PINTEREST, INC.
EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&nbsp;&nbsp;&nbsp;&nbsp;Offer Letter </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Your employment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>William Ready </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll be the<B> </B>Chief Executive Officer </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll report to, and will be appointed to serve on, the<B> </B>Board of Directors (the &#147;Board&#148;) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll be employed by Pinterest, Inc. (&#147;Pinterest&#148; or the &#147;Company&#148;) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll work out of our office in San Francisco for at least 50% of your business time, and out of our office in Los Angeles for the
remainder of your business time. You may also need to travel for work from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your first day will be <B>June 29, 2022</B>, or
such other date as mutually agreed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Obligations to Pinterest </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You agree to devote your working hours and full-time efforts to Pinterest while you&#146;re employed here.
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You agree to follow all our policies and rules. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You must tell us before your first day about any obligations or commitments you have that may be inconsistent
with the duties we&#146;ve outlined in this letter. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You agree that you will not use or disclose any trade secrets, proprietary information or intellectual property
that you or any other person or company have a right, title or interest to in connection with the work you do at Pinterest. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You certify that you have returned any property or confidential information that belongs to your former
employers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">You certify that you aren&#146;t violating the rights of anyone by accepting employment here at Pinterest.
</P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Your compensation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Salary </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your
starting gross annual base salary will be $400,000.00 USD<B>, </B>paid in accordance with our standard payroll procedures and subject to authorized deductions and required tax withholdings. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Option Grant </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">No later than five days following the date that your employment as Chief Executive Officer commences, we&#146;ll grant you a Nonstatutory Stock
Option (the &#147;NSO&#148;) pursuant to the Company&#146;s 2019 Omnibus Incentive Plan (the &#147;Plan&#148;) to purchase 8,553,172 shares of the Company&#146;s Class&nbsp;A common stock (&#147;Common Stock&#148;). The exercise price per share of
the NSO will be equal to the closing price of the Common Stock on the date of grant. Your NSO will begin vesting on the next 20th day of the month following the date of your commencement of employment (the &#147;Option Vesting Commencement
Date&#148;) and 1/16 of the total number of shares underlying the NSO will vest on each <FONT STYLE="white-space:nowrap">3-month</FONT> anniversary of the Option Vesting Commencement Date, subject to your continued service as the Chief Executive
Officer of the Company. For instance, if you were to start on January 1st, the Option Vesting Commencement Date would be January 20th; if you were to start on January 21st, the Option Vesting Commencement Date would be February 20th. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Restricted Stock Award </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you purchase shares of Common Stock on the open market with a minimum aggregate value of $5,000,000.00 USD at the time of purchase during
the Purchase Period (the &#147;Investment Shares&#148;), we&#146;ll grant you a number of shares of restricted Common Stock pursuant to the Plan with an &#147;Initial RSA Value&#148; of $20,000,000.00 USD (the &#147;RSAs&#148;) as soon as
administratively practicable thereafter. The exact number of RSAs to be granted to you will be determined after the expiration of the Purchase Period by dividing the Initial RSA Value by an &#147;Average Share Value.&#148; The Average Share Value
will be the average closing price of the Common Stock over the 30 trading days ending on the last day of the Purchase Period, as determined by Pinterest. Your RSAs will begin vesting on the next 20th day of the month following the date of your
commencement of employment (the &#147;RSA Vesting Commencement Date&#148;) and 1/16 of the total number of shares will vest on each <FONT STYLE="white-space:nowrap">3-month</FONT> anniversary of the RSA Vesting Commencement Date, subject to your
continued service as the Chief Executive Officer of the Company and your holding all of the Investment Shares through each vesting date. Purchase of the Investment Shares shall be made in accordance with Pinterest&#146;s Insider Trading Policy.
