Document:

EX-10.13

 Exhibit 10.13 

 
 

 
 July 7, 2020 
 Scott
Marcus 
 [address] 
 [address] 

 

	Re:	 Offer of Employment 

Dear Scott, 
 Vital Farms, Inc. (the “Company”) is
pleased to offer you continued employment on the terms set forth in this Amended and Restated Offer Letter (the “Agreement”). Subject to your execution of this Agreement, as provided below, effective as of July 7, 2020 (the
“Effective Date”), this Agreement amends, restates and supersedes prospectively in its entirety your prior offer letter with the Company dated February 11, 2016 (the “Prior Agreement”) 

As of the Effective Date, your position will continue to be Chief Marketing Officer, performing such duties as are normally associated with this position and
such duties as are assigned to you from time to time. You will continue to report to Russell Diez-Canseco, Chief Executive Officer, and work at the Company’s headquarters in Austin, Texas. This is a full-time position. As an exempt salaried employee, you will continue to devote substantially all of your business time and attention to the business of the Company and will not be eligible for overtime
compensation. 
 Your initial base salary will continue to be at the rate of $9,615.38 bi-weekly, which equates to
$250,000 on an annualized basis, payable in accordance with the Company’s standard payroll practices and subject to applicable deductions and withholdings. 

You will also remain eligible to participate in the 401(k) plan maintained by the Company, which currently provides for a
bi-weekly employer contribution equal to 3% of your earnings (subject to IRS employer contribution limits), as well as a $650 per month car allowance, $40 per month
cell-phone reimbursement and $50 per month internet reimbursement (while working from home) in accordance with the Company’s policies on expense reimbursement. As a leader in our company, you will remain
eligible for time off under our management time off policy and will not be subject to the standard PTO limits. You will be entrusted to manage your work and time off in accordance with such policy and the business and operational needs of the
Company. 
 Additionally, you will continue to be eligible to earn a discretionary annual bonus (the “Annual Bonus”) at an annual
target amount of 50% of your base salary. Whether any Annual Bonus is awarded will be based upon the Company’s assessment of your performance and the Company’s attainment of goals as 

 
set by the Board of Directors in its sole discretion. Following the close of each fiscal year, the Company will determine in its sole discretion whether it will award you an Annual Bonus and the
amount of any such Annual Bonus. No amount of the Annual Bonus is guaranteed, and in addition to the other conditions for being awarded such compensation, you must be an employee in good standing on the Annual Bonus payment date to be eligible to
earn and receive an Annual Bonus. No partial or prorated bonuses will be provided. The Annual Bonus, if any, will be paid, less applicable payroll deductions and withholdings, as soon as practicable after the end of the fiscal year for which it was
earned, but in no event will it be paid later than March 15 of the year following the fiscal year for which it was earned. 
 The parties acknowledge
that you were previously awarded certain option grants pursuant to the terms of your Prior Agreement, the Company’s equity incentive plan and any applicable award agreements, which options shall remain in effect and unchanged by this Agreement.

 Your continued employment is subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from
time to time in the Company’s sole discretion. You will continue to be eligible to participate on the same basis as similarly situated employees in the Company’s current benefit plans in effect from time to time during your employment. All
matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. 

Your employment with the Company will continue be “at will” which means that either you or the Company may terminate your employment at any time for
any reason, with or without advance notice. 
 As a condition of your continued employment, you are to continue to comply with the Proprietary Information
and Inventions Agreement you signed on February 11, 2016 which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations. 

By signing this letter you are representing that you have full authority to accept continued employment and continue to perform the duties of your position
without conflict with any other obligations and that you are not involved in any situation that might create, or appear to create, a conflict of interest with respect to your loyalty to or duties for the Company. You specifically warrant that you
are not subject to an employment agreement or restrictive covenant preventing full performance of your duties to the Company. You agree not to bring to the Company or use in the performance of your responsibilities at the Company any materials or
documents of a former employer that are not generally available to the public, unless you have obtained express written authorization from the former employer for their possession and use. You also agree to continue to honor all obligations to
former employers during your employment with the Company. 
 By signing this letter, you acknowledge that the terms described in this letter, together with
your Proprietary Information and Inventions Agreement, set forth the entire understanding between us and supersedes prospectively any prior representations or agreements, whether written or oral, including but not limited to the Prior Agreement;
there are no terms, conditions, representations, warranties or covenants other than those contained herein. No term or provision of this letter may be amended waived, released, discharged or modified except in writing, signed by you and an
authorized officer of the Company, except that the Company may, in its sole discretion, adjust rate of pay, salaries, incentive compensation, stock plans, benefits, job titles, locations, duties, responsibilities and reporting relationships. 

