SEC Contract Filing

Filing Date: 2025-02-19

Document Content:
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>8
<FILENAME>ex101512312024.htm
<DESCRIPTION>EX-10.15
<TEXT>
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<title>Document</title></head><body><div id="ic6abcd2b82fb44d7beebeb065661f13a_1"></div><div style="min-height:95.04pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.15</font></div></div><div style="margin-bottom:12pt"><font><br></font></div><div style="text-align:center"><img alt="etsy-20241231_g48.jpg" src="etsy-20241231_g48.jpg" style="height:70px;margin-bottom:5pt;vertical-align:text-bottom;width:126px"></div><div style="margin-bottom:12pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">December 3, 2024</font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Brad Minor</font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(delivered via DocuSign)</font></div><div style="margin-bottom:12pt"><font><br></font></div><div><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dear Brad&#58;</font></div><div style="padding-right:13.5pt"><font><br></font></div><div style="padding-right:13.5pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">We are pleased to confirm your promotion to the position of Chief Marketing Officer (&#8220;CMO&#8221;) of Etsy, Inc. (&#8220;Etsy&#8221;) effective January 3, 2025 (the &#8220;Effective Date&#8221;). You will report to Kruti Patel Goyal, President and Chief Growth Officer, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">and you will be assigned to work from Etsy&#8217;s Brooklyn, NY office. </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Y</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">our base pay will be $420,000 per year, paid in accordance with Etsy&#8217;s normal payroll practices, and you will continue to be eligible for the benefits that Etsy provides to full-time employees. </font></div><div style="padding-right:13.5pt"><font><br></font></div><div style="padding-right:13.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">You will continue to participate in Etsy&#8217;s Management Cash Incentive Plan. Beginning January 3, 2025, your target annual bonus will be 70% of your base salary earned during the performance period, which currently follows a calendar year (January 1 to December 31) cycle, with a bonus structure as follows&#58; 70% of the bonus target will be based on company performance, while 30% of the bonus target will be based on individual performance. Your participation is subject to the terms and conditions of the Management Cash Incentive Plan (MCIP) and the applicable participation notice. Generally, awards (if any) are paid within two and a half months after the end of a calendar year.</font></div><div style="margin-bottom:0.55pt"><font><br></font></div><div style="margin-bottom:0.55pt"><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Etsy will also propose that you receive equity awards on March 15, 2025 with an aggregate fair value at the time of the grant equal to approximately $3,500,000 (collectively, the &#8220;Promotion Grant&#8221;). The Promotion Grant and related terms below are subject to the approval of Etsy&#8217;s Compensation Committee. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Seventy percent (70%) of the Promotion Grant will be in the form of Restricted Stock Units (which we refer to as RSUs). </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> The RSUs will &#8220;vest&#8221; (or convert into shares of Etsy&#8217;s common stock) in sixteen (16) equal quarterly installments over a four year term if you remain continuously employed with Etsy or one of its subsidiaries</font><font style="background-color:#ffffff;color:#222222;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font></div><div style="margin-bottom:0.55pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"><br>Thirty percent (30%) of the Promotion Grant will be in the form of performance-based vesting restricted stock units (&#8220;PSUs&#8221;) having performance and vesting terms that are consistent with the terms of the PSUs included in the form of PSU agreement for the 2025 Etsy ET annual grants. </font></div><div style="margin-bottom:0.55pt"><font><br></font></div><div style="margin-bottom:0.55pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Your equity awards will be subject to the terms and conditions of Etsy&#8217;s 2024 Equity Incentive Plan and your award agreements, which will also specify your vesting dates, and will govern and control the Promotion Grant in all respects. There will be no change to your previously issued equity