Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 156

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 156
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 an employment agreement with Walt A. Linscott, Esq. (the “Linscott Employment Agreement”), which supersedes
and replaces his employment agreement dated October 23, 2017 with Intec Pharma, Inc., a subsidiary of Intec Israel. The Linscott Employment
Agreement provides for an annual base salary, subject to review for an upward adjustment on at least an annual basis. Mr. Linscott is
eligible to participate in an annual executive bonus plan, pursuant to which he may earn an annual target bonus of up to 50% of his base
salary, based on the achievement of certain individual and company-wide objectives, which shall be established by the Company’s
Board of Directors on an annual basis. The Board may, in its discretion, grant Mr. Linscott a bonus in excess of the target bonus if
the performance criteria are exceeded or for such additional contributions that the Board may choose to recognize.

85

Upon
termination of Mr. Linscott’s employment by us without cause or Mr. Linscott’s resignation for good reason, Mr. Linscott
will be entitled to a severance benefit equal to (i) twelve months of his base salary as in effect prior to the termination date, payable
in bi-monthly installments and (ii) an amount equal to Mr. Linscott’s cost of continued health insurance coverage for twelve months.
In addition, if Mr. Linscott is entitled to receive a bonus for the year of termination based on the achievement of pre-determined performance
goals (and ignoring any continuation of employment requirements), Mr. Linscott (or his representatives) shall be entitled to receive
such bonus on the same basis as the other participants in the bonus plan, except that the bonus amount shall be prorated based on the
percentage of days Mr. Linscott was employed relative to the total number of days in the bonus earning period.

If
Mr. Linscott’s employment is terminated by us without cause or by Mr. Linscott for good reason during the one year period immediately
following a change in control or six months before a change in control, then Mr. Linscott will be entitled to receive, (i) eighteen months
of his base salary as in effect prior to the termination date, payable in bi-monthly installments, (ii) an amount equal to Mr. Linscott’s
cost of continued health insurance coverage for eighteen months, (iii) his target annual