 As you know, this is an exciting time for our business and for our industry. We are grateful for your
contributions to our success and look forward to the opportunity to continue working you. Please indicate your acceptance of this offer by signing below and returning to me. 

Sincerely, 
 Vital Farms, Inc. 

 

			
	/s/ Margaux Gillman
		
	Name:	 	Margaux Gillman
	Title:	 	Vice President of Talent & Culture

 ACCEPTED AND AGREED TO: 

 

			
	 /s/ Scott Marcus

	(Signature)
		
	Date:	 	 July 7, 2020EX-10.14

 Exhibit 10.14 

 
 

 
 January 27, 2020 

VIA HAND DELIVERY 
 Daniel Jones 

Re: Offer of Employment for Vice President, Finance Position 

Dear Daniel, 
 As we discussed, it has been a pleasure to work
with you for the past several months and to see you settle in with our Vital Farms family. I continue to believe that you are a great fit for Vital Farms. However, as we have discussed, often times, we discover that we have found the right person
for the company but we have not placed that person in the right job where we can maximize their potential. I believe that is true with you with regard to the role of the Chief Financial Officer. Therefore, we are offering you the opportunity to step
down from the Chief Financial Officer role and transition into the role of Vice President, Finance. Below are the details regarding the Vice President, Finance position. 

Title: Vice President, Finance 

Reporting to: Chief Financial Officer 

Salary: $200,000 per year ($7,692.31 per bi-weekly
pay-period) 
 Target Annual Bonus: 30% (see below) 

Stock Options: You currently have options that have been granted to you by Vital Farms but that have not yet vested. Vital Farms
originally granted you 243,770 options. If you accept the Vice President, Finance position, you will be eligible to retain 50,000 of those unvested options (“the Retained Options”). However, as a condition to your continued employment, you
will be required to forfeit the remainder of the original grant; meaning you will forfeit 193,770 unvested options (the “Forfeited Options”). For the Retained Options, you will be permitted to maintain the original grant date of
August 22, 2019 and the options will vest based on that grant date and per the terms of the Company’s 2013 Incentive Plan and your stock option agreement thereunder. You will also be able to maintain the original strike price of $13.1083
per share for the Retained Options. The offer of the Vice President, Finance position is contingent upon your execution of this letter, which will also act as your agreement to the forfeiture of the unvested Forfeited Options. Such execution must
occur prior to the start date defined below. 
 Start Date: January 28, 2020 

Bonus Program: You will be eligible for a target bonus of 30% of base salary, based on achievement of company objectives, and subject to
the approval and discretion of the CEO and our board of directors. As our bonus program follows the calendar year, the amount will be prorated for the amount of time in the Vice President, Finance position at Vital Farms. 

Cell Phone: $40/month 

Other Benefits: You will continue to be eligible for other benefits including medical, dental, vision immediately with no waiting period
because of your current employee status with Vital Farms. You will also continue to be eligible for the annual 401k contribution equal to 3% of your salary. You will continue to be entrusted to manage your work and time off as a leader in our
company and will not be subject to the standard PTO limits which apply to other crew members. 

 Your compensation will be payable in accordance with the company’s payroll policy and will be subject
to review and adjustment by the company. You will continue to be expected to devote your full time and best efforts to the performance of your duties and responsibilities for the company and to abide by company policies and procedures as these may
be change from time to time. 
 If you accept this offer to transition to the Vice President, Finance role, your acceptance indicates that you acknowledge
that any confidentiality/non-competition agreement that you have already signed with Vital Farms will continue to be enforceable. Should we require it, in consideration of your employment by the company, you
agree to execute another confidentiality/non-competition agreement. 
 Please understand that this offer does not
constitute a contract of employment for any particular period or a guarantee of continued employment. Our relationship is one of voluntary employment, “at will.” While we hope our relationship will continue to be mutually beneficial, it
should be recognized that you would retain your right to terminate your employment at any time for any reason and the Company will retain the same right. In accepting this offer, you represent that you have not relied upon any agreements or
representations, written or oral, express or implied, with respect to your employment that are not expressly set forth in this letter. 
 If you agree with
the terms of this offer and wish to continue with our Vital Farms team, please indicate your acceptance of this offer by signing below. We hope that you will accept the Vice President, Finance position and continue your meaningful contributions to
Vital Farms. 
 Best Regards, 
  

	
	 /s/ Russell Diez-Canseco

	
	Russell Diez-Canseco
	President and CEO

  

					
	Agreed and Accepted:	 		 	
			
	 /s/ Daniel Jones
	 		 	 January 28, 2020

			
	Daniel Jones	 		 	
			
	Signature	 		 	Date

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