On behalf of Yelp!, Inc., I
am pleased to offer you a position as Senior Software Engineer, we look forward
to your future success in this position. As a member of the Engineering
Department you will be reporting to Russel Simmons.
You will be paid a base
salary of$ 110,000 annually. Your salary will be payable in two equal payments
twice monthly, pursuant to the Company's regular payroll policy.
In connection with the
commencement of your employment, the Company will recommend that the Board of
Directors grant you an option to purchase 40,000 shares of the Company's common
stock with an exercise price equal to the fair market value on the date of the
grant. These option shares will vest at the rate of 1/4th of the total number of
Shares subject to the option on the one-year anniversary of your employment
commencement date and 1/48th of the total number of Shares subject to the option
on each monthly anniversary of your employment commencement date thereafter.
Vesting will, of course, depend on your continued employment with the Company.
The option will be an incentive stock option to the maximum extent allowed by
the tax code and will be subject to the terms of the Company's 2005 Stock Plan
and the Stock Option Agreement between you and the Company.
We will be offering you our
standard benefits package that includes health, dental, vision, term life
insurance, long term disability and 401K plans.
You will be entitled to 15
days of paid time off per year, prorated for the remainder of this calendar
year, in addition to designated company holidays. The terms of our time off with
pay policies are outlined in our employee handbook.
Your employment with Yelp!,
Inc. is for an indefinite term. In other words, the employment relationship is
"at will," and you have the right to terminate that employment relationship at
any time for any reason. Also, although I hope that you will remain with us and
be successful here, Yelp!, Inc. must, and does, retain the right to terminate
the employment relationship at any time for any reason. This "at will"
employment relationship can only be modified in writing by an authorized officer
of Yelp!, Inc. This paragraph contains the entire agreement between you and
Yelp!, Inc. regarding the right and ability of either you or Yelp!, Inc. to
terminate your employment with Yelp!, Inc.
You represent that the
performance of your duties in the position described above will not violate the
terms of any agreements you may have with others, including your former
employer. You also understand that you are not to bring to or use at Yelp!, Inc.
any trade secrets of your former employer.
Your employment is also
conditioned upon your agreement and execution of Yelp!, Inc.'s attached
Confidentiality Agreement. You must also provide proof of your ability to
legally work within the United States on your first day of employment with
Yelp!, Inc. Your employment is also conditional upon your passing Yelp!, Inc's
Please sign the bottom of
this letter to accept this offer and return the original to me. If we do not
receive confirmation of your acceptance by February 28, 2007 this offer will
Subject to fulfillment of
any conditions imposed by this letter agreement, you will commence this new
position with the Company on March 31, 2007.
Yelp!, Inc. is committed to
hiring employees like you that have the courage, creativity, and experience to
develop new ideas for new markets.
We look forward to you
|Start Date: 03/27/2007