Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 151

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 151
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, 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 objectives. These performance objectives
and areas of emphasis were used as a guide by the Compensation Committee and Board of Directors in determining overall corporate performance
for these executives as they represented those areas in which they were expected to focus their efforts during the year. Both qualitative
and quantitative guidelines were established for purposes of evaluating performance relating to these corporate objectives during 2024.
Based on its review of our overall performance relative to our corporate objectives, the Compensation Committee determined that every
goal was achieved or exceeded for annual bonus plan purposes.

The
overall achievement level was then used to determine each named executive officer’s bonus. The bonuses paid to our named executive
officers for 2024 are set forth in the “Summary Compensation