0001552781-23-000316.txt : 20230630 0001552781-23-000316.hdr.sgml : 20230630 20230630160546 ACCESSION NUMBER: 0001552781-23-000316 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20230628 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230630 DATE AS OF CHANGE: 20230630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Uber Technologies, Inc CENTRAL INDEX KEY: 0001543151 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 452647441 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38902 FILM NUMBER: 231061702 BUSINESS ADDRESS: STREET 1: 1515 3RD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94158 BUSINESS PHONE: 415-612-8582 MAIL ADDRESS: STREET 1: 1515 3RD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94158 8-K 1 e23297_uber-8k.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

_______________________________________

 

FORM 8-K

_______________________________________

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 Date of Report (Date of earliest event reported): June 28, 2023

 

_______________________________________

 

UBER TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

_______________________________________ 

 

Delaware 001-38902 45-2647441
(State or other jurisdiction of incorporation or organization) (Commission File Number)

(I.R.S. Employer Identification No.)

 

1515 Third Street

San Francisco, California 94158

(Address of principal executive offices, including zip code)

 

(415) 612-8582

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

_______________________________________

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.00001 per share   UBER   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).


Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

   

 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On June 28, 2023, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Uber Technologies, Inc. (the “Company”) approved changes to several compensation arrangements and the Company’s clawback policy, as part of the Compensation Committee’s annual review of the Company’s compensation arrangements.

 

Amended Clawback Policy

 

The Compensation Committee approved the amendment and restatement of the Company’s Clawback Policy (the “Clawback Policy”), with an effective date of October 2, 2023, in order to comply with the final clawback rules adopted by the Securities and Exchange Commission under Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (“Rule 10D-1”), and the listing standards, as set forth in the New York Stock Exchange Listed Company Manual (the “NYSE Rules” and, together with Rule 10D-1, the “Final Clawback Rules”).

 

The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from current and former executive officers of the Company as defined in Rule 10D-1 (“Section 16 Officers”) in the event that the Company is required to prepare an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Section 16 Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement.

 

The Clawback Policy also provides for the discretionary recoupment of compensation from Section 16 Officers and any other senior executive designated by the Compensation Committee or the Board of Directors, in the event of material breaches of restrictive covenants in an agreement between the Company and a Section 16 Officer or for other misconduct, at the election of the Company’s Board of Directors.

 

Amended and Restated Executive Severance Plan

 

Additionally, the Compensation Committee approved the amendment and restatement of the Company’s 2019 Executive Severance Plan, effective as of June 28, 2023, (as amended, the “ESP”) to reflect the evolution of compensation practices since the ESP was established and to remain competitive with the Company’s peers. The ESP provides (1) for lump sum cash payments upon a Qualifying Termination (as defined in the ESP) that is not in connection with a change in control; (2) for the acceleration of an additional 12 months of vesting for time-based equity awards upon a Qualifying Termination not in connection with a change in control; (3) with respect to performance-based equity awards upon a Qualifying Termination not in connection with a change in control, (a) pro-rata vesting based on service through date of termination, (b) acceleration of an additional six months of vesting of the time-based component of the performance-based equity awards, and (c) for the achievement of performance to be measured based on the lesser of (x) actual performance through the prior quarter-end, or (y) target performance; and (4) the acceleration of an additional six months of vesting for performance-based equity awards upon a Qualifying Termination that occurs in connection with a change in control.

 

   

 

Amended and Restated Employment Agreement

 

Finally, the Compensation Committee approved an amended and restated employment agreement (the “Employment Agreement”) for Dara Khosrowshahi, the Company’s Chief Executive Officer, to make certain administrative and clarifying updates, effective June 28, 2023. There were no changes to the level of benefits or material terms of the Employment Agreement.

 

The foregoing summaries of the Clawback Policy, ESP, and Employment Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Clawback Policy, ESP, and Employment Agreement, copies of which are attached hereto as Exhibit 10.1, Exhibit 10.2, and Exhibit 10.3, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number   Exhibit Description
10.1   Clawback Policy.
10.2   Amended and Restated 2019 Executive Severance Plan.
10.3   Employment Agreement, by and between the Registrant and Dara Khosrowshahi, dated June 28, 2023.
104   Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document.
     

 

 

   

 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     
 

UBER TECHNOLOGIES, INC.

     
Date: June 30, 2023 By:   /s/ Dara Khosrowshahi 
    Dara Khosrowshahi
    Chief Executive Officer

 

 
EX-10.1 2 e23297_ex10-1.htm

Exhibit 10.1

 

 

CLAWBACK POLICY

(As amended and restated effective October 2, 2023)

 

1.             Introduction and Purpose

1.1          Introduction. This document sets forth the Uber Technologies, Inc. Clawback Policy (the “Policy”), as amended and restated effective October 2, 2023.

 

1.2          Purpose. Uber Technologies, Inc. (the “Company”) has established this Policy to appropriately align the interests of the executives of the Company, who have been designated as Covered Executives, with those of the Company and to provide for the recovery of (i) Erroneously Awarded Compensation from Section 16 Officers, and (ii) Recoverable Amounts from Covered Executives. This Policy is designed to comply with the applicable rules of The New York Stock Exchange Listed Company Manual (the “NYSE Rules”) and with Section 10D and Rule 10D-1 of the Exchange Act (“Rule 10D-1”). All capitalized terms not defined herein shall have the meanings set forth in Section 4.3 of this Policy.

 

2.                Mandatory Recovery as Required by the SEC and the NYSE

 

2.1          Recovery of Erroneously Awarded Compensation due to an Accounting Restatement.

(a)In the event of an Accounting Restatement, the Board will reasonably promptly recover the Erroneously Awarded Compensation in accordance with the NYSE Rules and Rule 10D-1 as follows:

 

(i)Upon the occurrence of an Accounting Restatement, the Committee shall determine the amount of any Erroneously Awarded Compensation and shall promptly deliver a written notice to each Section 16 Officer containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such compensation, as applicable. For the avoidance of doubt, recovery of Erroneously Awarded Compensation is on a “no fault” basis, meaning that it will occur regardless of whether the Section 16 Officer engaged in misconduct or was otherwise directly or indirectly responsible, in whole or in part, for the Accounting Restatement.

1 

 
A.To determine the amount of any Erroneously Awarded Compensation for Incentive-based Compensation that is based on a Financial Reporting Measure other than stock price or TSR, after an Accounting Restatement:
1.The Company shall recalculate the applicable Financial Reporting Measure and the amount of Incentive-based Compensation that would have been Received based on such Financial Reporting Measure; and
2.The Company shall determine whether the Section 16 Officers Received a greater amount of Incentive-based Compensation than would have been Received applying the recalculated Financial Reporting Measure, based on: (i) the originally calculated Financial Reporting Measure, and (ii) taking into consideration any discretion that the Committee applied to reduce the amount originally received.
B.To determine the amount of any Erroneously Awarded Compensation for Incentive-based Compensation that is based on stock price or TSR, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement:
1.The amount to be repaid or returned shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the Company’s stock price or TSR upon which the Incentive-based Compensation was Received; and
2.The Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation as required to the NYSE.

 

(ii)The Committee shall have discretion to determine the appropriate means of recouping Erroneously Awarded Compensation hereunder based on the particular facts and circumstances which may include, without limitation:
A.requiring reimbursement of cash Incentive-based Compensation previously paid;
B.seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;
C.offsetting the recouped amount from any compensation otherwise owed by the Company to the Section 16 Officer;
D.canceling outstanding vested or unvested equity awards; and/or
E.taking any other remedial and recovery action permitted by law, as determined by the Committee, in its sole discretion.

(iii)Notwithstanding the foregoing in Section 2.1(a)(ii), except as set forth in Section 2.1(b) below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of a Section 16 Officer’s obligations hereunder.

2 

 
(iv)To the extent that a Section 16 Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Section 16 Officer. The applicable Section 16 Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

(b)Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section 2.1(a) above if the Committee determines that recovery would be impracticable and any of the following two conditions are met.

(i)The Committee has determined that the direct expenses, such as reasonable legal expenses and consulting fees, paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. In order for the Committee to make this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Compensation, document such attempt(s) to recover, and provide such documentation to the NYSE; or

(ii)Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Code.

2.2          Mandatory Disclosure. The Company shall file this Policy and, in the event of an Accounting Restatement, will disclose information related to such Accounting Restatement in accordance with applicable law, including, for the avoidance of doubt, Rule 10-D1 and the NYSE Rules.

 

2.3          Prohibition of Indemnification. The Company shall not be permitted to insure or indemnify any Section 16 Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned, or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company’s enforcement of its rights under this Policy. While Section 16 Officers subject to this Policy may purchase insurance to cover their potential recovery obligations, the Company shall not be permitted to pay or reimburse the Section 16 Officer for premiums for such an insurance policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid, or awarded to a Section 16 Officer from the application of this Policy or that waives the Company’s right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on, or after the Effective Date of this Policy), including, for the avoidance of doubt, the Company’s Indemnification Agreement.

2.4          Other Recoupment Rights. This Policy shall be binding and enforceable against all Section 16 Officers and, to the extent required by applicable law or guidance from the SEC or NYSE, their beneficiaries, heirs, executors, administrators, or other legal representatives. The Administrator intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan, or any other agreement or arrangement with a Section 16 Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Section 16 Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation, or rule pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement, or other arrangement.

3 

 

3.            Recovery of Compensation at the Discretion of the Board

3.1          Clawback Events. If (i) the Company is required to undertake an accounting restatement due to the Company’s material noncompliance, as a result of misconduct by a Covered Executive, with any financial reporting requirement under the U.S. federal securities laws, (ii) a Covered Executive engages in Misconduct, or (iii) a Covered Executive breaches in any material respect a restrictive covenant set forth in any agreement between the Covered Executive and the Company, including but not limited to, a breach in any material respect of a confidentiality provision (any such event under clause (i), (ii), or (iii), a “Clawback Event”), then the Board may, in its sole discretion, to the extent permitted by applicable law, seek to recover all or any portion of the Recoverable Amounts awarded to any such Covered Executive after the Adoption Date.

 

3.2          Determination by the Board. In determining the appropriate action to take, the Board may consider such factors as it deems appropriate, including:

 

(a)the associated costs and benefits of seeking the Recoverable Amounts;
(b)the requirements of applicable law;
(c)the extent to which the Covered Executive participated or otherwise bore responsibility for the Clawback Event; and
(d)the extent to which the Covered Executive’s current compensation may or may not have been impacted had the Board or the Committee known about the Clawback Event.

