employment without cause or in connection with a change in control transaction, which were superseded by the terms of a severance and change in control agreement entered into in September 2014, as described below.
Christopher Horan.
In March 2018, we entered into an at-will employment offer letter with Mr. Horan in connection with his appointment as chief technical operations officer, commencing in April 2018. The terms and conditions of Mr. Horans employment offer letter provided for an annual base salary of $400,000, subject to adjustment from time to time, eligibility for an annual bonus of up to 40% of base salary, the grant of an option to purchase 140,000 shares of our common stock, with a purchase price equal to the fair market value on the date of grant as approved by our board of directors, the grant of 80,000 restricted stock units with respect to our common stock and health insurance and other employee benefits as we establish for our employees from time to time. Mr. Horans employment offer letter also provided him with a signing bonus of $200,000, which would be repaid in certain amounts as described therein if Mr. Horan ceased employment with us prior to March 31, 2019. In satisfaction of the terms of the offer letter, Mr. Horan received an option grant to purchase 140,000 shares of our common stock and 80,000 restricted stock units with respect to our common stock in April 2018. Additionally, we entered into a severance and change in control agreement, as described below, with Mr. Horan in October 2018.
Lori Lyons-Williams.
On December 5, 2016, we entered into an at-will employment offer letter with Ms. Lyons-Williams in connection with her appointment as chief commercial officer. The terms and conditions of Ms. Lyons-Williams employment offer letter provided for an annual base salary, subject to adjustment from time to time, eligibility for an annual bonus, eligibility for certain equity awards and health insurance and other employee benefits as we establish for our employees from time to time. Ms. Lyons-Williams employment offer letter also provided her with assistance with her relocation to the San Francisco Bay Area, including travel, hotel and meal expenses for Ms. Lyons-Williams and her family to make up to two house-hunting trips to the Bay Area, reasonable travel expenses in connection with the move to the Bay Area, expenses related to the shipment of household goods and automobiles to the Bay Area up to a maximum of $25,000, reimbursement of closing costs and realtor fees (and other relocation incidentals) on the sale of Ms. Lyons-Williams prior home and/or purchase of new home in the Bay Area up to a maximum of $110,000, and temporary lodging for Ms. Lyons-Williams and her family in the Bay Area for up to a maximum of three months. Additionally, we entered into a severance and change in control agreement, as described below, with Ms. Lyons-Williams in December 2016.
Luis C. Peña.
On June 1, 2011, we entered into an at-will employment offer letter with Mr. Peña in connection with his appointment as our vice president, product development, which we subsequently amended and restated on August 3, 2011 and July 17, 2012. The terms and conditions of his amended and restated employment offer letter provided for an annual base salary, subject to adjustment from time to time, and eligibility for an annual bonus, health insurance and other employee benefits as we establish for our employees from time to time. Additionally, Mr. Peñas employment offer letter included certain terms relating to severance benefits in the event of termination of employment without cause or in connection with a change in control transaction, which were superseded by the terms of a severance and change in control agreement entered into in September 2014, as described below.
Termination or Change in Control Arrangements
In September 2014, we adopted a severance and change in control policy applicable to our named executive officers and certain other employees, which superseded all previous severance and change of control arrangements we had entered into with our named executive officers. The severance and change in control agreement has a term of three years, which renews unless we provide written notice of non-renewal.
These arrangements are intended to attract and retain qualified executives who could have other job alternatives that may appear to them to be less risky absent these arrangements, particularly given the significant level of acquisition activity in our industry. All of our change of control arrangements are double trigger, meaning that severance payments and acceleration of vesting of equity awards are not awarded upon a change of control unless, following the change of control, the executives employment is terminated without cause or as a result of good reason, each as defined in the applicable agreement, in either case, within the period commencing three months prior to and ending 12 months following the transaction.