Document:

posh-ex101_154.htm

Exhibit 10.1

POSHMARK, INC. 

101 REDWOOD SHORES PARKWAY, 3RD FLOOR 

Redwood City, CA 94025

September 19, 16 

Kapil Agrawal 

Poshmark, Inc. (the “Company”) is pleased to offer you employment on the following terms: 

1. Position. Your initial title will be Director of Finance and you will initially report to the Chief Financial Officer. Your start date will be October [3rd,] 2016. 

2. This is a full-time position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part time) that would create a conflict of interest with the Company. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your duties for the Company. 

3. Compensation. The Company will pay you a starting salary at the rate of $165,000 per year, payable in accordance with the Company’s standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to periodic review and adjustments at the Company’s discretion. As an incentive, it is currently anticipated that you will receive stock options to purchase 62,500 of the company’s common stock according to the vesting schedule, terms and conditions of the company’s stock option plan and subject to approval of the  Company's Board of Directors. 

In addition, you will also be eligible for a performance bonus of up to 20% of your annual salary based on the review of your personal and company performance. For the 2016 calendar year, the performance bonus will be pro-rated based on your official start date. You will also be eligible for a one-time bonus of $15,000 payable to you three months after you start with the company. 

4. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

5. Proprietary Information and Inventions Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as Exhibit A. 

 

Page 2

 

6. Employment Relationship. Employment with the Company is for no specific period. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term.  Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 

7. Tax Matters. 

(a) Withholding. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. 

(b) Tax Advice. You are encouraged to obtain your own tax advice regarding your compensation from the Company. You agree that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities, and you will not make any claim against the Company or its Board of Directors related to tax liabilities arising from your compensation. 

8. Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in San Francisco, California, in connection with any Dispute or any claim related to any Dispute. 

* * * * * 

 

Page 3

 

We hope that you will accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions Agreement and returning them to me. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. 

  Very truly yours, 

POSHMARK, INC. 

By:  /s/ Manish Chandra

Title: Manish Chandra, CEO 

I have read and accept this employment offer:

/s/ Kapil Agrawal

Signature of Employee 

Dated: 9/26/2016

 

Attachment

Exhibit A: Proprietary Information and Inventions AgreementExhibit 10.1

 

AMENDMENT
NO. 1 EMPLOYMENT AGREEMENT

 

This
Amendment to the Employment Agreement, (this “Amendment”) is made and entered into as of the 7th day of August 2021
(the “Amendment Effective Date”), by and between ORBSAT CORP, a Nevada corporation (the “Corporation”),
and Charles M. Fernandez (the “Employee”).

 

RECITALS

 

WHEREAS,
the Corporation and Employee entered into an employment agreement dated June 2, 2021(“Employment Agreement”); and

 

WHEREAS,
the Corporation and Employee desire to enter into this Amendment No. 1 to modify certain terms of the Employment Agreement as more
fully set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties agree as follows: 

 

(a) Amendment.
The first two sentences of Section 4(b) of the Employment Agreement are hereby amended to read as follows:

 

“In
addition to the Base Salary set forth in Section 4(a), the Employee shall be entitled to receive (i) an annual cash bonus if the Corporation
meets or exceeds criteria adopted by the Compensation Committee of the Board of Directors (the “Compensation Committee”)
for earning bonuses which criteria shall be adopted by the Compensation Committee annually (with such bonuses to be paid by the Corporation
to the Employee promptly after determination that the relevant targets have been met, it being understood that the attainment of any
financial targets associated with any bonus shall not be determined until following the completion of the Corporation’s annual
audit and public announcement of such results and bonuses shall be paid promptly following the Corporation’s announcement of earnings);
(ii) a Restricted Stock Award (the “RSA”) of $3,000,000.00 of the Corporation’s stock (the number of shares to be determined
by dividing $3,000,000 by the public offering price of the Corporation’s Common Stock in its Nasdaq uplisting firm commitment offering);
(iii) medical plan coverage for Employee and his family at the expense of the Company, and (iv) an auto allowance $1,000 per month.”

 

(b) Entire
Agreement. This Amendment shall be effective as of the Amendment Effective Date. Except as specifically modified by this
Amendment, the Employment Agreement remains in full force and effect. The Employment Agreement, as amended by this Amendment,
contains the entire agreement between the Corporation and Employee with respect to Employee’s employment, and supersedes any
and all previous agreements, written or oral, between the parties relating to the relevant matter.

  

IN
WITNESS WHEREOF, the parties hereto have executed, this Amendment as of the date first written above.

 

	 	ORBSAT
    CORP
	 	 	 
	 	By:	/s/
    David Phipps
	 	Name:	David
    Phipps
	 	Title:	President
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	/s/ Charles M. Fernandez
	 	Charles M. FernandezExhibit 10.2

 

AMENDMENT
NO. 1 EMPLOYMENT AGREEMENT

 

This
Amendment to the Employment Agreement, (this “Amendment”) is made and entered into as of the 7th day of August 2021
(the “Amendment Effective Date”), by and between ORBSAT CORP, a Nevada corporation (the “Corporation”),
and David Phipps (the “Employee”).

 

RECITALS

 

WHEREAS,
the Corporation and Employee entered into an employment agreement dated June 2, 2021 (“Employment Agreement”); and

 

WHEREAS,
the Corporation and Employee desire to enter into this Amendment No. 1 to modify certain terms of the Employment Agreement as more
fully set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties agree as follows: 

 

(a) Amendments.

 

(i)
The first sentence of Section 2 of the Employment Agreement is hereby amended to read as follows:

 

“The
Employee shall serve as President of Orbsat Corp and the Chief Executive Officer of Global Operations, with such duties, responsibilities
and authority as are commensurate and consistent with his position, as may be, from time to time, assigned to him by the Board of Directors
(the “Board”) of the Corporation.”

 

(ii)
The first sentence of Section 4(b) of the Employment Agreement is hereby amended to read as follows:

 

“In
addition to the Base Salary set forth in Section 4(a), the Employee shall be entitled to receive (i) an auto allowance for Employee in
the amount of $1,000 per month, and (ii) an annual cash bonus if the Corporation meets or exceeds criteria adopted by the Compensation
Committee of the Board of Directors (the “Compensation Committee”) for earning bonuses which criteria shall be adopted by
the Compensation Committee annually.”

 

(b) Entire
Agreement. This Amendment shall be effective as of the Amendment Effective Date. Except as specifically modified by this
Amendment, the Employment Agreement remains in full force and effect. The Employment Agreement, as amended by this Amendment,
contains the entire agreement between the Corporation and Employee with respect to Employee’s employment, and supersedes any
and all previous agreements, written or oral, between the parties relating to the relevant matter.

 

[Signature
Page Follows]

 

    	 

     

    

  

IN
WITNESS WHEREOF, the parties hereto have executed, this Amendment as of the date first written above.

 

	 	ORBSAT CORP
	 	 
	 	By:	/s/ Charles M. Fernandez 
	 	Name:	Charles M. Fernandez
	 	Title:	Chief Executive Officer
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	/s/ David Phipps 
	 	David Phipps

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]