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Oculus Offer Letter - Stuart Trautenberg (1) copy

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Stuart A. Trautenberg

Oculus VR extends an offer of employment to Stuart Trautenberg for the position of executive recruiter. The offer includes a starting salary of $150,000 per year, two weeks of vacation, and eligibility to participate in health insurance and other benefit plans. Stuart would also be granted an opportunity to purchase up to 2,000 shares of company stock and additional shares based on new employees hired in the first year. The offer is contingent on background checks and will remain open until November 9, 2012.

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Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 November 4, 2012 Stuart Trautenberg 2075 Capistrano Avenue Laguna Beach, CA 92651 Offer of Employment by Oculus VR, Inc. Dear Stuart, I am very pleased to extend to you an offer of employment with Oculus VR, Inc., a California corporation (the Company), in the position of executive recruiter. You will initially report to Brendan Iribe the chief executive officer. The terms of the offer and the benefits currently provided by the Company are as follows: 1. Starting Salary. Your starting salary will be $150,000 per year and will be subject to periodic review and adjustment in accordance with the Companys then-current policies. 2. Benefits. You will be entitled to accrue two weeks of vacation, which is equal to 10 working days, of vacation/paid time off during the calendar year. The amount of vacation/PTO/sick time available to you during your first year is determined by proration based on the number of full months of employment completed by you during that year. Vacation/PTO accrual in subsequent years will be as provided for by the Companys policies then in effect. In addition, you will be eligible to participate in regular health insurance, bonus and other employee benefit plans established by the Company for its employees from time to time. For reference purposes: The current vacation plan ranges from 2 weeks off (per year) for year 1, to 5 weeks off (per year) by year 5. There are 10 official holiday days (like Memorial Day), the sick days allowance ranges from 5 available sick days on year 1, to 10 available sick days on year 5. Bereavement adds 3 days, and Jury Duty is 5 days. We use a professional HR agency called Trinet (www.trinet.com) for our semi-monthly payroll and benefits. Our current healthcare plan provides you with several coverage options from which to select. We pay 100% of the cost of the plan for employee + spouse + children, and this high quality plan includes coverage of pre-existing conditions, vision and dental. A disability coverage plan is also included. The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well as any of the terms set forth herein at any time in the future. 3. Confidentiality. As an employee of the Company, you will 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, you will need to sign the Companys Employee Proprietary Information Agreement in the form attached hereto as Exhibit A as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage
Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of this offer letter, the agreement concerning stock units granted to you, if any, under the Plan (as defined below) and the Companys Employee Proprietary Information Agreement, and your commencement of employment with the Company, will not violate any agreement currently in place between yourself and current or past employers. 4. Options. We will recommend to the Board of Directors of the Company that you be granted the opportunity to purchase up to 2,000 shares of Common Stock of the Company under the Companys equity incentive plan (the Plan) at the fair market value of the Companys Common Stock, as determined by the Board of Directors on the date the Board approves such grant. You will also be granted the opportunity to purchase up to 100 shares of Common Stock of the Company for each New Employee thats hired during your first year of employment with the Company. New Employees must remain employed with the Company for at least one year to qualify for the 100 share grant. Contractors and employees acquired through an acquisition are excluded and do not qualify as New Employees for the 100 share grant. The shares you will be given an opportunity to purchase will vest over a three (3) year period for so long as you continue to be employed by the Company on the following schedule: one third (1/3) of the shares will vest at the end of your first anniversary with the Company, and an additional one thirty-sixth (1/36th ) of the shares will vest monthly thereafter. In addition to the foregoing, if your employment is terminated without cause the options you received for each new hire (100 per employee) will immediately vest. However, the grant of such options by the Company is subject to the Boards approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and any specific option grant to you will be provided upon approval of such grant by the Companys Board of Directors. 5. At Will Employment. While we look forward to a long and profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations to the contrary (and any statements contradicting any provision in this letter) should be regarded by you as ineffective. Further, your participation in any stock incentive or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Any modification or change in your at will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company. 6. Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact me. 7. Entire Agreement. This offer letter and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this offer, and
Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 supersede any and all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 8. Background Check. This offer is contingent upon a successful employment verification of criminal, education, and employment background and reference checks. This offer can be rescinded based upon data received in the verification and reference check results. 9. Acceptance. This offer will remain open until Friday, 11/9/12 at 6:00 PM PST. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me. We look forward to the opportunity to welcome you to the Company. Sincerely, Brendan Iribe, CEO I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. Date signed: Stuart Trautenberg Start Date: Monday, November 12, 2012