 

In addition, the Board may, in its sole discretion, determine whether and to what extent additional action is appropriate to address the circumstances surrounding the Clawback Event so as to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

3.3          Application and Method of Recovery. Nothing in this Policy will limit in any respect (i) the Company’s right to take or not to take any action with respect to any Covered Executive’s or any other person’s employment or (ii) the obligation of the Chief Executive Officer or the Chief Financial Officer to reimburse the Company in accordance with Section 304 of the Sarbanes-Oxley Act of 2002, as amended. Any determination made pursuant to Section 3 of this Policy and any application and implementation thereof need not be uniform with respect to each Covered Executive, or payment recovered or forfeited under this Policy.

 

To the extent permitted by applicable law, the Board may seek to recoup Recoverable Amounts by all legal means available, including but not limited to, by requiring any affected Covered Executive to repay such amount to the Company, by set-off, by reducing future compensation of the affected Covered Executive, or by such other means or combination of means as the Board, in its sole discretion, determines to be appropriate.

 

3.4          Disclosure of Clawback Events. If the Board determines that a Clawback Event has occurred that is subsequently disclosed by the Company in a public filing required under the Exchange Act (a “Disclosed Event”), the Company will disclose in the proxy statement relating to the year in which such determination is made (i) if any amount was clawed back from a Covered Executive and the aggregate amount clawed back or (ii) if no amount was clawed back from the Covered Executive as a result of the Disclosed Event, the fact that no amount was clawed back.

4 

 

4.             Miscellaneous and Definitions

4.1          Administration and Interpretation. This Policy shall be administered by the Committee or by the Board acting as the Committee (either of these, as applicable, the “Administrator”), which shall have authority to (i) exercise all of the powers granted to it under the Policy, (ii) construe, interpret, and implement this Policy, (iii) make all determinations necessary or advisable in administering this Policy and for the Company’s compliance with NYSE Rules, Section 10D and Rule 10D-1, and any other applicable law, regulation, rule, or interpretation of the SEC or NYSE Rules promulgated or issued in connection therewith, and (iv) amend this Policy, including to reflect changes in applicable law or stock exchange regulation. Any determinations made by the Administrator shall be final and binding on all affected individuals.

 

4.2          Amendment; Termination. The Administrator may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. Notwithstanding anything in this Section 4.2 to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, Rule 10D-1, or any NYSE Rules.

 

4.3          Definitions. For purposes of this Policy, the following terms shall have the following meanings:

(a)Accounting Restatement” means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a “Big R” restatement), or that corrects an error that is not material to previously issued financial statements but would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a “little R” restatement).

 

(b)Adoption Date” means March 28, 2019.

 

(c)Board” means the Board of Directors of the Company.

 

(d)Clawback Eligible Incentive Compensation” means all Incentive-based Compensation Received by a Section 16 Officer (i) on or after the Effective Date, (ii) after beginning service as a Section 16 Officer, (iii) who served as a Section 16 Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Section 16 Officer is serving at the time any Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period.

(e)Clawback Period” means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.

5 

 
(f)Code” means the Internal Revenue Code of 1986, as amended, and regulations thereunder.

(g)Committee” means the Compensation Committee of the Board of Directors of the Company, which is required to be composed entirely of independent directors.

(h)Covered Executive” means each “officer,” as defined in Rule 16a-1 under the Exchange Act, and any other senior executive as designated by the Committee or the Board.

(i)Effective Date” means October 2, 2023.

(j)Erroneously Awarded Compensation” means, with respect to each Section 16 Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that would have been Received had it been determined based on the restated amounts in the Accounting Restatement, computed without regard to any taxes paid.

 

(k)Exchange Act” means the Securities Exchange Act of 1934, as amended.

(l)Financial Reporting Measures” means measures that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and TSR (and any measures that are derived wholly or in part from stock price or TSR) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company’s financial statements or included in a filing with the SEC.

(m)Incentive-based Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

 

(n)Misconduct” means, with respect to a Covered Executive, the occurrence of any of the following events, as reasonably determined by the Board in its discretion: (i) the Covered Executive’s conviction of, or plea of nolo contendere to, any felony (other than a vehicular-related felony); (ii) the Covered Executive’s commission of, or participation in, intentional acts of fraud or dishonesty that in either case results in material harm to the reputation or business of the Company; (iii) the Covered Executive’s intentional, material violation of any term of the Covered Executive’s employment agreement with the Company or any other contract or agreement between the Covered Executive and the Company or any statutory duty the Covered Executive owes to the Company that in either case results in material harm to the business of the Company; (iv) the Covered Executive’s conduct that constitutes gross insubordination or habitual neglect of duties and that in either case results in material harm to the business of the Company; (v) the Covered Executive’s intentional, material refusal to follow the lawful directions of the Board, the Company’s Chief Executive Officer, or his or her direct manager (other than as a result of physical or mental illness); or (vi) the Covered Executive’s intentional, material failure to follow, or intentional conduct that violates (or would have violated, if such conduct occurred within ten (10) years prior to the Adoption Date and has not been previously disclosed to the Company), the Company’s written policies that are generally applicable to all employees or all officers of the Company and that results in material harm to the reputation or business of the Company; provided, however, that willful bad faith disregard will be deemed to constitute intentionality for purposes of this definition.

(o)NYSE” means the New York Stock Exchange.

6 

 
(p)Recoverable Amounts” means (i) any equity compensation (including stock options, restricted stock, time-based restricted stock units, performance-based restricted stock units, and any other equity awards) awarded after the Adoption Date or (ii) any severance or cash incentive-based compensation (other than base salary) awarded after October 27, 2020, in any case to the extent permitted under applicable law. Recoverable Amounts shall not include Erroneously Awarded Compensation that has been recouped pursuant to Section 2 of this Policy.

(q)Received” means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company’s fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained even if the payment or grant of the Incentive-based Compensation to the Section 16 Officer occurs after the end of that period. For the avoidance of doubt, Incentive-based Compensation shall only be treated as Received during one (and only one) fiscal year, even if such Incentive-based Compensation is deemed received in one fiscal year and actually received in a later fiscal year. For example, if an amount is deemed received in 2024, but actually received in 2025, such amount shall be treated as Received under this definition only in 2024.

(r)Restatement Date” means the earlier to occur of (i) the date the Board, a committee of the Board, or officers of the Company authorized to take action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.

(s)SEC” means the U.S. Securities and Exchange Commission.

 

(t)Section 16 Officer” means each individual who is currently or was previously designated as an “officer” of the Company, within the meaning of Rule 10D-1(d).

 

(u)Securities Act” means the U.S. Securities Act of 1933, as amended.

 

(v)TSR” means total shareholder return.

 

***

7 

EX-10.2 3 e23297_ex10-2.htm

Exhibit 10.2

 

 

AMENDED AND RESTATED 2019 EXECUTIVE SEVERANCE PLAN

(As amended and restated June 28, 2023)

1.Introduction

1.1.         Purpose. The purpose of the Plan is to ensure that the Company will have the continued dedication of its key employees by providing severance protection to selected individuals. The Plan is intended to be an unfunded welfare plan maintained primarily for the purpose of providing severance benefits to a select group of key management employees.

1.2.         Effective Date. The Plan became effective as of the IPO Date, and was amended and restated effective as of the Restatement Date.

2.Definitions and Construction

2.1.         Definitions. When used in capitalized form in the Plan, the following words and phrases have the following meanings, unless the context clearly indicates that a different meaning is intended:

(a)           Administrator” means the Compensation Committee.

(b)          Benefits Coverage Period” means, unless a different period (not to exceed 36 months) is approved by the Compensation Committee and reflected in the Participant’s Participation Agreement:

(1)          For a Qualifying Termination of the Chief Executive Officer of Uber during a Change-in-Control Period, 18 months; and

(2)          For other Qualifying Terminations, 12 months;

in each case, beginning on the date of the Participant’s Qualifying Termination.

(c)          Board” means the Board of Directors of Uber.

(d)          Cause” has the meaning provided in Section 4.4(c).

(e)          Change in Control” means the occurrence of one of the following events:

(1)          the consummation of any consolidation or merger of Uber with any other entity, other than transaction which would result in the voting securities of Uber outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of Uber or such surviving entity or its parent outstanding immediately after such consolidation or merger;

 
 

(2)           any Exchange Act Person becomes the “beneficial owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of Uber representing more than fifty percent (50%) of the total voting power represented by Uber’s then-outstanding voting securities; provided, however, that for purposes of this subclause (b) the acquisition of additional securities by any one person who is considered to own more than fifty percent (50%) of the total voting power of the securities of Uber will not be considered a Change in Control;

(3)           the consummation of the sale or disposition by Uber of all or substantially all of Uber’s assets, except where such sale, lease, transfer or other disposition is made to Uber or one or more wholly owned Subsidiaries of Uber; or

(4)           a change in the effective control of Uber that occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this subclause (4), if any person is considered to be in effective control of Uber, the acquisition of additional control of Uber by the same person will not be considered a Change in Control.

For purposes of this Section 2.1(e), persons will be considered to be acting as a group if they are owners of an Entity that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with Uber. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Notwithstanding anything to the contrary in the Plan or any Participation Agreement, an event shall constitute a Change in Control under the Plan only to the extent such event is a permissible payment event under Section 409A of the Code and Treas. Reg. § 1.409A-3(i)(5).

(f)           Change-in-Control Period” means the period of time beginning three months before the effective date of a Change in Control and ending 12 months after the effective date of a Change in Control.

(g)          Claim Reviewer” means a person or entity designated in writing by the Administrator as the Claim Reviewer for this Plan, or if no such person or entity has been designated, Uber’s Chief People Officer.

(h)          Code” means the Internal Revenue Code of 1986, as amended.

(i)            Company” means Uber and its affiliates.

(j)            Compensation Committee” means the Compensation Committee of the Board.

2
 

(k)          Eligible Employee” means any employee of the Company who is both

(1)           designated by the Compensation Committee to be eligible to participate in the Plan; and

(2)           either (A) a citizen or lawful permanent resident of the United States, or (B) providing services to the Company in the United States on a substantially full-time basis.

(l)            Eligible Performance Awards” means (i) any performance-based restricted stock unit grants outstanding at the time of a Qualifying Termination, excluding any outstanding valuation-based performance-based restricted stock units granted prior to the Restatement Date, and (ii) any performance-based option grants granted after the Restatement Date that remain subject to performance-based criteria as of the date of a Qualifying Termination.

(m)         Entity” means a corporation, partnership, limited liability company or other entity.

