SEC Contract Filing

Filing Date: 2022-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>5
<FILENAME>sail-20211231x10kex1035.htm
<DESCRIPTION>EX-10.35
<TEXT>
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<title>Document</title></head><body><div id="i14f1ca7094c948b48c07d0b32fefdcdc_1"></div><div style="min-height:77.76pt;width:100%"><div style="text-align:center"><img alt="image_0.jpg" src="image_0.jpg" style="height:50px;margin-bottom:5pt;vertical-align:text-bottom;width:209px"></div></div><div><font><br></font></div><div style="margin-top:0.25pt;text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.35</font></div><div style="margin-top:4.7pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">02&#47;01&#47;2017</font></div><div><font><br></font></div><div style="margin-top:6.95pt;padding-left:5.3pt;padding-right:474.85pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:157%">Christopher Schmitt </font></div><div><font><br></font></div><div style="margin-top:6.95pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dear Christopher&#58;</font></div><div style="margin-top:4.05pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">I am excited about the prospect of you joining SailPoint Technologies, Inc. (&#8220;SailPoint&#8221;). Your skills and abilities will be a great addition to the team and I look forward to working with you. This letter confirms the details of SailPoint&#8217;s offer of employment as a General Counsel with a proposed start date of 03&#47;06&#47;2017.</font></div><div style="margin-top:0.25pt"><font><br></font></div><div style="padding-left:5.3pt;padding-right:31.6pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:22.37pt;text-decoration:underline">Compensation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">. Your annual base salary will be $260,000.00 paid semi-monthly (on the 15th and last day of each month) consistent with our standard payroll procedures, and reduced by payroll deductions and all required withholdings.</font></div><div style="margin-top:0.15pt"><font><br></font></div><div style="padding-left:5.3pt;padding-right:16.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">In addition, you will be eligible for a bonus of 35.0% of your annual salary based on achievement of corporate goals as set forth by the SailPoint Board of Directors Compensation Committee.</font></div><div style="margin-top:0.15pt"><font><br></font></div><div style="margin-top:0.05pt;padding-left:5.3pt;padding-right:13.85pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;padding-left:22.37pt;text-decoration:underline">Stock Options</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">. Subject to approval by SailPoint&#8217;s Board of Directors, you will be granted an option to purchase 70,000 shares of SailPoint Common Stock at the fair market value on the date the Board approves the option grant. All vesting subject to your continued employment with SailPoint.</font></div><div><font><br></font></div><div style="margin-top:7.05pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">When approved by the Board of Directors, your grant will include the following change of control provision&#58;</font></div><div><font><br></font></div><div style="margin-top:7pt;padding-left:5.3pt;padding-right:6.8pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8220;In the event both (i) a Sale of the Company occurs and (ii) Purchaser&#8217;s continuous status as a Service Provider is terminated either (A) by the Company or the acquiring entity without Cause or (B) by Purchaser for Good Reason, in either case, within the twelve month period immediately following such Sale of the Company, then 100% of the Unvested Restricted Stock shall become vested as of the termination of Purchaser&#8217;s status as a Service Provider&#59; provided, however, that if Purchaser&#8217;s continuous status as a Service Provider ceases prior to any Sale of the Company, then no Unvested Restricted Stock shall vest.&#8221;</font></div><div style="margin-top:4.3pt;padding-left:5.3pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Additionally, language will be included in your stock option agreement that is similar in substance to the following terms&#58;</font></div><div><font><br></font></div><div style="margin-top:6.95pt;padding-left:5.3pt;padding-right:17.9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">For a partial year of service, an employee will receive partial year vesting credit for shares subject to achievement of the performance target, upon achievement of that target. Vesting will be calculated based upon the number of service months in the initial year of service (based on the calendar year).</font></div><div><font><br></font></div><div style="margin-top:7.1pt;padding-left:5.3pt;