Promotion and Compensation Letter for Joseph Tyrrell – Executive Vice President, Corporate Strategy, Ellie Mae

Contract Categories: Human Resources › Employment Agreements
Summary

This letter from Ellie Mae confirms Joseph Tyrrell's promotion to Executive Vice President of Corporate Strategy, expanding his responsibilities to include Product Strategy and Business and Corporate Development. His compensation includes a $275,000 annual salary, an 80% bonus target, eligibility for equity grants, and a new equity award valued at $800,000. He will also receive a Change of Control Severance Agreement and an Indemnification Agreement. The letter outlines the terms of his new role and associated benefits.

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EX-10.5 4 ex105-josephtyrrellpromoti.htm EXHIBIT 10.5 EX10.5 - Joseph Tyrrell Promotion Letter


March 23, 2015

Joseph Tyrrell

Dear Joe:
Congratulations, I am pleased to confirm your new role as Executive Vice President, of Corporate Strategy, which includes Product Strategy in addition to Business and Corporate Development.
In this new role and as an Officer of the company your total compensation package will include an annual salary of $275,000, a bonus target of 80% of your base salary and eligibility for ongoing equity grants. With this promotion, you will be receiving an equity award with a grant date value of $800,000 divided equally into stock options, restricted stock units and performance shares units under the 2015 Senior Executive Performance Share Program.
In connection with your promotion, you will have a Change of Control Severance Agreement as well as a customary Indemnification Agreement.

We appreciate your service and contributions, and we wish you success in your new position at Ellie Mae.
Sincerely,

Jonathan Corr
President and Chief Executive Officer