(n)          ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

(o)          Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

(p)          Exchange Act Person means any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) Uber or any Subsidiary of Uber, (ii) any employee benefit plan of Uber or any Subsidiary of Uber or any trustee or other fiduciary holding securities under an employee benefit plan of Uber or any Subsidiary of Uber, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity owned, directly or indirectly, by the stockholders of Uber in substantially the same proportions as their ownership of stock of Uber; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the IPO Date, is the owner, directly or indirectly, of securities of Uber representing more than fifty percent (50%) of the combined voting power of Uber’s then outstanding securities.

(q)          Good Reason” has the meaning provided in Section 4.4(b).

(r)           IPO Date” means the date of the closing of Uber's first SEC-registered, underwritten offering of common stock.

(s)          Participant” means an Eligible Employee who participates in the Plan under Section 3.

(t)           Participation Agreement” has the meaning provided in Section 3.2.

(u)          Plan” means the Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan, as amended and restated through the date hereof, as set forth in this document.

(v)          Qualifying Termination” has the meaning provided in Section 4.4(a).

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(w)         Restatement Date” means June 28, 2023, which is the date that the Plan was amended and restated.

(x)          Section” means a section of the Plan, including any subsections of that section.

(y)          Section 409A” means section 409A of the Code.

(z)          Severance Benefit” has the meaning provided in Section 4.1.

(aa)        Severance Coverage Period” means, unless a different period (not to exceed 36 months) is approved by the Compensation Committee and reflected in the Participant’s Participation Agreement:

(1)          For the Chief Executive Officer of Uber, 24 months; and

(2)          For other Participants, 12 months;

in each case, beginning on the date of the Participant’s Qualifying Termination.

(bb)       Subsidiarymeans any corporation (other than Uber) in an unbroken chain of Entities beginning with Uber if each corporation other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

(cc)        Uber” means Uber Technologies, Inc., a Delaware corporation, and any successor.

2.2.         Gender and Number. Words used in the masculine gender in the Plan are intended to include the feminine and neuter genders, where appropriate. Words used in the singular form in the Plan are intended to include the plural form, where appropriate, and vice versa.

2.3.         Section 409A. Payments under the Plan are intended to be exempt from, or comply with, Section 409A, and the Plan will be interpreted to achieve this result. However, in no event is the Company responsible for any tax or penalty owed by a Participant with respect to the payments under the Plan.

3.Participation

3.1.         Generally. An employee of the Company participates in the Plan upon the date on which the Company and the employee execute a Participation Agreement in accordance with Section 3.2.

3.2.         Participation Agreement Required. No employee will be eligible to receive a benefit under the Plan unless the employee and the Company execute a Participation Agreement substantially in the form attached as Exhibit A to the Plan (or another form approved by the Compensation Committee). The executed Participation Agreement will constitute an agreement between the Company and the employee that binds both of them to the terms of the Plan and will bind their heirs, executors, administrators, successors, and assigns, both present and future.

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4.Severance Benefits

4.1.        Cash Severance Benefits. A Participant who has a Qualifying Termination is entitled to a Severance Benefit in the amount described in subsection (a), unless otherwise specified in the Participant’s Participation Agreement. The Severance Benefit shall be paid in the time and form specified in subsection (b) and shall be conditioned upon the Participant’s timely execution of a release as provided in Section 6.

(a)          Amount.

(1)          Base Salary. The Participant’s Severance Benefit includes an amount equal to the Participant’s base salary, at the rate in effect immediately prior to the Participant’s Qualifying Termination, for the number of months in the Participant’s Severance Coverage Period. Notwithstanding the foregoing, in the event the Participant experienced a material reduction in base salary prior to his or her Qualifying Termination that would give rise to a Good Reason, then the base salary rate used in the preceding sentence shall be the rate in effect immediately prior to such material reduction in base salary.

(2)          Bonus Award. The Participant’s Severance Benefit includes an amount equal to the product of (A) the Participant’s target incentive under the Company’s annual cash incentive plan for the measurement period in which the Qualifying Termination occurs, and (B) a fraction the numerator of which is the number of months in the Participant’s Severance Coverage Period and the denominator of which is 12.

(b)          Time and Form of Payment. If a Participant is entitled to a Severance Benefit, the Severance Benefit will be paid as follows, unless otherwise specified in the Participation Agreement—

(1)          In General. Except as otherwise provided in paragraph (2), below, the Participant’s Severance Benefit will be paid in a lump sum on or before the 60th day following the Participant’s Qualifying Termination date; provided that, to the extent required under Section 409A, the Participant’s Severance Benefit will instead be paid in substantially equal installments over the Severance Coverage Period in accordance with the Company’s payroll practices.

(2)          Time of Payment under Section 409A. To comply with Section 409A—

(A)         Any payment under the Plan that is subject to Section 409A and that is contingent on a termination of employment is contingent on a “separation from service” within the meaning of Section 409A and any installment payment under the Plan shall be considered a separate payment for purposes of Section 409A.

(B)         If, upon separation from service, the Participant is a “specified employee” within the meaning of Section 409A, any payment under the Plan that is subject to Section 409A and would otherwise be paid within six months after the Participant’s separation from service will instead be paid in the seventh month following the Participant’s separation from service.

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4.2.        Medical and Dental Benefits. If the Participant has a Qualifying Termination and timely executes a release as provided in Section 6, the Company will provide the Participant with an additional payment as follows, unless otherwise specified in the Participant’s Participation Agreement—

(a)          Amount. The Company will pay a lump sum equal to the monthly premiums for medical and dental coverage under COBRA at the time of the Participant’s Qualifying Termination, based on the Participant’s medical and dental coverage in effect immediately prior to the Qualifying Termination, multiplied by the number of months in the Participant’s Benefits Coverage Period.

(b)          Time of Payment. Any lump sum paid under this Section 4.2 shall be paid on or before the 60th day following the Participant’s Qualifying Termination; provided that if a Participant would be entitled to enhanced benefits under this Section 4.2 due to a Qualifying Termination during a Change-in-Control Period and such Participant has a Qualifying Termination that occurs prior to the applicable Change in Control, if a Change in Control occurs within the following three months, any additional amount such Participant becomes entitled to as a result of the Change in Control shall be paid on the date of closing of the Change in Control. Any lump sum paid under this Section 4.2 shall be considered a separate payment for purposes of Section 409A. For purposes of Section 409A, payments under this Section 4 are each a separate payment.

4.3.        Equity Awards.

(a)          Outside of a Change in Control. Upon a Participant’s Qualifying Termination that is not within a Change-in-Control Period, the Participant will be entitled to the vesting of any Company equity or equity-based awards held by the Participant as described in this Section 4.3(a).

(1)          Time-Based Awards. For any time-based Company equity or equity-based awards, Participant will be entitled to accelerated vesting of a number equal to the number of shares that would have vested within the 12 months following Participant’s Qualifying Termination.

(2)          Performance-Based Awards. If the Participant’s Qualifying Termination occurs after the Compensation Committee has certified the applicable performance metrics applicable to any Eligible Performance Award or after the end of the applicable performance year and actual performance will be measured and certified within the time periods contemplated by Section 4.3(c), such award shall become immediately vested based on such certified performance. If the Participant’s Qualifying Termination occurs before the Compensation Committee has certified the applicable performance metrics applicable to any Eligible Performance Award, such award shall become vested as of the date of Qualifying Termination in the number of shares that is the product of (A) a fraction that is less than 1, the numerator of which is the number of complete months between the grant date of such Eligible Performance Award plus 6 months and the denominator is the total of months of the performance period applicable to such Eligible Performance Award, multiplied by (B) the lesser of (x) the target number of shares subject to such Eligible Performance Awards, or (y) the number of shares which would have been earned based on the Company’s actual achievement of the performance metric(s) applicable to such Eligible Performance Awards as of the last day of the quarter preceding the quarter in which the Qualifying Termination occurs; provided that if the Compensation Committee determines that actual achievement through such date is not ascertainable at the time of the Qualifying Termination, the target number of shares shall be used for the foregoing subclause (B).

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(3)          In addition to the foregoing, notwithstanding anything in the Plan or any applicable award agreement to the contrary, if a Participant incurs a Qualifying Termination before a Change in Control, the Participant’s unvested Company equity or equity-based awards (after accounting for the accelerated vesting set forth above) will remain outstanding for three months or such other period of time as the Administrator in its sole discretion concludes is required to determine whether the Participant will become entitled to the acceleration provided by Section 4.3(b) as a result of a Change in Control that occurs within such three-month period. At the end of such period, all then unvested equity or equity-based awards shall be forfeited and canceled for no consideration.

(b)          Within the Change-in-Control Period. Upon a Participant’s Qualifying Termination that occurs within a Change-in-Control Period, the Participant will be entitled to the vesting of equity or equity-based awards held by the Participant as described in this Section 4.3(b).

(1)          Time-Based Awards. For any time-based Company equity or equity-based awards, all of the time-based vesting conditions applicable to such awards held by the Participant will lapse.

(2)          Performance-Based Awards. Any Eligible Performance Awards held by such Participant will be treated as described in Section 4.3(a)(2), provided, however, that all performance-based vesting conditions applicable to such awards will be deemed at a level reasonably determined by the Compensation Committee based on actual performance as of the date of the Qualifying Termination.

(c)          Settlement. Any portion of a Company equity or equity-based award (other than a stock right that is exempt from Section 409A under Treas. Reg. § 1.409A-1(b)(5)) that becomes fully vested due to the provisions of this Section 4.3 will be settled within 60 days of vesting (subject to applicable Company share trading policies and applicable law) to the extent that such award constitutes a short-term deferral exempt from application of Section 409A (i.e., to the extent that the award is not a “deferred payment” within the meaning of Treas. Reg. § 1.409A-1(b)(4)).

4.4.        Qualifying Termination.

(a)          A Participant has a “Qualifying Termination” if his or her employment with the Company is terminated—

(1)          by the Participant for Good Reason; or

(2)          by the Company for any reason other than for Cause.

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(b)          Good Reason” means the existence or occurrence of one or more of the following conditions or events without the Participant’s prior written consent: (i) the Company (or its successor) requires the Participant to relocate to a facility or location more than thirty (30) miles away from the location at which the Participant was working immediately prior to the required relocation, except for required travel by the Participant on the Company’s business to an extent substantially consistent with the Participant’s business travel obligations prior to the relocation, it also being agreed that the Participant’s relocation to San Francisco shall not constitute Good Reason; (ii) a material reduction of the Participant’s base salary or target bonus opportunity (other than as part of an across-the-board, proportional salary reduction applicable to all executive officers); (iii) a sustained and material reduction in the Participant’s job title or responsibilities, it being understood that “Good Reason” shall not exist solely because the Company reorganizes one or more units of its business, its functional organization, or its reporting relationships; or (iv) a material breach by the Company of any term of the Participant’s employment agreement with the Company or of the Participant’s other agreements with the Company; provided, however, that, in each case under sub-clauses (i) to (iv) above, any termination of employment by the Participant will be for “Good Reason” only if: (1) the Participant gives the Company written notice, within ninety (90) days following the first occurrence of the condition(s) that the Participant believes constitute(s) “Good Reason,” which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (such 30-day period, the “Company Cure Period”); and (3) the Participant voluntarily terminates the Participant’s employment with the Company within thirty (30) days following the end of the Company Cure Period.

