter agreement (together with the Release Agreement and the RCA) constitutes the entire agreement between you and  the Company  concerning its subject matter and will be governed by Illinois law.

  	Please indicate your agreement by countersigning below.

  Very truly yours, 											

   

  CARS.COM, LLC					

   

  By: D.V. Williams

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