Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 370

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1B
Chunk 370
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, taking into account such executive’s qualifications, experience and prior salary. Base salaries of our
named executive officers are approved and reviewed annually by our Compensation Committee or Board of Directors and adjustments to base
salaries are based on the scope of an executive’s responsibilities, individual contribution, prior experience and sustained performance.
Decisions regarding salary increases may take into account an executive officer’s current salary, equity ownership, and the amounts
paid to an executive officer’s peers inside our company by conducting an internal analysis, which compares the pay of an executive
officer to other members of the management team. Base salaries are also reviewed in the case of promotions or other significant changes
in responsibility. Base salaries are not automatically increased if the Board of Directors and Compensation Committee believe that other
elements of the named executive officer’s compensation are more appropriate in light of our stated objectives. This strategy is
consistent with our intent of offering compensation that is both cost-effective, competitive and contingent on the achievement of performance
objectives.

The
actual base salaries paid to all of our named executive officers for 2024 are set forth in the “Summary Compensation Table”
above.

In
January 2024, our Compensation Committee approved base salary increases for 2024 for Mr. Meckler, Dr. Waltzman and Mr. Linscott to $575,000,
$500,000 and $475,000, respectively. These base salary increases represented adjustments of approximately 1.8%, 2.0% and 11.8%, respectively.
In January 2025, our Compensation Committee approved base salary increases for 2025 for Mr. Meckler, Dr. Waltzman and Mr. Linscott to
$595,000, $518,000 and $491,000, respectively. These base salary increases represented adjustments
of approximately 3.5%, 3.6% and 3.4%, respectively.

81

Annual
Cash Performance Bonuses

Each
named executive officer is also eligible for a performance bonus based upon the achievement of certain corporate performance goals and
objectives approved by our Compensation Committee and Board of Directors.

Bonuses
are set based on a percentage of the executive’s base salary as of the end of the bonus year and are expected to be paid out in
the first quarter of the following year. The target levels for 2024 executive bonuses were as follows: 50% for Mr. Meckler, 50% for Mr.
Linscott and 40% for Dr