(c)          Cause” means, with respect to a Participant, the occurrence of any of the following events, as reasonably determined by the Administrator in its discretion: (i) the Participant’s conviction of, or plea of nolo contendere to, any felony (other than a vehicular-related felony); (ii) the Participant’s commission of, or participation in, intentional acts of fraud or dishonesty that in either case results in material harm to the reputation or business of the Company; (iii) the Participant’s intentional, material violation of any term of the Participant’s employment agreement with the Company or any other contract or agreement between the Participant and the Company or any statutory duty the Participant owes to the Company that in either case results in material harm to the business of the Company; (iv) the Participant’s conduct that constitutes gross insubordination or habitual neglect of duties and that in either case results in material harm to the business of the Company; (v) the Participant’s intentional, material refusal to follow the lawful directions of Uber’s Board of Directors, Uber’s Chief Executive Officer, or his or her direct manager (other than as a result of physical or mental illness); or (vi) the Participant’s intentional, material failure to follow, or intentional conduct that violates (or would have violated, if such conduct occurred within ten (10) years prior to the date the Company discovers such conduct), the Company’s written policies that are generally applicable to all employees or all officers of the Company and that results in material harm to the reputation or business of the Company; provided, however, (1) that willful bad faith disregard will be deemed to constitute intentionality for purposes of this definition and (2) that, in each case under sub-clauses (i) through (vi) above, any termination of employment by the Company will be for “Cause” only if: (1) the Company gives the Participant written notice, within ninety (90) days following the date on which the Company first becomes aware of the action or conduct that it alleges constitutes Cause (or, in the case of clauses (ii), (iii), or (vi), when the Company first becomes aware that the action or conduct has resulted in material harm to the reputation or business of the Company), which notice shall describe such action or conduct; (2) in the case of clauses (iii) through (vi), except in circumstances where the Participant’s actions are deemed by the Company not subject to cure, the Participant fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (such 30-day period, the “Employee Cure Period”); and (3) except if a reasonable period is needed to investigate the conduct at issue in (vi) (which investigation, for the avoidance of doubt, shall not constitute Good Reason), the Company terminates the Participant’s employment within thirty (30) days following the end of the Employee Cure Period (or, in the case of clauses (i) and (ii), the Company terminates the Participant’s employment within sixty (60) days following the Participant’s receipt of the written notice).

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4.5.        Sections 280G and 4999 of the Code.

(a)          Limitation on Amounts. Notwithstanding any provision of the Plan to the contrary, if it is determined that part or all of the compensation and benefits payable to a Participant (whether pursuant to the terms of the Plan or otherwise) before application of this Section 4.5 would constitute “parachute payments” under Section 280G of the Code, and the payment thereof would cause the Participant to incur the excise tax under Section 4999 of the Code (or its successor) (“Excise Tax”), the following provisions shall apply:

(1)          The Participant shall receive payment of the greater of the following amounts, determined after subtracting the net amount of federal, state and local income taxes on such payments and the amount of Excise Tax to which the Participant would be subject in respect of such payments and after taking into account the phase-out of itemized deductions and personal exemptions attributable to such payments: (A) the amounts otherwise payable to or for the benefit of the Participant pursuant to the Plan (or otherwise) that, but for this Section 4.5 would be “parachute payments,” (referred to below as the “Total Payments”), and (B) the Total Payments reduced to an amount equal to three times the “base amount” (as defined under Section 280G of the Code) less $1, as reasonably determined by the Consultant (as defined below).

(2)          If the Total Payments are reduced under paragraph (1), above, such reductions shall be made by the Company in its reasonable discretion in the following order: (A) reduction of any cash payment, excluding any cash payment with respect to the acceleration of equity awards, that is otherwise payable to the Participant that is exempt from Section 409A of the Code, (B) reduction of any other payments or benefits (other than equity awards) otherwise payable to the Participant on a pro-rata basis or such other manner that complies with Section 409A of the Code, (C) reduction of any payment with respect to the acceleration of equity awards that is otherwise payable to the Participant that is exempt from Section 409A of the Code, and (D) reduction of any payment, on a pro rata basis, with respect to the acceleration of equity awards that is otherwise payable to the Participant that is subject to Section 409A of the Code.

(3)          All determinations under this Section 4.5 shall be made by a nationally recognized accountant, executive compensation consultant, or law firm appointed by the Company (the “Consultant”) that is acceptable to the Participant on the basis of “substantial authority” (within the meaning of Section 6662 of the Code). The Consultant’s fee shall be paid by the Company. The Consultant shall provide a report to the Participant that may be used by the Participant to file the Participant’s federal tax returns.

(b)          It is possible that payments will be made by the Company that should not have been made (each, an “Overpayment”) due to the uncertain application of Section 280G of the Code at the time of a determination hereunder. In the event that there is a final determination by the Internal Revenue Service, or a final determination by a court of competent jurisdiction, that an Overpayment has been made, any such Overpayment shall be repaid by the Participant to the Company together with interest at the prime rate of interest in effect on the date of such Overpayment; provided, however, that no amount shall be payable by the Participant to the Company if and to the extent such payment would not reduce the amount that is subject to taxation under Section 4999 of the Code.

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4.6.            Applicable Clawback Policies. All compensation and benefits under the Plan are subject to the terms of any applicable clawback policies approved by the Board or Compensation Committee, as in effect from time to time (including, without limitation, a clawback policy required to be implemented by an applicable stock exchange), whether approved before or after the Restatement Date (as applicable, a “Clawback Policy”). Further, to the extent permitted by applicable law, including without limitation Section 409A of the Code, all amounts payable under the Plan are subject to offset in the event that a Participant has an outstanding clawback, recoupment or forfeiture obligation to the Company under the terms of any applicable Clawback Policy. In the event of a clawback, recoupment or forfeiture event under an applicable Clawback Policy, the amount required to be clawed back, recouped or forfeited pursuant to such policy shall be deemed not to have been earned under the terms of the Plan, and the Company shall be entitled to recover from the Participant the amount specified under the Clawback Policy to be clawed back, recouped or forfeited.

5.Covenants

5.1.        Generally. In consideration for the benefits provided under the Plan, each Participant will agree to the covenants set forth in this Section 5.

5.2.        Nondisparagement. The Participant will at no time make any derogatory, misleading or otherwise negative statement about the actions, performance or behavior of the Company or its officers, directors, employees and agents.

5.3.        Cooperation. The Participant will cooperate with the Company in order to ensure an orderly transfer of his or her duties and responsibilities. In addition, the Participant will at all times, both before and after termination of employment, (a) provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) that relates to events occurring during the Participant’s employment hereunder; provided that such cooperation does not materially interfere with the Participant’s then current employment, and (b) cooperate with the Company in executing and delivering documents requested by the Company, and taking any other actions, that are necessary or requested by the Company to assist the Company in patenting, copyrighting, or registering any programs, ideas, inventions, discoveries, patented or copyrighted material, or trademarks, and to vest title thereto in the Company.

5.4.        Recoupment on Breach of Covenants. If the Participant breaches any of the covenants set forth in this Section 5, the Company will have no further obligation to pay to the Participant any benefit under the Plan, and the Participant will be obligated to repay to the Company all benefits previously paid to, or on behalf of, the Participant under the Plan.

6.Release

6.1.        Generally. A Participant will not be entitled to any benefits under the Plan unless, at the time of the Participant’s Qualifying Termination, he or she executes and does not subsequently revoke a release satisfactory to the Company releasing the Company, its affiliates, subsidiaries, shareholders, directors, officers, employees, representatives, and agents and their successors and assigns from any and all employment-related claims the Participant or his or her successors and beneficiaries might then have against them (excluding any claims the Participant might then have under the Plan or any employee benefit plan sponsored by the Company). The release will be substantially in the form that is attached as Exhibit B to the Plan.

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6.2.        Time Limit for Providing Release. A Participant will execute and submit the release to the Company within 30 days after the date of the Participant’s Qualifying Termination. However, if the Participant has a Qualifying Termination in connection with an exit incentive or other employment termination program offered to a group or class of employees, the Participant will have 50 days after the Participant terminates employment to execute and submit the release to the Company. With respect to any payment under the Plan that is subject to Section 409A, if payment is otherwise due prior to the latest date on which the release may become irrevocable and the period between separation from service and such date spans two calendar years, payment shall be made in the second of those two years.

7.Nature of Participant’s Interest in the Plan

7.1.        No Right to Assets. Participation in the Plan does not create, in favor of any Participant, any right or lien in or against any asset of the Company. Nothing contained in the Plan, and no action taken under its provisions, will create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company and a Participant or any other person. The Company’s promise to pay benefits under the Plan will at all times remain unfunded as to each Participant, whose rights under the Plan are limited to those of a general and unsecured creditor of the Company.

7.2.        No Right to Transfer Interest. Rights to benefits payable under the Plan are not subject in any manner to alienation, sale, transfer, assignment, pledge, or encumbrance. However, the Administrator may recognize the right of an alternate payee named in a domestic relations order to receive all or part of a Participant’s benefits under the Plan, but only if (a) the domestic relations order would be a “qualified domestic relations order” within the meaning of section 414(p) of the Code (if section 414(p) applied to the Plan), (b) the domestic relations order does not attempt to give the alternate payee any right to any asset of the Company, (c) the domestic relations order does not attempt to give the alternate payee any right to receive payments under the Plan at a time or in an amount that the Participant could not receive under the Plan, and (d) the amount of the Participant’s benefits under the Plan are reduced to reflect any payments made or due the alternate payee.

7.3.        No Employment Rights. No provisions of the Plan and no action taken by the Company or the Administrator will give any person any right to be retained in the employ of the Company, and the Company specifically reserves the right and power to dismiss or discharge any Participant for any reason or no reason and at any time.

7.4.        Withholding and Tax Liabilities. All payments under the Plan will be subject to tax withholding or other withholding required or permitted by applicable law to the extent deemed necessary by the Administrator. The Participant will bear the cost of any taxes not withheld on benefits provided under the Plan, regardless of whether withholding is required.

