Document:

EX-10.13

  Exhibit 10.13

  GREENIDGE GENERATION HOLDINGS INC.

  December 14, 2021

  BY EMAIL
Tim Rainey 

  Dear Tim,

  This letter agreement sets forth revised terms of payment of your Achievement Bonus (as defined in the employment agreement (“Employment Agreement”), dated November 12, 2021, between you and Greenidge Generation Holdings Inc. (the “Company”)).

  The Achievement Bonus is payable to you on March 31, 2022, subject to your continued employment on such date and your compliance with the terms and conditions of the Employment Agreement.  The Company has agreed to waive the vesting condition on $250,000 of the Achievement Bonus, and make payment to you of such amount, less applicable withholdings, on or about December 15, 2021, subject to the terms and conditions of this letter agreement.

  You agree (i) that only $200,000 of the Achievement Bonus will be payable to you on March 31, 2022, subject to your continued employment on such date and your compliance with the terms and conditions of the Employment Agreement, and (ii) that if your employment with the Company terminates prior to March 31, 2022 as a result of Cause or your resignation without Good Reason (each as defined in your Employment Agreement) or you breach any restrictive covenant to which you are subject for the benefit of the Company, you will immediately upon such termination or breach repay to the Company $250,000 (on a gross basis) and you will not receive any further payment of the Achievement Bonus. If such repayment is not made, you authorize the Company or its affiliates to deduct up to $250,000 from any other amount otherwise payable to you, whether due upon your termination or otherwise, including from salary, expense reimbursements or paid time off, or cancel a number of stock options with respect to shares of the Company up to such value (based on then current trading price of shares of the Company, as determined by the Company). In support of this promise, you agree that you shall not exercise any of your outstanding stock options with respect to shares of the Company prior to March 31, 2022.

  For the avoidance of doubt, the Achievement Bonus paid pursuant to this letter shall reduce the obligation the Company has to you with respect to the Achievement Bonus under your Employment Agreement and in no circumstances shall the total amount you receive in the aggregate between the two payments exceed $450,000.

  The terms and conditions of this letter agreement reflect the entire agreement and understanding between you and the Company as to the subject matter hereof and supersede all prior or contemporaneous agreements whether written or oral.  Nothing in this letter agreement will change the “at will” status of your employment with the Company.

  [Signature Page Follows]

   

  	-1-

  

  We ask that you please sign and date this letter agreement where indicated below and return an executed copy to Jeff Kirt.

   

  Sincerely,

   

  GREENIDGE GENERATION HOLDINGS INC.

   

  By: _/s/ Jeffrey E. Kirt __________________

  Name:  Jeffrey E. Kirt

  Title:  Chief Executive Officer

   

  Agreed to and accepted:

   

  TIM RAINEY 

   

  Signature: _/s/ Tim Rainey________________

  Date: December 14, 2021

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

  	-2-EX-10.14

  Exhibit 10.14

  GREENIDGE GENERATION HOLDINGS INC.

  December 28, 2021

  BY EMAIL
Jeffrey E. Kirt

  Dear Jeff,

  This letter agreement sets forth revised terms of the restricted stock units (“RSUs”) granted to you pursuant to that certain Restricted Stock Unit Award Agreement (“RSU Award Agreement”), dated March 8, 2021, between you and Greenidge Generation Holdings Inc. (the “Company”).

  The RSUs vest in three equal annual installments on March 8 of each of 2022, 2023 and 2024, subject to your compliance with the terms and conditions of the RSU Award Agreement. The Company has agreed to accelerate the vesting of your RSUs originally vesting on March 8, 2022 (the “Accelerated RSUs”) such that the Accelerated RSUs will vest on December 28, 2021, subject to the terms and conditions of this letter agreement.

