Document:

EX-10.19

 

 
 Exhibit 10.19 

EMPLOYMENT OFFER LETTER 
 December 24,
2014 
 VIA EMAIL 
 Mr. Mark Partin 

Dear Mark: 
 I am pleased to offer you a
position with BlackLine Systems, Inc. (the “Company”) as Chief Financial Officer reporting directly to me. Speaking for myself, as well as the other members of the Board and the management team, we are all excited to have you join and
we look forward to your future success with the Company 
 You will be paid a base salary of $300,000 on an annualized basis
(“Base Salary”).Your Base Salary will be payable in bi-weekly payments per year less applicable taxes, deductions and withholdings and otherwise pursuant to the Company’s regular payroll policy. You will be provided standard health,
life, disability and dental insurance coverage as generally supplied per Company policy and will be eligible for enrollment in the Company’s 401(k) plan subject to standard Company policy. 

You will be eligible for an annual incentive bonus with a target amount equal to $60,000 for the full fiscal year provided that you remain
employed with the Company through the date that such bonus is paid and subject to the Company’s financial performance and the Board’s determination of your performance and contribution to the Company. The amount of your target incentive
bonus will be prorated for fiscal year 2015 based on the number of full months you are employed during that fiscal year following your acceptance of this letter. Your compensation will be reviewed periodically as part of the Company’s normal
review process. 
 In addition to your base salary and incentive bonus compensation as described herein, you will receive an incentive stock
option to purchase 2,800,884 shares of the Company’s common stock at an exercise price determined by the Company’s Board of Directors, which will generally be the current fair market value for such shares. Your options will vest and become
exercisable over a four-year period with 25% vesting on the one-year anniversary of your first day of employment with BlackLine and with the balance vesting equally every year thereafter over the following three years. The options and vesting in the
options will depend on your continued employment with the Company and will be subject to all the terms and conditions of the Company’s option plan. 

In the event of a “Change of Control”, if your employment is terminated by the Company (or its successor or parent) without
“Cause” or by you for “Good Reason”, within 12 months after the Change of Control, your option vesting schedule will be forward accelerated by two years, effective immediately as of the termination date. 

The term “Change of Control” means (1) a sale of all or substantially all of the Company’s assets, (2) any merger,
consolidation or other business combination transaction of the Company with or into another corporation, entity or person, other than a transaction in which the 
  

 

 

 
 holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately prior to such
transaction continue to hold (either by such shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity) at least a majority of the total voting power represented by the shares of
voting capital stock of the Company (or the surviving entity) outstanding immediately after such transaction; provided, however, that a bona fide equity financing shall not be deemed a Change of Control, or (3) the direct or indirect acquisition
(including by way of a tender or exchange offer) by any person, or persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing a majority of the voting power of the then outstanding
shares of capital stock of the Company. 
 For purposes of this agreement, “Cause” means the occurrence of one or more of the
following events or circumstances as determined in good faith by a majority of the members of the Board: (i) your gross negligence or willful misconduct in the performance of duties to the Company that has resulted or is reasonably likely to result
in damage to the Company or its subsidiaries as determined in good faith by the Board, (ii) commission of any act of fraud, embezzlement, or dishonesty that has caused or is reasonably expected to result in injury to the Company (or a successor, if
appropriate), (iii) any material unauthorized use or disclosure of any confidential and proprietary information or trade secrets of the Company (or a successor, if appropriate) or any other party to whom you owe an obligation of nondisclosure as a
result of your relationship with the Company (or a successor, if appropriate) as determined in good faith by the Board, (iv) conviction of, or plea of nolo contendere to, a felony or a crime involving moral turpitude or commission of any act of
fraud with respect to the Company, or (v) your material breach of any of your obligations under any written agreement or covenant with the Company (or a successor, if appropriate). 

