Exhibit 10.16
June 1, 2016
John Clavadetscher
Dear John:
Congratulations on your new position!
We believe that you’ve provided key contributions as a member of our team and will continue to help us achieve significant growth and momentum as the premier provider of automotive digital advertising.
This letter confirms your promotion to the role of Chief Revenue Officer at cars.com effective 6/1/16. In this new role, your target compensation will be:
Annual Base Pay: | $ | 290,000 | ||
Annual Commission Target: | $ | 165,000 | ||
Annual SARs/RSUs: | $ | 150,000 | ||
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Total Compensation: | $ | 605,000 |
The new base pay will be reflected within your earnings received in your June 15, 2016 paycheck.
Again, congratulations on your promotion!
Sincerely,
/s/ Alex Vetter
Alex Vetter
President and CEO
Cars.com, LLC