  You agree (i) that, subject to Section 3.3 of the RSU Award Agreement, no RSUs will vest on March 8, 2022, and (ii) that if the Accelerated RSUs would not have vested on March 8, 2022 or an earlier date under the terms of the RSU Award Agreement, you will immediately repay to the Company the number of shares of the Company’s Class A Common Stock (“Shares”) you received upon settlement of the Accelerated RSUs or a cash amount equal to the gross value of the Accelerated RSUs (based on the then-current trading price of Shares, as determined by the Company). If such repayment is not made, you authorize the Company or its affiliates to deduct an amount of cash equal to the gross value of the Accelerated RSUs (based on the then-current trading price of Shares, as determined by the Company) from any other amount otherwise payable to you, whether due upon your termination or otherwise, including from salary, expense reimbursements or paid time off, or cancel a number of RSUs up to such gross value (based on the then-current trading price of Shares, as determined by the Company). In support of this promise, you agree that you shall not sell any of the Shares received in settlement of the Accelerated RSUs prior to March 8, 2022; provided, however, that you may sell a number of Shares necessary to pay any taxes due upon settlement of the Accelerated RSUs.

  For the avoidance of doubt, settlement of the Accelerated RSUs pursuant to this letter shall reduce the number of RSUs outstanding under the RSU Award Agreement and in no circumstances shall the total number of shares received upon settlement of the RSUs granted to you under the RSU Award Agreement exceed 344,800, subject to adjustment in accordance with the terms of the RSU Award Agreement and the Company’s 2021 Equity Incentive Plan.

  The terms and conditions of this letter agreement reflect the entire agreement and understanding between you and the Company as to the subject matter hereof and supersede all prior or contemporaneous agreements whether written or oral, except the RSU Award 

  	-1-

  

  Agreement. Nothing in this letter agreement will change the “at will” status of your employment with the Company or any other term of the RSU Award Agreement.

  [Signature Page Follows]

   

  	-2-

  

  We ask that you please sign and date this letter agreement where indicated below and return an executed copy to Jerome Lay.

   

  Sincerely,

   

  GREENIDGE GENERATION HOLDINGS INC.

   

  By: _/s/ Jerome Lay_____________________

  Name:  Jerome Lay

  Title:  Director

   

  Agreed to and accepted:

   

  JEFFREY E. KIRT

   

  Signature: _/s/ Jeffrey E. Kirt________________

  Date: December 28, 2021

   

  	-3-ichr-ex101_37.htm

 

Exhibit 10.1

December 13, 2021

Mr. Paul Chhabra

Via Email

Dear Paul,

I am pleased to offer you the position of Chief Operating Officer (COO) with Ichor Systems, Inc. Should you accept our offer, your home office will be in Austin, TX, reporting directly to the Chief Executive Officer (CEO). The purpose of this letter is to confirm with you the specifics of your offer, consistent with the terms below.

Start Date

Your tentative date of hire is April 4, 2022.

Salary

Your base salary will be $16,346.15 biweekly, which when annualized is equivalent to $425,000 per year.

Work Classification

Your position will be full-time and is considered exempt for purposes of federal wage-hour law, which means that you will not be eligible for overtime pay.

Incentive Bonus Plan

You will be eligible to participate in the Company’s Incentive Bonus Plan subject to the terms and conditions of the plan. Your manager will provide you the corporate revenue targets together with your individual MBOs. Your target bonus is 75%. Management reserves the right to amend this plan at any time.

Equity Incentive

All requests for grants must be reviewed and approved by the Board of Directors, Human Capital Committee. You are being recommended and approved for a new hire RSU grant valued at $1,800,000. The RSU grant date and value is the second Friday of the month, following your start date. The vesting schedule is 25% on year one, then quarterly thereafter, and fully vested in four years. You will be provided a grant agreement within a month of your hire, under separate cover.

Benefits

Your participation in the benefit programs, including medical and dental insurance, will begin on your date of hire as long as you have completed your enrollments as required. You will have thirty (30) days from your date of hire to enroll yourself and eligible dependents in the health and welfare benefit programs. You will also be eligible to participate in the 401(k) Retirement Savings Plan.

