Document:

Exhibit

Exhibit 10.2
 

Revised: March 5, 2018
Kenneth Brause

Dear Ken,

This offer letter has been updated to reflect your continued employment at and vesting schedule at your current organization and supersedes any prior agreement with OnDeck.  Following are the key terms to which we have agreed:

		
	1.
	Job Title:  At the commencement of your employment, your job title will be Chief Financial Officer.  In this capacity, you will report to Noah Breslow, Chief Executive Officer. 

		
	2.
	Starting Date:  Your start date will be March 26, 2018.  

		
	3.
	Compensation:  Your starting base salary will be $375,000.00 annually, paid semi-monthly.  You will next be eligible for consideration for a salary adjustment for March 2019.

		
	4.
	Incentive Compensation:  You will receive a one-time Signing Bonus of $150,000 made payable in two installments.  Based on a start date of March 26, 2018, the payments are as follows:

		
	1.
	$75,000 on or about June 29, 2018

		
	2.
	$75,000 on or about February 28, 2019 

If your employment is terminated within 18 months of your start date for cause or because of voluntary resignation, you will be responsible for refunding the amounts of the Signing Bonus that have already been paid. 

If terminated without cause prior to the full Signing Bonus being paid, you will be paid the amounts outlined above in full.  

Your annual cash bonus target will be 80% of your base salary. Bonuses are based on achievement of personal and company performance targets to be detailed by your manager, and are paid semi-annually. Payouts in some cases can exceed your bonus target. You must be an active employee on the day bonus payments are made to be eligible for a payout.  The decision to award you a bonus, and the amount of such bonus, if any, will be made in the sole and absolute discretion of the Company. For the fiscal year of 2018, you will be paid your bonus at target - $150,000 on or about March 31, 2018, and $150,000 on or about September 30, 2018. 

		
	5.
	Equity Compensation:  Subject to approval by the Company’s board of directors or its compensation committee, it will be recommended that you be granted an equity grant in the amount of $1,000,000.  Fifty percent of the grant will be in restricted stock units covering shares of Company common stock having a “target value” of approximately $500,000.  The remaining 50% will be in stock options.  For purposes of the previous sentence, “target value” of a single share means the average of the closing prices of the Company’s common stock for the 30-trading day period ending on the date preceding the grant date of the RSUs.  New hire RSU and option grants are subject to a four-year vesting period.  

Subject to the same approval, it will be recommended that you also receive a Restricted Cash award in the amount of $500,000 that vests equally over a period of three years. This award will be subject to performance restrictions as defined by the Compensation Committee of the Board of Directors.  

		
	6.
	Change in Control & Severance Agreement:  You will have the same severance and change in control agreements as similarly situated executives, except for the following:

		
	a.
	If terminated without cause within 12 months of your start date, 25% of your new hire options and time based RSUs will vest.

		
	b.
	If terminated without cause within 12 months of your start date, 33% of your new hire restricted cash grant will vest at target. 

The provisions set in 6(a) and 6(b) expire on the first anniversary of your start date.

		
	7.
	Employee Benefits:  You will be eligible for all OnDeck employee benefits on your start date including: sick leave, medical, vision, and dental health insurance, life insurance, long-term disability insurance and business travel accident insurance. You will be entitled to vacation allowance consistent with similarly situated team members of the company.  You will be eligible to participate in the OnDeck 401(k) Plan as of your start date. If you do not make an election or opt out of the plan, you will automatically be enrolled in the plan at a deferral rate of 4% approximately 60 days following your start date. You can change or stop your contribution anytime throughout the year.

All employee benefit plans, programs and policies are subject to modification and the Company may, in its sole discretion, modify and/or cease making such employee benefit plans, programs and policies available.

		
	8.
	Acknowledgements:  You agree to comply with all Company policies, including the Code of Business Conduct and Ethics, Team Member Handbook, and Insider Trading Policy. You further acknowledge that at all times you shall be subject to, observe and carry out such rules, regulations, policies, directions and restrictions applicable to OnDeck.

Onboarding
Please arrive at 9:00am on your start date, unless otherwise specified by Noah.

The terms and conditions of your employment with On Deck Capital, Inc. are governed by the laws of New York and standard company policies. This means the offer of employment is contingent upon you satisfactorily meeting all pre-employment requirements including a background check and proof of your eligibility to work in the United States. 

Please understand that this letter is not a contract of continuing employment. Although we hope that our business relationship will be a long and successful one, your employment with On Deck Capital, Inc. is “Employment At Will,” which means for no fixed term, and either you or the Company may terminate the employment relationship at any time and for any reason, and OnDeck may change the terms and conditions of your employment at any time. In addition, compensation packages for all OnDeck employees, including you, may change from time to time depending on the needs and priorities of the business. 

Please review the terms and conditions of employment outlined in this letter and electronically sign and date the acknowledgement on the following page. You will not receive a hard copy of this letter, feel free to print this document for your records. Please note you will receive an email from Sapling to kick off your onboarding journey; this is where you will find all your new hire paperwork.

OnDeck values the unique talents each new hire brings to our organization. We look forward to welcoming you to our team, and providing you with the opportunity to grow professionally in a supporting environment. If you have any questions regarding this offer, please contact me. 

