Board Membership Offer Letter Agreement between eHealth, Inc. and Jack L. Oliver III
eHealth, Inc. offers Jack L. Oliver III a position on its Board of Directors, providing an annual retainer, per-meeting fees, reimbursement for related expenses, and stock options, all subject to Board approval. The agreement outlines compensation, stock option vesting schedules, and clarifies that Board membership can be terminated at any time according to applicable law. Jack L. Oliver III accepts the terms by signing the letter.
Exhibit 10.13
![]() | eHealth, Inc. 440 East Middlefield Road Mountain View, CA 94043 www.ehealth.com Phone ###-###-#### Fax ###-###-#### |
November 17, 2005
Jack L. Oliver III
Bryan Cave Strategies
700 13th Street N.W., Suite 500
Washington, DC 20005
Re: | eHealth Board Membership Offer |
Dear Jack:
eHealth, Inc. (the Company) is pleased to offer you a position as a member of the Companys Board of Directors (the Board). The following is some information on the benefits available to you as a member of the Board.
Subject to the approval of the Board, you will receive the following cash payments in consideration for your Board service: (a) $12,000 annual retainer, which will be paid when you initially become a member of the Board and annually thereafter; and (b) $2,500 for each Board meeting that you attend in person. You will also be reimbursed for travel, lodging and other reasonable out-of-pocket expenses incurred in attending Board meetings and for meetings of any committees of the Board on which you may serve.
Subject to the approval of the Board, you will be granted an option to purchase 50,000 shares of the Companys Common Stock when you initially become a member of the Board. Subject to the approval of the Board, you will also be granted an option to purchase 12,500 shares of the Companys Common Stock upon the date of each of the Companys annual stockholders meetings. The exercise price per shall will be equal to the fair market value per share on the date each option is granted. Each option will be subject to the terms and conditions applicable to options granted under the Companys equity incentive plan (Plan), as described in that Plan and the applicable stock option agreement. You will vest in 25% of the option shares upon your completion of 12 months of continuous Board service following the option grant date and 1/48 of the option shares upon your completion of each of the next 36 months of Board service.
Nothing in this offer or the stock option agreement should be construed to interfere with or otherwise restrict in any way the rights of the Company and the Companys stockholder to remove any individual from the Board at any time in accordance with the provisions of applicable law.
Jack L. Oliver III
November 17, 2005
Page 2
We hope that you find the foregoing terms acceptable. You may indicate your agreement with these terms and accept this offer by signing and dating both this letter and the enclosed duplicate original of this letter and returning them to me.
If you have any questions, please call me.
Sincerely | ||
eHealth, Inc. | ||
By: | /s/ Gary Lauer | |
Gary Lauer | ||
Chief Executive Officer and Chairman |
I have read and accept this offer: |
/s/ Jack L. Oliver III |
Signature of Jack L. Oliver III |
Dated: November 22, 2005 |
GLL:llh