Time Off

You will be eligible for time off under our Executive & Sr. Management Vacation Policy. There is no vacation accrual or limit under this policy. Time off must be approved by your immediate manager in accordance with the terms of the policy.

Direct Deposit

As a condition of employment, you will be required to accept payment of salary or wages by direct deposit.

Background Check & Drug Test

Ichor Systems maintains a pre-employment drug testing policy, a practice designed to prevent the hiring of individuals whose use of illegal drugs may indicate a potential for impaired or unsafe job performance.

 

 

Applicants are required to complete the pre-employment drug screening within 48 hours of offer acceptance. Failure to complete the drug screen within the specified time frame will nullify this offer of employment. This offer of employment is contingent upon successful completion of the drug screen and background checks.

Per company policy, your employment with Ichor Systems is at will. This means that either you or Ichor Systems may terminate the employment relationship at any time, with or without cause, with or without notice.

With respect to the nature of your employment relationship with Ichor Systems, this constitutes the full, complete, and final agreement between you and Ichor Systems. Additionally, no element or elements of the compensation plan listed above can be assigned or transferred by you to any other person, company, or entity of any type.

As a new employee of Ichor Systems, you will be required to complete an employee information sheet and an I‐9 form. On your first day of work please bring appropriate documentation of proof you are presently eligible to work in the United States for I‐9 purposes.

This offer of employment, if not previously accepted by you, will expire three (3) days from the date of this letter.

If you wish to accept this offer, please sign, date, and return the enclosed copy of this letter to the Human Resources Department. Please sign, date and retain a copy for your records.

Paul, we are excited to have you join the Ichor team and trust that this letter finds you mutually excited about your new employment with us! Should you have any questions, please contact me at ██████████ or email if that is more convenient at █████████████████████. I welcome you to Ichor!

Sincerely, 

/s/ Diana Finucane

Diana Finucane

Chief Human Resources Officer

ACKNOWLEDGEMENT

I, the undersigned, understand and agree to the terms and conditions of employment set forth in this Letter. I understand and agree that the terms of this letter supersede any and all prior or contemporaneous agreements and/or promises concerning the terms of my employment and that there are no other promises, expressed or implied, concerning the terms of my employment with Ichor Systems, Inc., other than those expressly set forth or reference herein.

			
	
/s/ Paul Chhabra
	
 
	
12/13/2021

	
Paul Chhabra
	
 
	
Date

 

 

 

December 13, 2021

Mr. Paul Chhabra

Via Email

Dear Paul:

Your offer of employment for the position of COO with Ichor Systems, Inc. includes a sign on bonus in the amount of $100,000, less applicable withholding.

This bonus is contingent upon successful completion of the employment requirements and will be paid in full on February 24, 2023. Please note that successful completion of employment indicates the expectations of the position for which you are hired are being met or exceeded during the entire period indicated.

If you voluntarily resign for any reason or if you are involuntarily terminated within the first 12 months of employment in this position with Ichor Systems, Inc., you will be obligated to re-pay the bonus. The repayment amount will be prorated based on the complete months of service as the time of separation. You will be required to pay back separately the full amount due. Repayment must be made on or before your last day of employment.

Should you have any questions, please contact me at ██████████.

Sincerely,

/s/ Diana Finucane

Diana Finucane

Chief Human Resources Officer

ACKNOWLEDGEMENT

I, the undersigned, understand and agree to the terms and conditions of employment set forth in this Letter. I understand and agree that the terms of this letter supersede any and all prior or contemporaneous agreements and/or promises concerning the terms of my employment and that there are no other promises, expressed or implied, concerning the terms of my employment with Ichor Systems, Inc., other than those expressly set forth or reference herein.

			
	
/s/ Paul Chhabra
	
 
	
12/13/2021

	
Paul Chhabra
	
 
	
Date

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