opportunities are 50% and 75%, respectively, of his annual base salary. Effective as of June 29, 2020, Mr. Giffords target bonus and maximum bonus opportunities increased to 66.7%
and 100%, respectively, of his annual base salary. The payment of any annual bonus, to the extent any such bonus becomes payable, will be contingent upon Mr. Giffords continued employment through the applicable payment date.
In connection with entering into his offer letter, Mr. Gifford was awarded an option covering shares of our Class A Common Stock; the option has
vested in full in accordance with its terms.
In connection with his offer letter, Mr. Gifford also entered into the Companys standard form of
confidentiality agreement and arbitration agreement.
Michael Neimand
On August 30, 2006, we entered into an offer letter with Michael Neimand. Mr. Neimands employment under the offer letter is at-will and will continue until terminated at any time by either party. Pursuant to his offer letter, Mr. Neimand is entitled to receive an annual base salary of $180,000 per year; the actual base
salary earned by Mr. Neimand for services during the last completed fiscal year is set forth above in the Summary Compensation Table. In addition, Mr. Neimand (and his eligible dependents) are eligible to participate in the health and
welfare benefit plans and programs maintained by us for the benefit of our employees.
Under the offer letter, Mr. Neimand is also eligible to earn
(i) a discretionary bonus of up 20% of his year-end base salary, and (ii) a cash bonus of up to $30,000 per calendar quarter, subject to Mr. Neimands continued employment through the end
of the applicable quarter. Mr. Neimands target bonus opportunity for the last completed fiscal year is set forth and described above under the section titled, Cash Incentive CompensationAnnual Bonus Program.
The severance benefits and payments payable to Mr. Neimand upon a qualifying termination of his employment are summarized below under the section
entitled, Potential Payments Upon Termination or Change in Control.
In connection with his offer letter, Mr. Neimand also
entered into the Companys standard form of confidentiality agreement.
Kathy Vrabeck
On March 27, 2021, we entered into an offer letter with Kathy Vrabeck to serve as our Chief Strategy Officer. Ms. Vrabecks employment under the
offer letter, which began on April 26, 2021, is at-will and will continue until terminated at any time by either party. Pursuant to the offer letter, Ms. Vrabeck is entitled to receive an annual
base salary of $525,000 per year. In addition, Ms. Vrabeck (and her beneficiaries) are eligible to participate in the health and welfare benefit plans and programs maintained by us for the benefit of our employees, the full cost of which is
paid by the Company.
Under the offer letter, Ms. Vrabeck is also eligible to earn annual cash bonuses under our bonus program, with an annual target
bonus opportunity equal to 67% of her base salary. The payment of any annual bonus, to the extent any such bonus becomes payable, will be contingent upon Ms. Vrabecks continued employment through the applicable payment date;
Ms. Vrabecks 2021 bonus (if any) will be pro-rated in connection with the executives partial year of employment.
In connection with entering into the offer letter, Ms. Vrabeck was awarded options and/or RSUs having an aggregate grant-date fair value of approximately
$2,300,000. The awards will vest annually over four years, with respect to 25% of the shares underlying the award on each of the first four anniversaries of April 26, 2021, subject to continued employment.
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