Transition Agreement between Snap Inc. and Tim Stone (February 5, 2019)
This agreement documents the voluntary resignation of Tim Stone from Snap Inc., effective February 5, 2019. In exchange for signing a standard separation agreement and release, Snap Inc. will waive Tim Stone's obligation to repay relocation expenses and accelerate the vesting of certain equity awards scheduled through February 15, 2019. Tim Stone confirms his resignation is not due to any disagreement with Snap Inc. regarding its operations or policies.
Exhibit 10.26
February 5, 2019
Tim Stone
Via Email
Re: Transition Agreement
Tim,
This letter outlines the terms of your voluntary resignation from Snap Inc. (“Snap”).
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| 1. | Your last day at Snap will be today. |
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| 2. | Following your execution of our standard separation agreement, including a release, and expiration of any required rescission period, Snap will: |
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| • | waive your obligation to reimburse Snap for your relocation expenses, which you would otherwise be responsible for reimbursing; and |
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| • | accelerate the vesting of any unvested equity awards already granted to you, that vest pursuant to a monthly schedule, that are scheduled to vest through February 15, 2019. |
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| 3. | You confirm that this transition is not related to any disagreement with Snap on any matter relating to Snap’s accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise). |
If this agreement is acceptable to you, please sign below and return the original to Snap.
Sincerely,
| /s/ Mike O’Sullivan |
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| Mike O’Sullivan, General Counsel |
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Accepted and agreed:
| /s/ Tim Stone |
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| Tim Stone |
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| February 5, 2019 |
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| Date |
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