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Exhibit 10.5
June 9, 2005
Matt Roberts
Dear Matt:
OpenTable, Inc. (the “Company”)
is pleased to offer you employment on the following
terms:
I.
Position . You will serve in a
regular, full-time capacity as Chief Financial Officer of the
Company in San Francisco. You will report to Thomas Layton,
Chief Executive Officer. By signing this letter of 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 an
annual salary of $215,000.00 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.
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
2,520,000 shares of the Company’s Common Stock (equal to
approximately 1% of the currently fully-diluted, outstanding
shares) with an exercise price equal to the fair market value of
the Company’s Common Stock on the later of the grant date or
the day you begin employment. The option will be subject to
the terms and conditions applicable to options granted under the
Company’s 2005 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. In the
event of a change of control, as further described in the
applicable stock option agreement, the Company’s right of
repurchase shall immediately lapse with respect to 25% of the
remaining unvested shares subject to this option, which shares
shall immediately vest and become exercisable. Further, if,
within six (6) months of such change of control, the Employee
is terminated or constructively terminated, with
“constructive termination&rdqu
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