For purposes of this agreement, “Good Reason” shall be deemed to occur if any of the following occurs without your written consent:
(A) a material change in your authority or operating responsibilities, provided that neither a mere change in title following a Change of Control to a position that is substantially similar to the position held prior to the Change of Control with
respect to the operations of the Company nor an immaterial change in responsibilities shall, by itself, constitute a material change in authority or operating responsibilities; (B) a failure to pay, or a reduction in, your base salary or minimum
bonus (if applicable), other than a reduction as a result of an across-the-board reduction in base salaries or minimum bonuses for all management-level employees of the Company by an average percentage not less than the percentage reduction of your
base salary or minimum bonus; or (C) a requirement for you to relocate. 
 You should be aware that your employment with the Company is for
no specified period and constitutes at-will employment. As a result, you are free to resign at any time, for any reason or for no reason. Similarly, the Company is free to conclude its employment relationship with you at any time, with or without
cause, and with or without notice. The Company shall grant you severance pay equal to six months of your Base Salary and Benefits continuation (at the rate in effect on the date of your termination of employment) in the event you are terminated
without Cause, provided that you execute and deliver (and do not revoke thereafter) an appropriate release of the Company in the form provided by the Company. 
  

 
  

 

 
 For purposes of federal immigration law, you will be required to provide to the Company documentary
evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated. 

You agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or
other business activity related to the business in which the Company is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company. 

Commencement of your employment at BlackLine, even if you accept this offer, is conditioned upon: satisfactory verification of any employment references you
have provided; and (b) satisfactory completion of a background check. 
 To indicate your acceptance of the Company’s offer, please
sign and date this letter in the space provided below and return it to me. This letter and the agreements relating to proprietary rights between you and the Company and arbitration set forth the terms of your employment with the Company and
supersede any prior or contemporaneous representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by an officer of the Company and by you. 

This offer will expire if not signed and returned to BlackLine Systems by Friday, December 26, 2014 at 5 PM. This offer is also subject to the
results of the Company’s standard criminal, background and/or reference checks as may be required. 
 We so look forward to working
with you at BlackLine Systems! 
  

	
	 Very truly yours,

  

	
	
	/s/ Therese Tucker
	Therese Tucker
	Chief Executive Officer
	
	ACCEPTED AND AGREED:
	
	MARK PARTIN
	
	/s/ Mark Partin
	Signature
	
	12/25/14
	DateEX-10.20

 Exhibit 10.20 

September 29, 2016 
 Mark Partin 

c/o BlackLine, Inc. 
 21300 Victory Boulevard, 12th Floor 

Woodland Hills, CA 91367 
 Re: Confirmatory Employment Letter

 Dear Mark: 
 This letter agreement (the
“Agreement”) is entered into between Mark Partin (“Employee” or “you”) and BlackLine, Inc. (the “Company” or “we”). This Agreement is effective as of the date you sign this letter, as indicated
below. The purpose of this letter is to confirm the current terms and conditions of your employment. 
  

	1.	Title; Position. Your position will continue to be Chief Financial Officer, and you will continue to report to the Chief Executive Officer, with responsibilities as defined in the job description
previously provided to you or as otherwise reasonably assigned to you by your supervisor or the Company’s board of directors or its authorized committee (the “Committee”).

 

	2.	Base Salary. Your current annual base salary is $340,000. Your annual base salary will be payable in bi-weekly payments, less applicable withholdings and deductions, and otherwise in accordance with the
Company’s normal payroll practices. Your annual base salary will be subject to review and adjustment based upon the Company’s normal performance review practices. 

 

	3.	Annual Bonus. You are eligible to earn an annual bonus of 40% of your base salary at target, based on achieving performance objectives established by the Committee in its sole discretion and payable
upon achievement of those objectives as determined by the Committee. If any portion of such bonus is earned, it will be paid when practicable after the Committee determines it has been earned, subject to you remaining employed with the Company
through the payment date. Your annual bonus opportunity will be subject to review and adjustment based upon the Company’s normal performance review practices. 

 

	4.	Employee Benefits. You also will continue to be eligible to participate in all of the Company benefit plans as available, including group health insurance and paid time off, based on policies in
effect during your employment. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time. 

