Exhibit 10.14
January 27, 2020
VIA HAND DELIVERY
Daniel Jones
Re: Offer of Employment for Vice President, Finance Position
Dear Daniel,
As we discussed, it has been a pleasure to work with you for the past several months and to see you settle in with our Vital Farms family. I continue to believe that you are a great fit for Vital Farms. However, as we have discussed, often times, we discover that we have found the right person for the company but we have not placed that person in the right job where we can maximize their potential. I believe that is true with you with regard to the role of the Chief Financial Officer. Therefore, we are offering you the opportunity to step down from the Chief Financial Officer role and transition into the role of Vice President, Finance. Below are the details regarding the Vice President, Finance position.
Title: Vice President, Finance
Reporting to: Chief Financial Officer
Salary: $200,000 per year ($7,692.31 per bi-weekly pay-period)
Target Annual Bonus: 30% (see below)
Stock Options: You currently have options that have been granted to you by Vital Farms but that have not yet vested. Vital Farms originally granted you 243,770 options. If you accept the Vice President, Finance position, you will be eligible to retain 50,000 of those unvested options (“the Retained Options”). However, as a condition to your continued employment, you will be required to forfeit the remainder of the original grant; meaning you will forfeit 193,770 unvested options (the “Forfeited Options”). For the Retained Options, you will be permitted to maintain the original grant date of August 22, 2019 and the options will vest based on that grant date and per the terms of the Company’s 2013 Incentive Plan and your stock option agreement thereunder. You will also be able to maintain the original strike price of $13.1083 per share for the Retained Options. The offer of the Vice President, Finance position is contingent upon your execution of this letter, which will also act as your agreement to the forfeiture of the unvested Forfeited Options. Such execution must occur prior to the start date defined below.
Start Date: January 28, 2020
Bonus Program: You will be eligible for a target bonus of 30% of base salary, based on achievement of company objectives, and subject to the approval and discretion of the CEO and our board of directors. As our bonus program follows the calendar year, the amount will be prorated for the amount of time in the Vice President, Finance position at Vital Farms.
Cell Phone: $40/month
Other Benefits: You will continue to be eligible for other benefits including medical, dental, vision immediately with no waiting period because of your current employee status with Vital Farms. You will also continue to be eligible for the annual 401k contribution equal to 3% of your salary. You will continue to be entrusted to manage your work and time off as a leader in our company and will not be subject to the standard PTO limits which apply to other crew members.
