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letter agreement

Executive Employment Agreement

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This Executive Employment Agreement involves

OPENTABLE INC

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Title: letter agreement
Date: 1/30/2009

letter agreement, Parties: opentable inc
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Exhibit 10.6

 

November 7, 2001

 

Joel Brown

 

Dear Joel:

 

OpenTable, Inc. (the “Company”) is pleased to offer you employment on the following terms:

 

I.                                          Position .  You will serve in a full-time capacity as Senior Vice President, Operations of the Company.  You will report to Thomas Layton, Interim CEO.  By signing this letter agreement, you represent and warrant to the Company that you are under no contractual commitments inconsistent with your obligations to the Company.

 

II.                                      Salary .  You will be paid a salary at the annual rate of $200,000.00, payable in semi-monthly installments in accordance with the Company’s standard payroll practices for salaried employees.  Your compensation will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time.  Current performance review policy is annually in December.

 

III.                                  Stock Options .  Subject to the approval of the Company’s Board of Directors or its Compensation Committee, you will be granted an option to purchase 725,000 shares at $.30/share (equivalent to 1.5% of Company shares on a fully diluted basis) of the Company’s Common Stock.  The option will be subject to the terms and conditions applicable to options granted under the Company’s 1999 Stock Plan, as described in that Plan and the applicable stock option agreement.  You will vest in 25% of the option shares after 12 months of service, and the balance will vest in monthly installments over the next 36 months of service, as described in the applicable stock option agreement.

 

IV.                                  Miscellaneous Allowances .  You will be eligible to receive $50.00 per month commuting allowance, payable in semi-monthly installments.  You will also be eligible for reimbursement for reasonable business related cellular phone expenses, paid in accordance to Company’s Travel & Expense practices.  Your miscellaneous allowances will be subject to adjustment pursuant to the Company’s Travel & Expense policies in effect from time to time.

 

V.                                      Proprietary Information and Inventions Agreement .  Like all Company employees, you will be required, as a condition to your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A .

 

VI.                                  Period of Employment .  Your employment with the Company will be “at will,” meaning that either you or the


 
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