Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 538

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 2
Chunk 538
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 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. Waltzman. All final bonus payments to our named executive officers are determined by our Compensation Committee
or our Board of Directors. The actual bonuses awarded in any year, if any, may be more or less than the target, depending on individual
performance and the achievement of corporate objectives and may also vary based on other factors at the discretion of the Compensation
Committee.

For
2024, the corporate performance objectives for our named executive officers were related to clinical milestones, research and development
goals, business development opportunities, financing objectives and human capital management