Sign in Bonus Agreement

Sangam Products

Sign in Bonus Agreement

A signing bonus or registration bonus is a sum of money paid by a company to a new employee to encourage them to join that company. [1] They are often given to make a compensation plan more attractive to the employee (p.B. if the annual salary is lower than desired). It also reduces the risk to the business as it is a one-time payment. For example, if the employee does not meet expectations, the company has not committed to a higher salary. Signing bonuses are often used in professional sports and to recruit graduates for their first job. Signing Bonus: The Company agrees to pay you a one-time cash signing bonus of $100,000 (the “Signing Bonus”), payable on the first day of the Company`s regular settlement after the Start Date and subject to all applicable tax reporting and withholding tax requirements. Notwithstanding the foregoing, you acknowledge and agree that if you voluntarily terminate or terminate your employment relationship for cause (each, a termination event) before the second anniversary of your Start Date, you must refund any portion of the Signing Bonus within 30 days of such termination event without any reduction in the taxes withheld by the Company upon payment of the Signing bonus. as follows: (i) if there is a termination event before the first anniversary of your start date, you must refund the Company 50% of the signing bonus and (ii) if there is a termination event from the first anniversary of your start date, but before the second anniversary of your start date, you must reimburse the Company 33% of the signing premium. By signing below, you authorize the Company to immediately set off and reduce all amounts to which you are otherwise entitled in relation to any amount to which the Company is entitled in respect of your obligation to repay the Signing Bonus under this paragraph. 2. Signing bonus.

The Company has already provided you with a signing bonus (the signing bonus). In the event of qualified termination (as defined below), the signing bonus is not subject to any redemption requirements. In the event that the Company terminates your employment relationship for cause (defined below) or for your voluntary resignation without just cause (defined below) before the third (3rd) anniversary of the date on which you began your employment with the Company (the Start Date), you must immediately reimburse fifty percent (50%) of the total signing bonus to the Company; After the third (3rd) anniversary of your start date, no portion of the signing bonus will be returned to the Company, regardless of the circumstances of the termination of the employment relationship. The Company has the right, in its sole discretion, to automatically offset any compensation due to you by the redemption amount of the Signing Bonus to the fullest extent permitted by applicable law in order to recover it. d) Signing bonus. Upon commencement of your employment with the Company, you will receive a one-time signing bonus of $100,000 (the “Signing Bonus”), subject to applicable payroll deductions. The signing bonus will be paid to you as an advance in the form of a single lump sum in accordance with the Company`s standard payroll processes within 30 days of your start date and will be made available to you before earning such a signing bonus. You will only receive the signing bonus if you remain actively and continuously employed by the company until the first anniversary of your start date. If you are terminated for cause or terminated without just cause, as each term is defined below, at any time prior to the (1) anniversary of your start date, you agree to reimburse the Company 100% of the gross amount of the signing bonus within thirty (30) days of the end of your employment relationship. Signing bonus.

The Company will pay you a one-time signing bonus of $50,000, payable in 12 monthly instalments starting thirty (30) days from the start date, subject to applicable withholding tax. These monthly bonus payments may change depending on the executive compensation plan currently reviewed by the Board of Directors. If there is no official executive compensation after 12 months, the signing bonus will be extended. Table of Contents Annual bonus targets 30% of Dr. Chakrabortys` annual base salary, based on the achievement of the objectives set by our Board of Directors. Dr. Chakraborty`s annual base salary was increased to $325,000 in connection with his appointment as Scientific Director in November 2020. In addition, according to the letter of offer, Dr. Chakraborty received a one-time signing bonus of $30,000 with an additional payment to cover all taxes resulting from the payment of the signing premium. The letter of offer also provides for the grant of an initial call option of 628,952 common shares granted on September 25, 2019 at an exercise price of $0.10 per share and the grant of an option to purchase 331,982 common shares following the significant closing of our Series A-2 preferred share financing.

on the 10th. March 2020 at an exercise price of $0.16 per share. Each option will vest in respect of 25% of the shares subject to the option on the first anniversary of the applicable grant date, and the remaining 75% of those shares subject to the option will subsequently become vested in 36 monthly instalments, subject to the continued service of Dr. Chakrabortys until each applicable exercise date. 5. Signing bonus. In addition to the bonus under section 4 above, you will receive a one-time cash sign-up bonus of $10,000 (the signing bonus), which will be paid to you no later than 30 days after the start date. You must be employed by the Company at the time of withdrawal of the Signing Bonus in order to receive the Signing Bonus. The signing bonus is subject to deductions and deductions as required by law. If your employment relationship is terminated before the 12th anniversary of the start date for any reason other than (i) by the Company for no reason, (ii) death, (iii) disability, you agree to reimburse the Company the net amount of the signing bonus you received, after deduction of the state and federal withholding tax, Social Security, FICA and any other labor tax and payroll deductions allowed within 30 days of the date. your termination. This signing bonus is offered in anticipation of the contributions you will make to our business over time.

If you terminate before completing twenty-four (24) months of employment, or if you are terminated for cause before twenty-four (24) months of employment, you must repay the balance in proportion to your signing bonus. This refund may be deducted in whole or in part from the final payments to which you are entitled. A signing bonus contract is a legal contract signed between an employer and an employee (or a company and a candidate) under which an employer is required by law to pay an employee a registration bonus. The contract is usually signed after or at the same time as an employment contract between the same parties. The objective of the agreement is to guarantee the employee`s right to the bonus promised by his employer. 3. Annual performance bonus and signing bonus. You are also entitled to an annual target bonus of 15% of your annual base salary for 2017 and 30% of your annual base salary for each year thereafter if you meet the performance targets set by the CEO and the Board of Directors (the bonus). After the end of each calendar year, the Board of Directors determines, in its sole discretion, the extent to which performance targets have been met in relation to the award for that year and the extent to which the bonus for that year is earned. To be eligible for a bonus, you must be employed until the date on which the Board determines the extent to which the performance objectives have been achieved and the amount of the bonus to which you are entitled, which the Board of Directors will determine no later than April 1 of the calendar year following the calendar year to which the bonus relates. Any bonus or any part thereof will be paid less applicable deductions as soon as possible after the Board of Directors has determined the extent to which the bonus has been earned, but in no case later than May 1 following the calendar year in which the Board makes its decision on the amount of the bonus (if any).

Upon receipt of a final signed version of this letter of employment, the Company will pay you a signing bonus of $51,000, less applicable deductions (the “Signing Bonus”) as soon as possible. .