8.Administration, Interpretation, and Modification of Plan

8.1.        Plan Administrator. The Administrator will administer the Plan.

8.2.        Powers of the Administrator. The Administrator’s powers include, but are not limited to, the power to adopt rules consistent with the Plan; the power to decide all questions relating to the interpretation of the terms and provisions of the Plan; and the power to resolve all other questions arising under the Plan (including, without limitation, the power to remedy possible ambiguities, inconsistencies, or omissions by a general rule or particular decision). The Administrator has full discretionary authority to exercise each of the foregoing powers.

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8.3.        Incapacity. If the Administrator determines that any Participant entitled to benefits under the Plan is unable to care for his or her affairs because of illness or accident, any payment due (unless a duly qualified guardian or other legal representative has been appointed) may be paid for the benefit of such Participant to his or her spouse, parent, brother, sister, or other party deemed by the Administrator to have incurred expenses for such Participant. If a Participant dies after having a Qualifying Termination, any payment of the Participant's Severance Benefit or benefit under Section 4.2 remaining due to the Participant will be paid to the Participant's estate at the time such payment would otherwise be paid to the Participant but no later than 90 days after the Participant's death.

8.4.        Amendment, Suspension, and Termination. The Compensation Committee has the right by written resolution to amend, suspend, or terminate the Plan at any time, subject to the terms of this Section 8.4. After a Change in Control, no amendment, suspension, or termination that reduces the benefits to which a Participant is entitled under the Plan will apply to an employee who, at the time the amendment is adopted, already is a Participant without his or her express written consent. Notwithstanding the foregoing, the Compensation Committee may amend the Plan at any time to the extent necessary to comply with Section 409A; provided that, to the extent possible, such amendment does not reduce the benefits of an employee who is already a Participant.

8.5.        Power to Delegate Authority. The Administrator may, in its sole discretion, delegate to any person or persons all or part of its authority and responsibility under the Plan, including, without limitation, the authority to amend the Plan.

8.6.        Headings. The headings used in this document are for convenience of reference only and may not be given any weight in interpreting any provision of the Plan.

8.7.        Severability. If an arbitrator or court of competent jurisdiction determines that any term, provision, or portion of the Plan is void, illegal, or unenforceable, the other terms, provisions, and portions of the Plan will remain in full force and effect, and the terms, provisions, and portions that are determined to be void, illegal, or unenforceable will either be limited so that they will remain in effect to the extent permissible by law, or such arbitrator or court will substitute, to the extent enforceable, provisions similar thereto or other provisions, so as to provide to the Company, to the fullest extent permitted by applicable law, the benefits intended by the Plan.

8.8.        Governing Law. The Plan will be construed, administered, and regulated in accordance with the laws of California (excluding any conflicts or choice of law rule or principle), except to the extent that those laws are preempted by federal law.

8.9.        Complete Statement of Plan. The Plan contains a complete statement of its terms. The Plan may be amended, suspended, or terminated only in writing and then only as provided in Section 8.4 or 8.5. A Participant’s right to any benefit of a type provided under the Plan will be determined solely in accordance with the terms of the Plan. No other evidence, whether written or oral, will be taken into account in interpreting the provisions of the Plan. Notwithstanding the preceding provisions of this Section 8.9, for purposes of determining benefits with respect to a Participant, the Plan will be deemed to include (a) the provisions of any Participation Agreement executed in accordance with Section 3.2, and (b) the provisions of any other written agreement between the Company and the Participant to the extent such other agreement explicitly provides for the incorporation of some or all of its terms into the Plan.

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9.Claims and Appeals

9.1.        Application of Claims and Appeals Procedures.

(a)          If a Participant is not receiving, or believes that he or she is not receiving, the full amount of benefits under the Plan to which he or she is entitled, the Participant may file a claim under the provisions of this Section 9. However, to the extent that the Participant requests a determination of disability, the procedures for disability benefit claims set forth in Department of Labor Regulation § 2560.503-1 shall apply.

(b)          No claim for non-payment or underpayment of benefits allegedly owed under the Plan may be filed in court until the claimant has exhausted the claims review procedures established in accordance with this Section 9.

9.2.        Initial Claims.

(a)          Any claim for benefits will be in writing (which may be electronic if permitted by the Administrator) and will be delivered to the Claim Reviewer.

(b)          Each claim for benefits will be decided by the Claim Reviewer within a reasonable period of time, but not later than 90 days after such claim is received by the Claim Reviewer (without regard to whether the claim submission includes sufficient information to make a determination), unless the Claim Reviewer determines that special circumstances require an extension of time for processing the claim. If the Claim Reviewer determines that an extension of time for processing is required, the Claim Reviewer will notify the claimant in writing before the end of the initial 90-day period of the circumstances requiring an extension of time and the date by which a decision is expected.

(c)          If any claim is denied in whole or in part, the Claim Reviewer will provide to the claimant a written decision, issued by the end of the period prescribed by subsection (b), above, that includes the following information:

(1)          The specific reason or reasons for denial of the claim;

(2)          References to the specific Plan provisions upon which such denial is based;

(3)          A description of any additional material or information necessary to perfect the claim, and an explanation of why such material or information is necessary;

(4)          An explanation of the appeal procedures Plan’s and the applicable time limits; and

(5)          A statement of the claimant’s right to bring a civil action under section 502(a) of ERISA, if his or her claim is denied upon review.

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9.3.        Appeals.

(a)          If a claim for benefits is denied in whole or in part, the claimant may appeal the denial to the Claim Reviewer. Such appeal will be in writing (which may be electronic, if permitted by the Claim Reviewer), may include any written comments, documents, records, or other information relating to the claim for benefits, and will be delivered to the Claim Reviewer within 60 days after the claimant receives written notice that his or her claim has been denied.

(b)          The Claim Reviewer will decide each appeal within a reasonable period of time, but not later than 60 days after such claim is received by the Claim Reviewer, unless the Claim Reviewer determines that special circumstances require an extension of time for processing the appeal.

(1)          If the Claim Reviewer determines that an extension of time for processing is required, the Claim Reviewer will notify the claimant in writing before the end of the initial 60-day period of the circumstances requiring an extension of time and the date by which the Claim Reviewer expects to render a decision.

(2)          If an extension of time pursuant to paragraph (1), above, is due to the claimant’s failure to submit information necessary to decide the appeal, the period for deciding the appeal will be tolled from the date on which the notification of extension is sent to the claimant until the date on which the claimant responds to the request for additional information.

(c)          In connection with any appeal, the claimant will be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to his or her claim for benefits. A document, record, or other information will be considered relevant to a claim for benefits if such document, record, or other information:

(1)          Was relied upon in making the benefit determination;

(2)          Was submitted, considered, or generated in the course of making the benefit determination, without regard to whether such document, record, or other information was relied upon in making the benefit determination; or

(3)          Demonstrates compliance with processes and safeguards designed to ensure and to verify that the benefit determination was made in accordance with the terms of the Plan and that such terms of the Plan have been applied consistently with respect to similarly situated claimants.

(d)          The Claim Reviewer review on appeal will take into account all comments, documents, records and other information submitted by the claimant, without regard to whether such information was considered in the initial benefit determination.

(e)          If any appeal is denied in whole or in part, the Claim Reviewer will provide to the claimant a written decision, issued by the end of the period prescribed by subsection (b), above, that includes the following information:

(1)          The specific reason or reasons for the decision;

(2)          References to the specific Plan provisions upon which the decision is based;

14
 

(3)          An explanation of the claimant’s right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to his or her claim for benefits (as determined pursuant to subsection (c), above); and

(4)          A statement of the claimant’s right to bring a civil action under section 502(a) of ERISA.

9.4.        Other Rules and Rights Regarding Claims and Appeals.

(a)          A claimant may authorize a representative to pursue any claim or appeal on his or her behalf. The Claim Reviewer may establish reasonable procedures for verifying that any representative has in fact been authorized to act on his or her behalf.

(b)          Notwithstanding the deadlines prescribed by this Section 9.4, the Claim Reviewer and any claimant may agree to a longer period for deciding a claim or appeal or for filing an appeal; provided that the Claim Reviewer will not extend any deadline for filing an appeal unless imposition of the deadline prescribed by Section 9.3(a) would be unreasonable under the applicable circumstances.

9.5.        Interpretation. The provisions of this Section 9 are intended to comply with section 503 of ERISA and will be administered and interpreted in a manner consistent with such intent.

15
 

 

 

 

Exhibit A

 

Date: [Date]
   
To: [Executive]
   
From: [Name]
  [Title]
   
Subject: Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan Participation Agreement
   

I am pleased to advise that you have been designated as an “Eligible Employee” for the purposes of the Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan, as amended from time to time (the “Plan”). A copy of the current plan document is enclosed.

 

This means that, upon your execution of this agreement, you will be eligible to receive the severance benefits described in the Plan in the event you experience a “Qualifying Termination” as defined under the Plan. If you have any questions please contact me or [name], [title].

 

By signing the attached signature page and in consideration of the opportunity to participate in the Plan, you agree to be bound by the terms of the Plan, including the covenants set forth in Section 5 of the Plan. Your participation in the Plan does not confer any rights to continue in the employ of Uber or any of the affiliates.

 

Please sign the attached signature page and return the original to me as soon as possible.

 

Best regards,

 

 

[name]

[title]

A-1
 

Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan

Agreement Signature Page

 

[date]

 

I, [name], have read the Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan (the “Plan”) and agree to its terms, and I agree to be bound by the terms of the covenants in Section 5 of the Plan. This agreement supersedes any and all prior agreements and communications, whether written or oral, between the Company and me regarding the subject matter of the Plan.

 

 

   
Signature Date

 

 

Return to [name] [title] by [date].

 

[Signature Page to the Plan Participation Agreement]

 
 

EXHIBIT B

Release

 

In consideration of the Benefits (as defined below) provided and to be provided to me by Uber Technologies, Inc., or any successor thereof (the “Company”) pursuant to the Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan (the “Plan”) and in connection with the termination of my employment as of [DATE] (the “Termination Date”), I agree to the following general release (the “Release”).

