Consulting Agreement between ReachLocal, Inc. and David Carlick (December 2014)
This agreement is between ReachLocal, Inc. and David Carlick, who resigned from the company's Board of Directors effective December 11, 2014. From that date through September 30, 2015, Carlick will serve as an independent consultant, advising the CEO and CFO on strategic matters for up to 10 hours per month. In return, his stock options will continue to vest during the consulting period, and he will have three months after the consulting period ends to exercise his options, as detailed in the agreement.
Exhibit 10.07
| December 11, 2014 |
David Carlick
Dear David,
This letter confirms our earlier discussions and will be used to memorialize our agreement. Effective as of December 11, 2014, you are hereby resigning from the Board of Directors of ReachLocal, Inc. (the “Company”). During the period from December 11, 2014 through September 30, 2015 (the “Consulting Period”), you have agreed to be available to provide consulting services as an independent contractor to the Company primarily advising the chief executive officer and the chief financial officer on strategic matters (the “Consulting Services”). The Consulting Services will not, in any event, exceed 10 hours per month. As consideration for the Consulting Services, the stock option granted to you by the Company on May 30, 2014 shall remain outstanding and continue to vest in accordance with the terms of the applicable option agreement until the conclusion of the Consulting Period or, if earlier, until the termination of your Consulting Services for any reason. All other options granted to you by the Company remain outstanding based on your Consulting Services. Upon the termination of the Consulting Services, you will have three months to exercise your options (which are set forth on Exhibit A attached hereto) in accordance with the terms of the applicable option agreements and the Company’s Amended and Restated 2008 Stock Incentive Plan.
Please confirm your agreement with the foregoing where indicated below.
| Very truly yours, |
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| ReachLocal, Inc. |
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| By: /s/ Sharon Rowlands |
Sharon Rowlands, CEO |
AGREED
/s/ David Carlick
David Carlick
December 11, 2014
Exhibit A
Stock Options
Grant Date | # of Shares | Exercise Price ($) | |||
February 20, 2008 | 75,000 | 10.91 | |||
June 15, 2011 | 11,209 | 17.32 | |||
May 22, 2012 | 81,402 | 9.00 | |||
May 22, 2013 | 19,360 | 14.61 | |||
May 30, 2014 | 43,988 | 6.68 |