  

	5.	 Severance Policy. The Committee has designated you a participant in the Company’s Change
of Control and Severance Policy (the “Policy”), attached as Exhibit A to this letter. As a participant in the Policy, you will be eligible to receive severance payments and benefits upon certain qualifying terminations of your
employment as set forth in Exhibit B to this letter (the “Participation Terms”), subject to the terms and conditions of the Policy. By signing 

	 	
this letter, you agree that this Agreement, the Policy, and the Participation Terms constitute the entire agreement between you and the Company regarding the subject matter of this
paragraph and supersede in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and whether expressed or implied), and specifically supersede any severance and/or change of control
provisions of any offer letter, employment agreement, or equity award agreement entered into between you and the Company. 

  

	6.	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 acceptance of this letter confirms that the terms of the Company’s Confidential Information and Inventions Assignment
Agreement and other compliance agreements that you executed when you joined the Company (the “Confidentiality Agreements”).

  

	7.	At-Will Employment. Your employment with the Company will continue to be “at will.” It is for no specified term, and may be terminated by you or the Company at any time, with or without
cause or advance notice. Although the Company may change the terms and conditions of your employment from time-to-time, (including, but not limited to, changes in your position, compensation, and/or benefits), nothing will change the at-will
employment relationship between you and the Company. In addition, the compensation terms described herein will not affect your at-will employment status.

  

	8.	Commitment to Company. During your employment with the Company, you will perform your duties faithfully and to the best of your ability and will devote your full business efforts and time to the
Company. Except as specifically approved by the Committee, you agree that, during the term of your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity related to the
business in which the Company or any of its subsidiaries or affiliates is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to the Company or any of
its subsidiaries or affiliates. 

  

	9.	 Protected Activity Not Prohibited. Nothing in this Agreement or in any other agreement between you or
the Company, as applicable, will in any way limit or prohibit you from engaging for a lawful purpose in any Protected Activity. For purposes of this Agreement, “Protected Activity” means filing a charge or complaint, or otherwise
communicating, cooperating, or participating with, any state, federal, or other governmental agency, including the U.S. Securities and Exchange Commission, the Equal Employment Opportunity Commission, and the National Labor Relations Board.
Notwithstanding any restrictions set forth in this Agreement, you understand that you are not required to obtain authorization from the Company prior to disclosing information to, or communicating with, such agencies, nor are you obligated to advise
the Company as to any such disclosures or communications. Notwithstanding, in making any such disclosures or communications, you agree to take all reasonable precautions to prevent any unauthorized use or disclosure of any information that may
constitute Confidential Information (within the meaning of the applicable 

  
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Confidentiality Agreement) to any parties other than the relevant government agencies. You further understand that “Protected Activity” does not include the disclosure of any Company
attorney-client privileged communications, and that any such disclosure without the Company’s written consent will constitute a material breach of this Agreement. You acknowledge that the Company has provided you with notice in compliance with
the Defend Trade Secrets Act of 2016 regarding immunity from liability for limited disclosures of trade secrets. The full text of the notice is attached in Exhibit C.

 

	10.	Miscellaneous. This Agreement, along with the Confidentiality Agreements, the Policy, the Participation Terms, and the arbitration agreement executed when you joined the Company, constitute the entire
agreement between you and the Company regarding the subject matters discussed herein, and they supersede all prior negotiations, representations or agreements between you and the Company. This Agreement may only be modified by a written
agreement signed by you and the Company’s Chief Executive Officer. 

 To accept the letter, please sign in the space indicated and return
it to the Company.
  

			
	Sincerely,
	
	BlackLine, Inc.
		
	By:	 	 /s/ Therese Tucker

		 	Therese Tucker
		 	Chief Executive Officer

 I have read and understood this Agreement and hereby acknowledge, accept and agree to the terms as set
forth herein and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. 
  

							
	Date: September 29, 2016	 		 		 	 /s/ Mark Partin

		 		 		 	Signature

  
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