 

1.On behalf of myself, my heirs, executors, administrators, successors, and assigns, I hereby fully and forever generally release and discharge the Company, its current, former and future parents, subsidiaries, affiliated companies, related entities, employee benefit plans, and, in such capacities, their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns (collectively, the “Releasees”) from any and all claims, causes of action, and liabilities up through the date of my execution of the Release. The claims subject to this release include, but are not limited to, those relating to my employment with the Company and/or any predecessor to or affiliate of the Company and the termination of such employment. All such claims (including related attorneys’ fees and costs) against the Releasees are barred without regard to whether those claims are based on any alleged breach of a duty arising in statute, contract, or tort. This expressly includes waiver and release of any rights and claims arising under any and all laws, rules, regulations, and ordinances, including, but not limited to: Title VII of the Civil Rights Act of 1964; the Older Workers Benefit Protection Act; the Americans With Disabilities Act; the Age Discrimination in Employment Act; the Fair Labor Standards Act; the National Labor Relations Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974; the Workers Adjustment and Retraining Notification Act; the California Fair Employment and Housing Act (if applicable); the provisions of the California Labor Code (if applicable); the Equal Pay Act of 1963; in each case, as amended, and any similar law of any other state or governmental entity.1
2.[The parties agree to apply California law in interpreting the Release. Accordingly, I further waive any rights under Section 1542 of the Civil Code of the State of California or any similar state statute. Section 1542 states: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”] This Release does not extend to, and has no effect upon, any benefits that have accrued or equity that has vested or is eligible for vesting post-employment, under any employee benefit or equity plan, program, policy or grant sponsored or maintained by the Company, or to my right to indemnification by the Company, and continued coverage by the Company’s director’s and officer’s insurance.

 

1 Note to Draft: List of applicable employment-related laws to be revised based on the location of an applicable employee.

B-1
 
3.In understanding the terms of the Release and my rights, I have been advised to consult with an attorney of my choice prior to executing the Release. I understand that nothing in the Release shall prohibit me from exercising legal rights that are, as a matter of law, not subject to waiver such as: (a) my rights under applicable workers’ compensation laws; (b) my right, if any, to seek unemployment benefits; (c) my right to indemnity under California Labor Code section 2802 (if applicable) or other applicable state-law right to indemnity; (d) my right to file a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment and Housing, or other applicable state agency; and (e) my right to report any violation to the Securities and Exchange Commission or any other federal or state agency. I further understand that nothing in this Release precludes me from entitlement to any monetary recovery awarded by the Securities and Exchange Commission in connection with any action asserted by the Securities and Exchange Commission. Moreover, I will continue to be indemnified for my actions taken while employed by the Company to the same extent as other former directors and officers of the Company under the Company’s Certificate of Incorporation and Bylaws and the Director and Officer Indemnification Agreement between me and the Company, if any, and I will continue to be covered by the Company’s directors and officers liability insurance policy as in effect from time to time to the same extent as other former directors and officers of the Company, each subject to the requirements of the laws of the State of Delaware. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be resolved through binding arbitration as set forth in the alternative dispute resolution agreement previously entered into by me and the Company.
4.I understand and agree that the Company will not provide me with the Benefits unless I execute the Release. I also understand that I have received or will receive, regardless of the execution of the Release, all wages owed to me together with any accrued but unused vacation pay, less applicable withholdings and deductions, earned through my Termination Date.
5.As part of my existing and continuing obligations to the Company, I have returned to the Company all Company documents (and all copies thereof) and other Company property that I have had in my possession at any time, including but not limited to Company files, notes, drawings, records, business plans and forecasts, financial information, specification, computer-recorded information, tangible property (including, but not limited to, computers, laptops, pagers, etc.), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof, except as otherwise I am entitled to retain under any agreement with the Company). I understand that, even if I did not sign the Release, I am still bound by any and all confidential/proprietary/trade secret information, non-disclosure and inventions assignment agreement(s) signed by me in connection with my employment with the Company, or with a predecessor or successor of the Company pursuant to the terms of such agreement(s).
6.I represent and warrant that I am the sole owner of all claims relating to my employment with the Company and/or with any predecessor of the Company, and that I have not assigned or transferred any claims relating to my employment to any other person or entity.
7.I agree to keep the Benefits and the provisions of the Release confidential and not to reveal its contents to anyone except my lawyers, my spouse or other immediate family members, accountants and/or my financial consultants, or as required by legal process or applicable law or requested by taxing authorities unless and until they become publicly available.
B-2
 
8.I understand and agree that the Release shall not be construed at any time as an admission of liability or wrongdoing by any Releasee or myself.
9.I agree that for two years following my Termination Date, I will not, directly or indirectly, make any disparaging statements or comments, either as fact or as opinion, about the Company, its employees, officers, directors, shareholders, vendors, products or services, business, technologies, market position or performance. The Company agrees that for two years following my Termination Date, neither the Company’s Board of Directors (the “Board”), nor any member thereof, nor any C-level officer of the Company will, directly or indirectly, make any disparaging statements or comments, either as fact or as opinion, about me or my performance at the Company, and the Board will use commercially reasonable efforts to ensure that the Company’s other executive officers, and any authorized spokesperson for the Company who handles public statements by the Company or who interacts with the press or potential or actual investors, also abide by the non-disparagement covenant set forth in this sentence. Nothing in this paragraph shall prohibit me or the Company from providing truthful information in response to a subpoena or other legal process rebutting false or misleading statements or making normal competitive type statements in the course of my performance of duties to a subsequent employer.
10.The Company and I will refer prospective employers or others seeking verification of my employment to the Company’s Human Resources department, which will verify my dates of employment and job title only.  Additionally, and at my request and direction, my salary can be verified.
11.I acknowledge that, except as expressly provided in this Release, I will not receive any additional compensation or benefits after the Termination Date. Thus, for any Company-sponsored employee benefits not referenced in this Release (including, but not limited to, the Company’s 401(k), life insurance, and long-term disability insurance plans), I will be treated as a terminated employee as of the Termination Date.
12.I agree that, by no later than ten (10) days after Termination Date, I will submit my final documented expense reimbursement statement reflecting all business expenses I incurred through the Termination Date, if any, for which I seek reimbursement. The Company will reimburse me for these expenses (if any) pursuant to its regular business practice. If the Company determines that personal expenses have been charged with the Company credit card, and those expenses are outstanding, I agree that the Company may deduct any such personal expenses from the Benefits.
13.I agree to reasonably cooperate with the Company in any internal investigation, any administrative, regulatory, or judicial proceeding or any dispute with a third party related to my employment period. I understand and agree that my cooperation may include, but not be limited to, making myself reasonably available to the Company upon reasonable notice for interviews and factual investigations; appearing at the Company’s reasonable request to give testimony without requiring service of a subpoena or other legal process; volunteering to the Company pertinent information; and turning over to the Company all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other permitted activities and commitments. The Company shall to the extent reasonably feasible limit my travel and not interfere with my other obligations in seeking such cooperation. The Company shall reimburse my reasonable expenses incurred in connection with any such cooperation.
B-3
 
14.I agree that I have had at least twenty-one (21) calendar days in which to consider whether to execute the Release, no one hurried me into executing the Release during that period, and no one coerced me into executing the Release. I understand that the offer of the Benefits and the Release shall expire thirty-first (31st) calendar day after my employment termination date if I have not accepted it by that time (unless the Company notifies me that the offer will expire on a later date pursuant to Section 6.2 of the Plan). I further understand that the Company’s obligations under the Release shall not become effective or enforceable until the eighth (8th) calendar day after the date I sign the Release provided that I have timely delivered it to the Company (the “Effective Date”) and that in the seven (7) day period following the date I deliver a signed copy of the Release to the Company, I understand that I may revoke my acceptance of the Release. I understand that the Benefits will become available to me only after the Effective Date in accordance with the terms of the Plan.
15.In executing the Release, I acknowledge that I have not relied upon any statement made by the Company, or any of its representatives or employees, with regard to the Release unless the representation is specifically included herein. Furthermore, the Release contains our entire understanding regarding eligibility for Benefits and supersedes any or all prior representation and agreement regarding the subject matter of the Release. However, the Release does not modify, amend or supersede written Company agreements that are consistent with enforceable provisions of this Release such as my employment agreement, proprietary information and invention assignment agreement, and any stock, stock option and/or stock purchase agreements between the Company and me. Once effective and enforceable, this agreement can be changed only by another written agreement signed by me and an authorized representative of the Company.
16.Should any provision of the Release be determined by an arbitrator, court of competent jurisdiction, or government agency to be wholly or partially invalid or unenforceable, the legality, validity and enforceability of the remaining parts, terms, or provisions are intended to remain in full force and effect. Specifically, should a court, arbitrator, or agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release and the waiver of unknown claims above shall otherwise remain effective to release any and all other claims. I acknowledge that I have obtained sufficient information to intelligently exercise my own judgment regarding the terms of the Release before executing the Release.
17.The “Benefits” provided and to be provided to me by the Company consist of the benefits and payments set forth on Annex A. The Benefits shall be provided pursuant to the terms of the Uber Technologies, Inc. Amended and Restated 2019 Executive Severance Plan.

18.I hereby agree to remain bound to the alternative dispute resolution agreement previously entered into by me and the Company, and that my obligations thereunder shall continue notwithstanding my termination and entry into this Release.
B-4
 

ANNEX A

Date of Termination: ______________________________

Cash Component Amount Payment Terms
__ months base salary $_____  
__% target bonus $_____  
__ months COBRA cost based on current healthcare elections and cost $_____  
Total Cash Component $_____*  
 
Equity Component    
 

_____

shares

 

* To be paid following the Effective Date and on or before the 60th day following the Termination Date.

All amounts subject to applicable withholdings and deductions.

B-5
 

EMPLOYEE’S ACCEPTANCE OF RELEASE

 

BEFORE SIGNING MY NAME TO THE RELEASE, I STATE THE FOLLOWING: I HAVE READ THE RELEASE, I UNDERSTAND IT AND I KNOW THAT I AM GIVING UP IMPORTANT RIGHTS. I HAVE OBTAINED SUFFICIENT INFORMATION TO INTELLIGENTLY EXERCISE MY OWN JUDGMENT. I HAVE BEEN ADVISED THAT I SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING IT, AND I HAVE SIGNED THE RELEASE KNOWINGLY AND VOLUNTARILY.

 

EFFECTIVE UPON EXECUTION BY EMPLOYEE AND THE COMPANY.

 

Date delivered to employee ___________, ______.

Executed this ___________ day of ___________, ______.

 

_______________________________

Your Signature

 

_______________________________

Your Name (Please Print)

Agreed and Accepted:

Uber Technologies, Inc.

___________________________

By:

 

Date:

 

 

 

[Signature Page to General Release Agreement]

 

EX-10.3 4 e23297_ex10-3.htm

Exhibit 10.3

 

 

 

Uber Technologies, Inc.

1515 Third Street

San Francisco, CA 94158

 

June 28, 2023

 

EMPLOYMENT AGREEMENT
(As amended and restated June 28, 2023)

Dear Dara,

Your employment by Uber Technologies, Inc., a Delaware corporation (the “Company”) has been governed by the terms and conditions set forth in your previous employment agreement with the Company, dated April 9, 2019. Your continued employment by the Company shall be governed by the terms and conditions set forth below in this amended and restated employment agreement (the “Agreement”). This Agreement shall be effective upon the date set forth above.