&#147;Purchase Period&#148; means the <FONT STYLE="white-space:nowrap">60-day</FONT> period immediately following the date of your commencement of employment; provided, that if you or Pinterest determine that, as a policy matter, it is not advisable
for you to purchase any or all of Investment Shares during the Purchase Period, you and Pinterest may mutually agree to extend the <FONT STYLE="white-space:nowrap">60-day</FONT> period to provide you a reasonable opportunity to purchase all of the
Investment Shares. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your NSO and any RSAs will be subject to, and contingent upon your acceptance of, the terms and conditions of the Plan,
as well as the Stock Option Grant Notice and Stock Option Agreement associated with your NSO, and the Restricted Stock Grant Notice and Restricted Stock Agreement associated with your RSAs, the forms of which such award agreements are attached to
this offer letter as <U>Exhibit A</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">During your employment with the Company, you will remain eligible for additional issuances of
equity and other long-term incentive programs as determined in accordance with the Company&#146;s policies and processes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Employee Benefits </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll be eligible for time off and to participate in the employee benefit plans maintained by Pinterest, all subject to Pinterest&#146;s
standard policies. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">At-Will</FONT> Employment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You&#146;ll be an <FONT STYLE="white-space:nowrap">&#147;at-will&#148;</FONT> employee, which means that you or Pinterest can terminate your
employment any time and for any reason, without cause or notice. This offer letter takes the place of anything you may have been told or agreed to already and is the full agreement between you and Pinterest on the
<FONT STYLE="white-space:nowrap">&#147;at-will&#148;</FONT> nature of your employment. The only way your <FONT STYLE="white-space:nowrap">&#147;at-will&#148;</FONT> status can change is through a written agreement signed by you and an authorized
officer of Pinterest. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Before you start </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>CIIAA </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You must
sign and deliver a copy of the Confidential Information and Invention Assignment Agreement (&#147;CIIAA&#148;) attached to this offer letter as <U>Exhibit B</U> on or before your first day of employment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Right to Work </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">On
your first day of work, you must provide us with evidence of your identity and eligibility for employment in the United States. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Background&nbsp;&amp; Reference Checks </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Your job offer is contingent upon clearance of background&nbsp;and reference&nbsp;checks. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Vaccination Policy </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pinterest requires that all employees be fully vaccinated for <FONT STYLE="white-space:nowrap">COVID-19</FONT> to enter our U.S. offices,
perform <FONT STYLE="white-space:nowrap">in-person</FONT> work, or travel on behalf of Pinterest to the extent permitted under applicable law. Employees are considered fully vaccinated if they meet the current definition provided by the U.S. Centers
for Disease Control and Prevention. Pinterest will provide reasonable accommodation or other exemption to those individuals who are unable to be vaccinated consistent with federal, state, and local law. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Successors&nbsp;&amp; Assignments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pinterest&#146;s successors may assume your employment and any related rights, so if someone else takes over all or most of Pinterest&#146;s
business and/or assets, your duties of employment will apply to that entity the same way it would apply to Pinterest unless otherwise changed by the successor. You can&#146;t transfer or reassign any of your rights and obligations related to your
employment. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Miscellaneous </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Recoupment </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you
engage in any Detrimental Activity, the Board may, in its sole discretion, require you to repay to the Company any Covered Compensation (or equivalent cash value) paid or payable to you (or granted or vested in the case of equity-based Covered
Compensation) within the 12 months immediately preceding the date of such Detrimental Activity (or the date on which the Board discovers the Detrimental Activity). This paragraph does not limit the Company&#146;s rights or remedies under this offer
letter, any other agreement between you and the Company, or otherwise at law or in equity. Also, you agree that all compensation paid or payable to you shall be subject to any other clawback or recoupment policy of the Company as required by
applicable law or regulation. Notwithstanding Section&nbsp;18 of the Plan, neither the NSO or the RSAs shall be subject to recoupment, repayment, forfeiture or other similar measure, other than as explicitly set forth in this offer letter or the
exhibits attached hereto. You agree that no such recoupment or repayment of compensation pursuant to this paragraph will be an event giving rise to a right to resign for &#147;good reason&#148; or &#147;constructive termination&#148; (or similar
term) under any agreement between you and Pinterest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of the preceding paragraph, &#147;Detrimental Activity&#148; means:
(i)&nbsp;willful misconduct that contributes to a financial restatement or material error in the calculation of any performance-based measures used to determine any Covered Compensation, or (ii)&nbsp;conduct that constitutes &#147;Cause&#148; (as
defined in the Severance Agreement) that results in material financial or reputational harm to the Company. &#147;Covered Compensation&#148; means any bonus or other incentive compensation granted or awarded to you by the Company, including NSOs or
RSAs granted by this offer letter or other equity compensation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Notice </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You agree to keep us up to date on your mailing address. You will be deemed to receive communications delivered personally or addressed to your
currently registered mailing address. Please address any correspondence with us to our official business address directed to the attention of the Company&#146;s Secretary. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>HSR Filing </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you
are required to submit a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (an &#147;HSR Filing&#148;) in connection with your NSOs or RSAs, you and Pinterest will reasonably cooperate and coordinate with each other to make any
HSR Filings and supply reasonable information that may be required to submit such HSR Filings on a timely basis. Pinterest will pay directly or reimburse you for the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> amount of any filing fee required in connection with the HSR Filing, within 30 days upon receipt of reasonable supporting documentation for such fee. You
will remain solely responsible for any tax consequences related to such payment or reimbursement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Attorneys&#146; Fees </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Pinterest will reimburse you for up to $25,000 of your
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> legal fees reasonably incurred for advice related to this offer letter and related agreements, within 30 days upon receipt of an invoice for such expenses.
