Exhibit 10.18
[Design Within Reach, Inc.
Letterhead]
October 1, 2005
Wanda Gierhart
225 Bush Street, 20
th
Floor
San Francisco, CA 94104
Dear Wanda,
On behalf of Design Within Reach, Inc., (the
“Company”), I am pleased to offer you the position of
Executive Vice President, Marketing and Merchandising, reporting to
Tara Poseley, CEO. The terms of your new position with the Company
are as set forth below.
You will be paid a salary at a rate of
$11,538.46 per pay period, payable in installments pursuant to the
Company’s regular bi-weekly payroll. You will be eligible to
receive a bonus of up to 75% of your annual salary, based on the
achievement of corporate goals set by the Board of Directors and
individual goals to be determined jointly by you and your manager.
This bonus will be paid annually at a prorated basis.
By accepting this offer you agree that, to the
best of your ability, you will at all times loyally and
conscientiously perform all of the duties and obligations required
of and from you pursuant to the express and implicit terms hereof,
and to the reasonable satisfaction of the Company. During the term
of your employment, you further agree that you will devote all of
your business time and attention to the business of the Company;
that the Company will be entitled to all of the benefits and
profits arising from or incident to all such work services and
advice; and that you will not render commercial or professional
services of any nature to any person or organization, whether or
not for compensation, without prior written consent of the
Company’s Board of Directors. You agree that you will not
directly or indirectly engage or participate in any business that
is competitive in any manner with the business of the Company.
Nothing in this agreement will prevent you from accepting speaking
or presentation engagements, for which you may receive honoraria,
or from serving on the board of a charitable organization, or from
owning no more than one percent (1%) of the outstanding equity
securities of a corporation whose stock is listed on a national
stock exchange.
Your acceptance of this offer and commencement
of employment with the Company is contingent upon the execution,
and delivery to an officer of the Company, of the Company’s
Confidential Information and Invention Assignment Agreement prior
to your start date. A copy is enclosed for your review and
execution (the “Confidential Agreement”).
You agree to follow the Company’s strict
policy that employees must not disclose, either directly or
indirectly, any information, including any terms of this agreement,
regarding salary, stock purchase or option allocations to any
person, including other employees of the Company; provided,
however, that you may discuss such terms with members of your
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