1.             Duties and Scope of Employment.

a.              Position. The Company will continue to employ you in the position of Chief Executive Officer (“CEO”). You will report to the Company’s board of directors (the “Board”). You will perform the duties and have the responsibilities and authority customarily performed and held by an employee in your position and such additional duties commensurate with the position as may be assigned or delegated to you by the Board. This is a full-time position. While you serve as the Company’s CEO, and subject to the requirements of the Company’s bylaws and applicable law (including, without limitation, any rules or regulations of any exchange on which the common stock of the Company is listed, if applicable), the Board or the appropriate committee of the Board will nominate you for re-election to the Board at each annual meeting at which you are subject to re-election.

b.              Principal Work Location. Your principal place of employment will be at one of the Company’s U.S. offices, at the discretion of the Board.

1

 

c.              Obligations to the Company. During your employment, you shall devote your full business efforts and time to the Company, except as provided herein. Without express written consent of the Board, you shall not render services in any capacity to any other person or entity and shall not act as a sole proprietor or partner of any other person or entity or, except as set forth on Attachment A, own more than five percent (5%) of the stock of any other corporation. Notwithstanding the foregoing, you may (i) serve on corporate, civic, or charitable boards or committees, including the corporate boards on which you currently serve as set forth on Attachment A; (ii) continue to provide advisory services to the entities set forth on Attachment A; or (iii) deliver lectures, fulfill speaking engagements, teach at educational institutions, or manage personal investments, in the case of each of clauses (i), (ii), and (iii) of this sentence, without such advance written consent; provided that such activities do not individually or in the aggregate interfere with the performance of your duties hereunder. You will comply with the Company’s policies and rules, as they may be in effect from time to time during your employment.

d.             No Conflicting Obligations. You represent and warrant that you are under no contractual or other obligations or commitments that are inconsistent with your obligations under this Agreement, including but not limited to any restrictions that would preclude you from providing services to the Company. In connection with your employment, you shall not use or disclose any trade secrets or other proprietary information or intellectual property in which you or any other person or entity has any right, title, or interest, and your employment will not infringe or violate the rights of any other person or entity. You confirm that you have not removed or taken and will not remove or take any documents or proprietary data or materials of any kind with you from any former employer to the Company without written authorization from that employer. You are hereby notified that you may be entitled to immunity from liability for certain disclosures of trade secrets under the Defend Trade Secrets Act, 18 U.S.C. § 1833(b).

2.             Compensation.

a.              Salary. The Company will pay you as compensation for your services an annual base salary, currently $1,000,000, payable in accordance with the Company’s standard payroll procedures. This is an exempt position, which means that your salary is intended to compensate you for all hours worked, and you will not be eligible for overtime pay.

b.              Annual Cash Bonus. For each calendar year, you will be eligible to participate in the Uber Technologies, Inc. Executive Bonus Plan (the “Bonus Plan”), under which you may receive an annual cash bonus (the “Bonus”). The target amount of your Bonus (the “Target Cash Bonus”) will be determined by the Compensation Committee of the Board (the “Compensation Committee”) after consultation with you; provided that your Target Cash Bonus for each fiscal year shall be no less than $2,000,000. The actual amount of any Bonus, and your entitlement to the Bonus, will be subject to the terms of the Bonus Plan.

c.              Annual Equity Grant. Subject to the approval of the Company’s Board of Directors (or a duly constituted committee thereof), you will be eligible to receive an annual grant of restricted stock units ( “RSUs”) or other equity or equity-based awards (each grant, an “Annual Equity Grant”). Each Annual Equity Grant will be subject to the terms and conditions set forth in (i) the Company’s 2019 Equity Incentive Plan, as amended (the “Incentive Plan”), or any applicable successor plan, and (ii) the applicable award agreement. The Board or the Compensation Committee will determine the amount of each Annual Equity Grant, and the applicable terms and conditions.

2

 

The foregoing provisions (a)-(c) are subject to the terms and conditions of any applicable plans and/or policies of the Company, as amended from time to time. You agree to pay any income or other taxes that are required to be paid in connection with your receipt of this compensation.

3.             Paid Time Off and Employee Benefits.

You will be eligible for paid time off in accordance with the Company’s paid time off policy generally available to similarly situated employees of the Company, as it may be amended from time to time. You will also be eligible to participate in the Company’s employee benefit plans that are generally available to similarly situated employees of the Company, subject to the terms and conditions of the applicable plans (as in effect from time to time) and to the determinations of any person or committee administering such plans. The Company reserves the right to amend or terminate its employee benefit plans at any time.

4.             Business Expenses.

The Company will reimburse you for your necessary and reasonable business expenses incurred in connection with performance of your duties. You must promptly submit an itemized account of expenses and appropriate supporting documentation, in accordance with the Company’s generally applicable policies.

5.              Termination.

a.              Employment at Will. Your employment will be “at will,” meaning that either you or the Company are entitled to terminate your employment at any time and for any reason, with or without cause or notice, notwithstanding any contrary representations that may have been made to you. This Agreement will constitute the full and complete understanding between you and the Company on the “at-will” nature of your employment, which may be changed only in a writing signed by you and a duly authorized Company officer.

b.              Rights Upon Termination.

1.              Termination for Any Reason. Upon the termination of your employment for any reason, you will be entitled to: (i) any accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred through the date of termination, in accordance with Section 4 of this Agreement, and (iii) any vested benefits under the Company’s employee benefit plans, in accordance with the terms and conditions of such plans.

2.              Severance Benefits. You will be entitled to the severance benefits provided under the Uber Technologies, Inc. 2019 Executive Severance Plan, as amended and restated on June 28, 2023, or any applicable successor plan (the “Severance Plan”). This Agreement will be considered your “Participation Agreement” within the meaning of the Severance Plan, and the terms of this Section 5(b)(2) are hereby incorporated into the Severance Plan. Notwithstanding the treatment of equity provided under this Section 5(b)(2), if you become entitled to benefits under the terms of the Severance Plan with respect to the treatment of equity,that are more favorable to you than the treatment of equity under the terms of this Agreement, then you shall be entitled to the more favorable treatment of equity under the terms of the Severance Plan. The Severance Plan’s terms are modified with respect to your participation in the Severance Plan as follows:

3

 

i.      Definition of Change in Control. The definition of “Change in Control” set forth in the Severance Plan shall be modified so that, solely for purposes of determining whether your cash severance benefits are payable in the form of installments or a lump sum, “Change in Control” shall mean an “Acquisition” within the meaning of the Company’s 2013 Equity Incentive Plan, as amended, so long as the Change in Control is a permissible payment event under Section 409A.

ii.      Accelerated Equity Vesting upon a Qualifying Termination During Change-in Control-Period. If you become entitled to benefits under the otherwise applicable terms of the Severance Plan upon a Qualifying Termination within a Change-in-Control Period, in lieu of any other equity acceleration benefits provided by the Severance Plan, you will be entitled to: immediate acceleration of all time- or service-based vesting conditions applicable to all of your equity awards (other than, if the applicable performance conditions have not been met, (A) any performance-based equity awards, and (B) the Performance Portion of the Sign-On Option).

iii.      Change in Control Occurs After Termination. If a Change in Control occurs within the three (3) months following your Qualifying Termination, the benefits to which you were otherwise entitled under the Severance Plan are superseded by the benefits to which you become entitled under the Severance Plan in the event of a Qualifying Termination that occurs during a Change-in-Control Period, and in all cases, subject to the limitations and provisions in the Severance Plan. Upon your Qualifying Termination not within a Change-in-Control Period, all of your then-unvested equity incentive awards will remain outstanding for up to three (3) months following your Qualifying Termination to permit the additional acceleration that may come to apply under the Severance Plan.

iv.      Treatment of Certain Equity Awards upon a Change in Control. If, following a Change in Control, the surviving entity (A) does not assume your outstanding equity awards, or (B) assumes your outstanding equity awards and then cancels such awards, then all of your outstanding time- or service-based equity awards that (y) were not assumed or (z) were assumed and then canceled, will vest in full and become immediately exercisable or settled, as the case may be; provided that, in all cases, performance-based equity awards shall be governed exclusively by the terms set forth in the applicable performance-based equity awards or the applicable Incentive Plan. For clarity: (A) the Performance Portion of the Sign-On Option will not vest pursuant to this Section 5(b)(2)(v) unless the Change in Control is a Qualifying Value Change in Control, and (B) any equity awards for which all performance conditions have been satisfied as of, before, or as a result of the Change in Control shall be treated as time- or service-based equity awards, and not be deemed “performance-based equity awards,” for purposes of the immediately preceding sentence.

v.      Benefit Continuation. If you become entitled to a cash payment under Section 4.2 of the Severance Plan (as in effect on the date hereof) or any successor provision, then in lieu of any cash payments under Section 4.2 of the Severance Plan, you will be entitled to cash payments in twelve (12) monthly installments upon a Qualifying Termination (twenty-four (24) monthly installments for a Qualifying Termination within a Change-in-Control Period) beginning on the date of the Qualifying Termination, subject to any delay required under the Severance Plan for payment to a “specified employee” within the meaning of Section 409A (as defined below). Each installment will equal the sum of (A) the monthly COBRA premiums for your Company-sponsored group medical and dental coverage effective as of the date of your Qualifying Termination (for both you and your eligible dependents), and (B) the full monthly premium for your Company-sponsored life insurance coverage effective as of the date of your Qualifying Termination. The amount of the monthly premiums will be determined for each monthly installment based on the then-effective rates (and regardless of whether you elect, or continue, COBRA coverage).

