Employment Offer Letter between loanDepot, LLC and Mike Smith for Chief Accounting Officer Position
This agreement is an employment offer letter from loanDepot, LLC to Mike Smith for the position of Chief Accounting Officer, starting September 29, 2014. It outlines an annual salary of $275,000, eligibility for a management bonus plan, equity units, benefits such as PTO, medical insurance, and 401(k), and conditions including background checks and employment eligibility verification. Employment is at-will, meaning either party can end it at any time. The offer is contingent on acceptance before the start date and supersedes any prior verbal agreements.
Exhibit 10.47
September 23, 2014
Mike Smith
Re: Offer of Employment
Dear Mike:
We are pleased to offer you employment with loanDepot, LLC (“loanDepot”) on the following terms and conditions:
Position. Chief Accounting Officer. You will report to Jon Frojen in this position.
Start Date. September 29, 2014
Compensation. $275,000 annually paid semi-monthly.
| 4. | Bonus. You will be eligible to participate in the annual Management Incentive Plan with a target of 60% of your annual base salary starting in January, 2015. Payout of your bonus can be achieved if established goals are met and the Company meets its goals as approved by the Board and as per the Management Incentive Plan. Personal objectives and goals or other components of the bonus plan are to be discussed with Jon Frojen and all other loanDepot Management Incentive Plan criteria for payout will apply once approved. |
| 5. | Equity. You are eligible to receive 2,000 Class X units that will be subject to terms and conditions of loanDepot’s Unit Agreement form that you must sign as a condition of receiving such equity. The equity would not be publicly traded and would be subject to terms and conditions of the Unit Grant Agreement. |
| 6. | PTO. You will be eligible to receive PTO pursuant to the policies set forth in the Employee Handbook. |
| 7. | Medical Insurance. You will be eligible to receive medical insurance the first of the month following 30 days from your start with loan Depot or November 1, 2014. |
| 8. | 401(k) Program. You will be eligible to participate in loanDepot’s 401(k) Program after 3 months of employment. |
| 9. | Policies. You must abide by loanDepot’s policies and procedures, including all policies contained in loanDepot’s Employee Handbook, which you will find on the Company intranet. |
| 10. | Background Investigation. This offer is contingent upon your satisfactory completion of a background investigation, which may include criminal history, credit history, employment verification and references, education verification, and Social Security number verification. |
| 11. | Eligibility. This offer of employment is contingent upon you completing on the first day you report to work the “Employment Eligibility Verification” Form (I-9) along with proof of appropriate identification documents as listed in the enclosed “Lists of Acceptable Documents.” If you are unable to provide acceptable identification within the first three business days of your date of hire, loanDepot will be required by law to terminate your employment immediately. |
| 12. | No Reliance. You acknowledge that you are not relocating your residence or resigning employment in reliance on any promise or representation by loanDepot regarding the kind, character, or existence of such work, or the length of time such work will last, or the compensation therefore. |
| 13. | At Will. Your employment with loanDepot is at will, and either you or loanDepot may terminate the employment relationship at any time with or without notice for any reason. No loanDepot representative has the authority to modify the at will nature of your employment except for the CEO of loanDepot, and any such modification must be in writing signed by both you and the CEO of loanDepot. |
| 14. | Modification. With mutual consent, loanDepot reserves the right to modify your position, duties, compensation. benefits, and/or other terms and conditions of employment at any time in its sole discretion, as allowed by law, except for the at will employment policy. |
| 15. | Prior Verbal Agreements. This letter supersedes any prior verbal agreements or representations regarding your employment with loanDepot. |
| 16. | Offer. If this offer is not accepted in writing prior to your start, this offer will be automatically revoked at that time. You may send your acceptance of the terms of this offer to us by mail, email at ***@*** or facsimile at ###-###-####. |
We are excited to have you join our team. If you have any questions, please feel free to contact me or Kristiina Hintgen directly at ###-###-####.
Sincerely,
Jon Frojen
Chief Financial Officer
Acknowledged, Accepted and Agreed by:
| /s/ Mike Smith Signature | Date: | 9/24/14 | ||||
| Mike Smith Printed Name – Mike Smith | ||||||
