Company: INDP
Filing Date: 2025-03-13
Form Type: 10-K
Source: 0001493152-25-010136
Chunk: 157

Company: Indaptus Therapeutics, Inc.
Filing Date: 2025-03-13
Form: 10-K
Item: Item 1
Chunk 157
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 bonus for the year of termination, which shall
be paid within 30 days of termination, and (iv) full accelerated vesting of all of outstanding equity incentive awards upon the later
of the change in control or Mr. Linscott’s termination of employment.

In
the event that Mr. Linscott’s employment terminates by reason of his death or disability, and 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.

Roger
J. Waltzman

We
have entered into an employment agreement with Roger J. Waltzman (the “Waltzman Employment Agreement”). The Waltzman Employment
Agreement provides for an annual base salary, subject to review for an upward adjustment on at least an annual basis. Dr. Waltzman is
eligible to participate in an annual executive bonus plan, pursuant to which he may earn an annual target bonus of up to 40% 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 Dr. Waltzman 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.

Upon
termination of Dr. Waltzman’s employment by us without cause or Dr. Waltzman’s resignation for good reason, Dr. Waltzman
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 Dr. Waltzman’s cost of continued health insurance coverage for twelve months.
In addition, if Dr. Waltzman 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), Dr. Waltzman (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