You will remain solely responsible for any tax consequences related to such reimbursement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Announcements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">You and Pinterest will mutually cooperate in connection with any initial public announcements regarding your appointment as Chief Executive of
the Company, subject to the Company&#146;s compliance with any applicable law or regulation in its sole discretion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Whole Agreement
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This offer letter, together with the CIIA, the Executive Severance&nbsp;&amp; Change in Control Agreement (the &#147;Severance
Agreement&#148;) attached to this offer letter as <U>Exhibit C</U>, and the Indemnification Agreement attached to this offer letter as <U>Exhibit D</U> represent the entire agreement between you and Pinterest regarding the subjects they cover. You
acknowledge that you and Pinterest have no other agreements or understandings (oral or written, express or implied) regarding the subjects covered by this offer letter, the CIIAA, the Severance Agreement, or the Indemnification Agreement and you
have not made or received any additional representations relating to these subjects. The terms of this offer letter, the CIIAA, the Severance Agreement, and the Indemnification Agreement may only be modified by written agreement that you and an
officer of Pinterest sign. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Choice of Law and Severability </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This offer letter will be interpreted according to the laws of the state in which you&#146;re employed, without giving effect to provisions
governing the choice of law. If any provision of this offer letter is made illegal by any present or future statute, law, ordinance or regulation, then that provision will be limited only to the minimum extent necessary to make the provision comply
with the law. All the other terms and provisions in this offer letter will stay in effect. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Counterparts </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This letter may be signed in two or more counterparts. Each of these will be considered an original, and together they will constitute a single
document. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>And now for </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>the good stuff </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bill, we are delighted to extend this
offer to you. As a founder yourself, you have experienced this kind of transition and we have confidence that you will lead Pinterest through our next significant evolution and growth phase. We are excited to partner with you. The offer below is
designed to align you with the shareholders and energize you to drive the growth of Pinterest and deliver on our aspiration to enable Pinners move from inspiration to realization on our platform. You have the confidence of the entire board and we
are excited for you to lead the Pinployees and continue to build on our culture, grounded in our values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you&#146;d like to accept, please sign and
return this offer letter, along with a signed and dated original copy of the CIIAA, the Severance Agreement, and the Indemnification Agreement by <B>June June 24, 2022.</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top">Pinterest, Inc.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrea Wishom</P></TD></TR>
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<TD VALIGN="top">Andrea Wishom, Lead Independent Director</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ben Silbermann</P></TD></TR>
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<TD VALIGN="top">Ben Silbermann, <FONT STYLE="white-space:nowrap">Co-Founder,</FONT> Chief Executive Officer&nbsp;&amp; Chairman</TD></TR>
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<TD VALIGN="top"><B>Please sign below:</B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ William Ready</P></TD></TR>
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<TD VALIGN="top">William Ready</TD></TR>
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<TD VALIGN="top">Date: June&nbsp;23, 2022</TD></TR>
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