Bonus. Your bonuses will be as stated below.
| a. | Your annual bonus plan target amount for Fiscal Year 2025 will be 65% of your annual Base Salary. Payment will be made concurrently with bonus payments made to other executives of the Company, subject to the terms and conditions of the bonus program. | |
| b. | Bonuses in future years are discretionary and will be based on the achievement of goals as determined by the compensation committee of the Board. | |
Equity Compensation. You will be eligible to be granted equity awards from time to time as determined in the sole discretion of the Board or its compensation committee.
Severance. You will be eligible for the severance and change in control benefits set forth in your participation agreement to the Company’s Change in Control and Severance Policy.
Benefits. You will be eligible to participate in the employee benefit plans generally applicable and available to other employees of the Company, the details of which are explained in the Company’s Benefits Guide. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
Remote Work Location. Any changes to the agreed upon remote location must be approved in advance. Remote locations and the ability to work remotely are based on business needs and if they change, the Company will discuss options for your work location moving forward.
Indemnification. The Company will indemnify you in the performance of your duties to the Company to the extent set forth in the Company’s form of director and officer indemnification agreement.
Tax Advisory Reimbursement. The Company will reimburse you up to $20,000 for reasonable out-of-pocket tax advisory expenses in connection with the preparation of your 2023 U.S. tax return, subject to your continued employment with the Company through the date of reimbursement.
Vacation. You will be entitled to take vacation and sick days at the discretion of your manager, the timing and duration of such time off to be mutually and reasonably agreed. No paid time off or vacation days will be accrued.
Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You are encouraged to obtain your own tax advice regarding your compensation from the Company.
At-Will Employment Relationship. In this position, you serve at the discretion of the Company’s Chief Executive Officer and the Board. Your employment with the Company constitutes “at-will” employment, which means that your employment
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