Sincerely,
	
		
	/s/ Lorna Hagen
Chief People Officer 
On Deck Capital, Inc.
	 

Acceptance of Offer

My signature below confirms acceptance of the offer of employment and my understanding of the terms and conditions associated with it. This signature also confirms that there are no oral promises associated with this offer that are not reflected in this letter. I further acknowledge that I have received, read, and agree to all pre-employment conditions and policies. 

Accepted and Agreed:

	
		
	/s/ Kenneth A. Brause
	March 5, 2018Exhibit

Exhibit 10.3
                              

May 2, 2018                                  
Dear Andrea,
This letter agreement (the “Agreement”) is entered into between On Deck Capital, Inc., a Delaware corporation (“Company” or “we”), and you. This Agreement is effective as of the date you sign this Agreement, as indicated below. The purpose of this Agreement is to confirm the current terms and conditions of your employment, and to replace any previous terms and conditions that may conflict with this letter.
1. Position. Your title will continue to be Chief Revenue Officer and you will continue to report to Noah Breslow, Chief Executive Officer. You will continue to be a regular, full-time at-will employee. You will continue providing services from the Company’s New York, NY location. You may be required to travel as one part of your duties.
2. Base Salary. The Company will continue to pay you a gross salary at an annualized rate of Three Hundred Twenty-Five Thousand Dollars ($325,000), payable in accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment from time to time in accordance with the employee compensation policies then in effect.
3. Incentive Compensation. Your annual bonus target of 75% of base salary is determined under and governed by two separate plans: (a) under the Company’s Annual Incentive Plan, you have a bonus target of 25% of your base salary, which bonus shall be based on achievement of department and corporate performance targets to be detailed by your manager, and paid semi-annually, and (b) under the Sales Compensation Plan, as currently in effect, entered into between you and the Company, you have a bonus target of 50% of your base salary, which bonus shall be based on attainment against quarterly sales unit and volume quotas, and annualized net loss targets for on-balance sheet loans.
4. Employee Benefits. As a regular employee of the Company, you will continue to be eligible to receive Company-sponsored benefits in accordance with the terms of the applicable benefit plans. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time.
5. Severance. The compensation committee of the Company’s board of directors has approved your participation in our Change of Control and Severance Policy (the “Severance Policy”), based on your senior position with the Company. The Severance Policy sets forth the severance payments and benefits to which you would be entitled in connection with certain terminations of employment including a Company change of control. You will be provided a participation agreement under the Severance Policy outlining the payments and benefits for which you will be eligible. You will be asked to return an executed copy to the Company. The payments and benefits under the Severance Policy will be in lieu of any other severance or other benefits you would otherwise be entitled to under any plan, program or policy that the Company may have been in effect from time to time, and will be contingent upon a fully executed Release.
6. Employee Invention Assignment and Confidentiality Agreement. As an employee of the Company, you will continue to have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, your execution of this Agreement reaffirms the terms of the Employee Invention Assignment and Confidentiality Agreement (“Confidentiality Agreement”), which you executed when you joined the Company.

7. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the Company will continue to be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. This is the full and complete agreement between you and the Company regarding the duration of the employment relationship. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures may change from time to time, the “at will” nature of your employment and the Confidentiality Agreement may only be changed through an express written agreement signed by you and duly authorized officer of the Company (other than you).
8. Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting, or other business activity that would create a conflict of interest with the Company, which includes engaging in any work that is competitive in nature. While you render services to the Company, you also agree to not assist any person or entity in competing with the Company, in preparing to compete with the Company, or in hiring any employees or consultants of the Company. In addition, for a period of one (1) year after the termination of your services, you agree to not solicit either directly or indirectly, any employee of the Company to leave the Company for other employment or assist any person or entity in doing the same.
9. Taxes. All forms of compensation that are subject to income or payroll taxes will be reduced to reflect applicable income tax withholding and payroll taxes. Any form of compensation that is subject to income or payroll taxes and that is not paid in cash will result in a reduction in cash compensation to reflect applicable income tax withholding and payroll taxes.
10. Entire Agreement. This Agreement supersedes and replaces any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company relating to the subject matters described herein, including, but not limited to, your offer letter with the Company dated October 17, 2012. This Agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. This Agreement does not supersede agreements between you and the Company under the following agreements: Employee’s “Protection Agreement,” “Employee Non-Compete Agreement,” “Release and Waiver of Liability,” and “Option Grant Notice and Agreement.” Those remain in effect according to their terms.
Please indicate your acceptance of this Agreement, and confirmation that it contains our complete agreement regarding the terms and conditions of your employment, by signing the bottom portion of this Agreement and returning a copy to me. 
                            	
			
	 
	 
	 

	On Deck Capital, Inc.

	 
	

	By:
	 
	/s/ Noah Breslow

	 
	 
	Noah Breslow, Chief Executive Officer

I have read, understood and accept all the provisions of this Agreement:
	
					
	 
	 
	 

	/s/ Andrea Gellert
	 
	 
	May 4, 2018

	Andrea Gellert
	 
	 
	 
	Date

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