4

 

c.              Resignation. Notwithstanding any other provision of the Severance Plan (including the modifications in this Agreement), upon a termination of your employment, unless otherwise requested by the Board, you agree to resign from all positions you may hold with the Company and any of its subsidiaries or affiliated entities at such time (including as a member of the Board) prior to the time you deliver the release required pursuant to Section 6 of the Severance Plan, and no payments or benefits under the Severance Plan (including the modifications in this Agreement) will be due to you unless you have resigned from all such positions.

d.              Definition of Good Reason and Cause. In lieu of the definitions of “Good Reason” and “Cause” provided in the Severance Plan, the following definitions shall apply, respectively:

Good Reason” means the occurrence of any of the following events without your consent: (i) a material diminution in your authority, titles, duties or responsibilities as in effect immediately prior to such reduction; (ii) the assignment to you of any duties or responsibilities that are inconsistent with the customary duties and responsibilities of a chief executive officer; (iii) the failure of the Company to maintain your position as the sole chief executive officer and most senior executive officer of the Company, with all employees of the Company reporting directly or indirectly to you; (iv) your removal from, or failure to be appointed or elected (or, as applicable, reappointed or re-elected), as a director of the Company; (v) the appointment of an executive chairman of the Board; (vi) any requirement for you to report to anyone other than the Board; (vii) any deliberate undermining of your authority by any member of the Board outside the normal Board oversight process or any deliberate attempt to usurp your authority by any member of the Board outside the normal Board oversight process, in each case, that results in a material and adverse effect on your authority or your ability to carry out your duties and responsibilities as the Company’s CEO; (viii) a material reduction by the Company in your annual base salary or annual Target Cash Bonus, as initially set forth herein or as increased thereafter; provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary or annual Target Cash Bonus that (A) occurs pursuant to a salary reduction program affecting substantially all of the senior executives of the Company; and (B) does not adversely affect you to a greater percentage than other similarly situated senior executives; (ix) a relocation of your business office, required by the Company or its successor, to a location more than forty (40) miles from the location at which you performed your duties immediately prior to the relocation, except for required travel by you on the Company’s business to an extent substantially consistent with your business travel obligations prior to the relocation, it being agreed that your relocation to San Francisco shall not constitute Good Reason; or (x) a material breach by the Company of this Agreement; provided, however, that any such termination by you shall only be deemed for Good Reason pursuant to this definition if: (1) you give the Company written notice of your intent to terminate for Good Reason, within ninety (90) days following the first occurrence of the condition(s) that you believe constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (such 30-day period, the “Cure Period”); and (3) you voluntarily terminate your employment within thirty (30) days following the end of the Cure Period.

5

 

Cause” means the occurrence of any of the following events, as determined by the Company and/or the Board in its and/or their sole and absolute discretion: (i) your conviction of, or plea of nolo contendere to, any felony; (ii) your commission of, or participation in, intentional acts of fraud or dishonesty against the Company that results in material harm to the business of the Company; (iii) your intentional, material violation of any contract or agreement between you and the Company or any statutory duty you owe to the Company that results in material harm to the business of the Company; (iv) your conduct that constitutes gross insubordination or habitual neglect of duties and that results in material harm to the business of the Company; (v) your intentional, material failure to follow the lawful directions of the Board; or (vi) your intentional, material failure to follow the Company’s written policies that are generally applicable to all employees or all officers of the Company and that results in material harm to the business of the Company; provided, however, (1) that willful disregard shall be deemed to constitute intentionality for purposes of this definition and (2) that the action or conduct described in clauses (iii) through (vi) above will constitute “Cause” only if such action or conduct continues after the Company has provided you with written notice thereof and thirty (30) days following the receipt of the written notice to cure the same if such action or conduct is curable.

e.              Nondisparagement. Section 5.2 (Nondisparagement) of the Severance Plan is hereby replaced in its entirety with the language of Section 9 of the Exhibit B Release attached thereto and shall be effective regardless of whether such Release is executed.

f.               Modification. Notwithstanding Section 8.4 of the Severance Plan, the Severance Plan may not be amended without your consent to reduce the amount of cash severance for which you are eligible under the Severance Plan or to otherwise adversely affect the terms of this Agreement applicable to you, including without limitation the modifications to the Severance Plan that are provided for in this Agreement, in each case, as of the effective date of this Agreement.

6

 

g.              Definitions. When used in capitalized form in this Agreement, the following words and phrases have the meanings set forth below, unless otherwise stated:


Change in Control” shall have the meaning set forth in the Severance Plan, except as set forth in Section 5(b)(2)(i) of this Agreement.

Change-in-Control Period” shall have the meaning set forth in the Severance Plan.

Performance Condition” means the performance condition that applies to the Sign-On Option.

Performance Portion” means the portion of the Sign-On Option that is subject to the Performance Condition.

 

Qualifying Termination” shall have the meaning set forth in the Severance Plan.

Qualifying Value Change in Control” means a Change in Control in which acquisition proceeds equal or exceed $120 billion (excluding, for this aggregate value, any earnouts, but including indemnity holdbacks and escrows if the Sign-On Options are subject to such escrow in the same manner, on a pro rata basis, as apply to shares of the Company’s Class A common stock).


Sign-On Option” means the option to purchase Company stock granted to you in connection with your commencement of employment with the Company.

6.             Successors.

a.              Company’s Successors. The terms of this Agreement will be binding upon any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation, or otherwise) to all or substantially all of the Company’s business and/or assets. For all purposes under this Agreement, the term “Company” will include any successor to the Company’s business or assets that becomes bound by this Agreement.

b.              Your Successors. This Agreement and all of your rights hereunder will inure to the benefit of, and be enforceable by, your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees.

7.             Non-Solicitation.

During the term of your employment with the Company, and for two years after the termination of your employment with the Company, you will not, on behalf of yourself or any third party, directly or indirectly, solicit or attempt to induce any employee of the Company to terminate his or her employment with the Company, except that (a) you may on your behalf (or on behalf of a third party) engage in a general solicitation for employment; provided that neither you nor such third party have targeted such recruitment efforts at the Company, and (b) you may on your behalf (or on behalf of a third party) employ any person who either responds to such general solicitation or otherwise contacts you or such third party on his or her own initiative, without solicitation or encouragement, directly or indirectly, by you or such third party.

7

 

8.              Miscellaneous Provisions.

a.              Modifications and Waivers. No provision of this Agreement will be modified, waived, or discharged unless the modification, waiver or discharge is reflected in writing signed by you (or your authorized representative) and by an authorized officer of the Company (other than you). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision, or of the same condition or provision at another time.

b.              Whole Agreement. No other arrangements, agreements, representations, or understandings (whether oral or written and whether express or implied) which are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement and the exhibits attached hereto contain the entire understanding of the parties with respect to the subject matter hereof and supersede any prior agreements relating to such subject matter (including any prior employment agreements) except the confidentiality and invention assignment agreement previously entered into by you and the Company, the alternative dispute resolution agreement previously entered into by you and the Company (the “Alternative Dispute Resolution Agreement”), any equity or equity-based award agreements, and any clawback policy maintained by the Company.

c.              Choice of Law and Severability. This Section 8(c) does not apply to the Alternative Dispute Resolution Agreement, and to the extent that this Section 8(c) conflicts with the Alternative Dispute Resolution Agreement, the provisions contained in the Alternative Dispute Resolution Agreement control. Subject to the preceding sentence, this Agreement otherwise shall be interpreted in accordance with any present or future statute, law, ordinance, or regulation (collectively, the “Law”)of the State in which you work/last worked without giving effect to provisions governing the choice of Law, and if any provision of this Agreement becomes or is deemed invalid, illegal, or unenforceable in any applicable jurisdiction by reason of the scope, extent, or duration of its coverage, then such provision shall be deemed amended to the minimum extent necessary to conform to applicable law so as to be valid and enforceable or, if such provision cannot be so amended without materially altering the intention of the parties, then such provision shall be stricken and the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is rendered illegal by any Law, then that provision shall be curtailed or limited only to the minimum extent necessary to bring the provision into compliance with the Law. All the other terms and provisions of this Agreement shall continue in full force and effect without impairment or limitation.

d.              No Assignment. This Agreement and all of your rights and obligations hereunder are personal to you and may not be transferred or assigned by you at any time. The Company may assign its rights under this Agreement only to any entity that assumes the Company’s obligations hereunder in connection with any sale or transfer of all or a substantial portion of the Company’s assets to such entity.

8

 

e.              Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

f.               Indemnification. In addition to being indemnified under Company bylaws, you and the Company will promptly enter into an indemnification agreement in substantially the same form provided to other similarly situated officers and directors of the Company to the extent you and the Company have not already entered into such an agreement. You will be named as an insured on the director and officer liability insurance policy currently maintained by the Company or as may be maintained by the Company from time to time.

g.              Taxes; Section 409A. All forms of compensation paid to you by the Company, including any payments made pursuant to this Agreement, are subject to reduction (or payment by you, to the extent that additional amounts are required) to reflect applicable withholding and payroll taxes and other applicable deductions. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company related to tax liabilities arising from your compensation. The payments and benefits under this Agreement are intended, and will be construed, to be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”); provided, however, that nothing in this Agreement shall be construed or interpreted to transfer any liability for any tax (including a tax or penalty due as a result of a failure to comply with Section 409A) from you to the Company or to any other entity or person. Any payment to you under this Agreement that is subject to Section 409A and that is contingent on a termination of employment is contingent on a “separation from service” within the meaning of Section 409A. If, upon separation from service, you are a “specified employee” within the meaning of Section 409A, any payment under this Agreement that is subject to Section 409A and triggered by a separation from service that would otherwise be paid within six months after your separation from service will instead be paid in the seventh month following your separation from service or, if earlier, upon your death (to the extent required by Section 409A(a)(2)(B)(i)). Payments pursuant to this Agreement (or referenced in this Agreement), and each installment thereof, are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A. To the extent any nonqualified deferred compensation subject to Section 409A payable to you could be paid in more than one taxable year depending upon you completing certain employment-related actions, then any such payments will commence or occur in the latest such taxable year to the extent required to avoid the adverse consequences of Section 409A. Any taxable reimbursement due under the terms of this Agreement shall be paid no later than December 31 of the year after the year in which the expense is incurred, and all taxable reimbursements and in-kind benefits shall be provided in accordance with Section 1.409A-3(i)(1)(iv) of the regulations under Section 409A. The parties agree that if necessary to avoid non-compliance with Section 409A, they will cooperate in good faith to modify the terms of this Agreement or any applicable equity award; provided, that such modification shall endeavor to maintain the economic intent of this Agreement or any such equity award.

9

 

To indicate your acceptance of the terms and conditions of this Agreement, please sign and date this Agreement in the space provided below and return it to me.

ACCEPTED AND AGREED:

 

Signed:        
         
         
Dara Khosrowshahi   Nikki Krishnamurthy
    SVP, Chief People Officer
      Uber Technologies, Inc.
         
         
Date:                  Date:             

10

 

ATTACHMENT A

 

Permitted Boards

 

 Director of Expedia, Inc. (including serving on one or more board committees thereof)
Director of Aurora Innovation, Inc. (including serving on one or more board committees thereof)
Director of Grab Holdings Ltd. (including serving on one or more board committees thereof)

 

Permitted Entities for Advisory Services

 

Catalyst (a non-profit organization)
New York Stock Exchange, as a member of the Board Advisory Council

11

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