101 REDWOOD SHORES PARKWAY, 3RD FLOOR
Redwood City, CA 94025
June 2, 2016
Dear Anan Kashyap;
Poshmark, Inc. (the Company) is pleased to offer you employment on the following terms:
1. Position. Your initial title will be Chief Financial Officer (CFO) and you will initially report to the Chief Executive Officer (CEO).
2. This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company.
3. Compensation. The Company will pay you a starting salary at the rate of $285,000 per year, payable in accordance with the Companys standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at the Companys discretion. As an incentive, it is currently anticipated that you will receive stock options to purchase 594,000 of the companys common stock according to the vesting schedule, terms and conditions of the companys stock option plan and subject to approval of the Companys Board of Directors. These options will also include the standard double trigger provisions. In addition, you are eligible for an annual executive performance bonus of up to 30% of your annual salary based on your personal and company performance.
You will also be reimbursed for your relocation expenses - $20,000 in your first month and then up to $4,000 per month for the next twelve months. The relocation expenses can be deferred as needed. Relocation costs that are considered eligible for reimbursement at 100% of cost under IRS rules will be reimbursed and not be taxed. Any remaining expenses that are ineligible by the IRS will be subject to state and federal taxes.
4. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Companys vacation policy, as in effect from time to time.
5. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Companys standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A.