{"id":39762,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-offer-letter-drugstore-com-inc-and-peter-neupert.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-offer-letter-drugstore-com-inc-and-peter-neupert","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-offer-letter-drugstore-com-inc-and-peter-neupert.html","title":{"rendered":"Employment Offer Letter &#8211; Drugstore.com Inc. and Peter Neupert"},"content":{"rendered":"<pre> \nMay 21, 2001\n\nPeter Neupert\n13121 NE 38\/th\/ Place\nBellevue, WA 98005\n\nDear Peter:\n\n     On behalf of drugstore.com (the \"Company\"), we are pleased to confirm your\nappointment to the position of Chairman of the Board effective April 26, 2001.\nYou will continue to be an employee of the Company, reporting directly to the\nCompany's Board of Directors. This letter supercedes and replaces the Employment\nOffer letter between you and the Company dated June 29, 1998 (the \"Original\nOffer Letter\").\n\n     Your annual salary will be $125,000 and you will continue to be eligible\nfor the Company's standard employee benefits. Your salary will be paid bimonthly\nin equal installments in accordance with the Company's standard payroll\npolicies. Your salary will be reviewed annually by the Company's Board of\nDirectors.\n\n     You were granted a one-time right to purchase up to 1,260,000 shares of the\nCompany's Common Stock (the \"Shares\") at a purchase price of $.04 per share. The\nShares were, and will continue to be, subject to repurchase by the Company at\nyour original purchase price (the \"Repurchase Right\") within one year following\ntermination of your employment with the Company. Except as otherwise set forth\nbelow, the Repurchase Right will lapse over the term of your employment: (i)\nwith respect to 1\/4th of the Shares on the date of purchase; (ii) with respect\nto the balance of the Shares, the repurchase right will lapse one (1) year after\nyour start date at the rate of 1\/48th of the Shares per month at the close of\neach month while you remain employed with the Company, over the remainder of the\nfour (4) year vesting term.\n\n     If during your employment with the Company (i) there is a Change of Control\n(as defined below), and (ii) you are not offered a position with similar\nresponsibilities (at the same or greater base salary and bonus potential) by the\nsurviving corporation, the Company's Repurchase Right will immediately lapse\nwith respect to all of the Shares. You agree that you will not consider your\nresponsibilities to be dissimilar solely because the acquiring company combines\nand operates warehousing, distribution and other similar operations. \"Change of\nControl\" shall mean the sale of all or substantially all of the assets of the\nCompany or the acquisition of the Company by another entity by means of\nconsolidation or merger after which the then current stockholders of the Company\nhold less than 50% of the voting power of the surviving corporation; provided\nthat a reincorporation of the Company shall not be a Change of Control.\n\n     All of us at the Company look forward to continuing a beneficial and\nrewarding relationship. Nevertheless, your employment at drugstore.com may be\nterminated by you or drugstore.com at any time for any reason with or without\ncause or notice.\n\n     Should you have any questions with regard to any of the items indicated\nabove, please call Alesia Pinney. Kindly indicate your consent to the terms\ncontained in this offer letter by signing and returning a copy to us by May 25,\n2001.\n\nSincerely,\n\ndrugstore.com, inc.\n\n\n\nKal Raman\nPresident and Chief Executive Officer\n\nAgreed to and accepted:\n\n\n_________________________                Date:  May __ 2001\nPeter Neupert\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7360],"corporate_contracts_industries":[9496],"corporate_contracts_types":[9539,9544],"class_list":["post-39762","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-drugstorecom-inc","corporate_contracts_industries-retail__drug","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39762"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39762"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39762"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}