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Oculus Offer Letter - Stuart Trautenberg (1) copy

  • 1. Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 November 4, 2012 Stuart Trautenberg 2075 Capistrano Avenue Laguna Beach, CA 92651 Offer of Employment by Oculus VR, Inc. Dear Stuart, I am very pleased to extend to you an offer of employment with Oculus VR, Inc., a California corporation (the Company), in the position of executive recruiter. You will initially report to Brendan Iribe the chief executive officer. The terms of the offer and the benefits currently provided by the Company are as follows: 1. Starting Salary. Your starting salary will be $150,000 per year and will be subject to periodic review and adjustment in accordance with the Companys then-current policies. 2. Benefits. You will be entitled to accrue two weeks of vacation, which is equal to 10 working days, of vacation/paid time off during the calendar year. The amount of vacation/PTO/sick time available to you during your first year is determined by proration based on the number of full months of employment completed by you during that year. Vacation/PTO accrual in subsequent years will be as provided for by the Companys policies then in effect. In addition, you will be eligible to participate in regular health insurance, bonus and other employee benefit plans established by the Company for its employees from time to time. For reference purposes: The current vacation plan ranges from 2 weeks off (per year) for year 1, to 5 weeks off (per year) by year 5. There are 10 official holiday days (like Memorial Day), the sick days allowance ranges from 5 available sick days on year 1, to 10 available sick days on year 5. Bereavement adds 3 days, and Jury Duty is 5 days. We use a professional HR agency called Trinet (www.trinet.com) for our semi-monthly payroll and benefits. Our current healthcare plan provides you with several coverage options from which to select. We pay 100% of the cost of the plan for employee + spouse + children, and this high quality plan includes coverage of pre-existing conditions, vision and dental. A disability coverage plan is also included. The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding terms of employment, as well as any of the terms set forth herein at any time in the future. 3. Confidentiality. As an employee of the Company, you will 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, you will need to sign the Companys Employee Proprietary Information Agreement in the form attached hereto as Exhibit A as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer. During the period that you render services to the Company, you agree to not engage
  • 2. Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 in any employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company. You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company. You represent that your signing of this offer letter, the agreement concerning stock units granted to you, if any, under the Plan (as defined below) and the Companys Employee Proprietary Information Agreement, and your commencement of employment with the Company, will not violate any agreement currently in place between yourself and current or past employers. 4. Options. We will recommend to the Board of Directors of the Company that you be granted the opportunity to purchase up to 2,000 shares of Common Stock of the Company under the Companys equity incentive plan (the Plan) at the fair market value of the Companys Common Stock, as determined by the Board of Directors on the date the Board approves such grant. You will also be granted the opportunity to purchase up to 100 shares of Common Stock of the Company for each New Employee thats hired during your first year of employment with the Company. New Employees must remain employed with the Company for at least one year to qualify for the 100 share grant. Contractors and employees acquired through an acquisition are excluded and do not qualify as New Employees for the 100 share grant. The shares you will be given an opportunity to purchase will vest over a three (3) year period for so long as you continue to be employed by the Company on the following schedule: one third (1/3) of the shares will vest at the end of your first anniversary with the Company, and an additional one thirty-sixth (1/36th ) of the shares will vest monthly thereafter. In addition to the foregoing, if your employment is terminated without cause the options you received for each new hire (100 per employee) will immediately vest. However, the grant of such options by the Company is subject to the Boards approval and this promise to recommend such approval is not a promise of compensation and is not intended to create any obligation on the part of the Company. Further details on the Plan and any specific option grant to you will be provided upon approval of such grant by the Companys Board of Directors. 5. At Will Employment. While we look forward to a long and profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause. Any statements or representations to the contrary (and any statements contradicting any provision in this letter) should be regarded by you as ineffective. Further, your participation in any stock incentive or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Any modification or change in your at will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company. 6. Authorization to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact me. 7. Entire Agreement. This offer letter and the documents referred to herein constitute the entire agreement and understanding of the parties with respect to the subject matter of this offer, and
  • 3. Oculus VR, Inc. | 19800 MacArthur Blvd. Suite 450, Irvine, CA 92612 supersede any and all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof. 8. Background Check. This offer is contingent upon a successful employment verification of criminal, education, and employment background and reference checks. This offer can be rescinded based upon data received in the verification and reference check results. 9. Acceptance. This offer will remain open until Friday, 11/9/12 at 6:00 PM PST. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me. We look forward to the opportunity to welcome you to the Company. Sincerely, Brendan Iribe, CEO I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein. Date signed: Stuart Trautenberg Start Date: Monday, November 12, 2012