Document:

Exhibit 10.1

 

CORMEDIX INC.

EXECUTIVE BONUS PLAN

 

I. Purpose.
The purpose of the CorMedix Inc. Executive Bonus Plan (the “Plan”) is to provide a means whereby CorMedix Inc. (the “Company”)
may provide incentive compensation to its eligible employees to serve as an incentive for employee performance and retention. The Plan
is effective as of December 20, 2021.

 

II. Definitions.
Whenever used in this Plan, the following terms will have the respective meanings set forth below:

 

2.1 “Board”
means the Board of Directors of the Company.

 

2.2  “Code”
means the Internal Revenue Code of 1986, as amended.

 

2.3 “Committee”
means the Compensation Committee of the Board.

 

2.4 “Company”
means CorMedix Inc. or any successor thereto.

 

2.5 “Participant”
means a salaried executive of the Company who is selected to participate in the Plan by the Committee, as described in Section III of
the Plan.

 

2.6 “Performance
Period” means a period of time determined by the Committee in its discretion during which the specified performance metrics
must be met.

 

2.7 “Plan”
means this CorMedix Inc. Executive Bonus Plan, as in effect from time to time.

 

III. Participation.
The Committee shall select such executives as it deems appropriate to participate in the Plan for a Performance Period. The Company shall
notify the Participants in writing of their participation in the Plan.

 

IV. Bonus.

 

4.1 Target
Bonus. For each Performance Period, the Committee shall specify a target bonus for each Participant, which may be a percentage of
the Participant’s base salary or such other amount as the Committee determines. Each Participant shall be eligible to receive a
bonus for the Performance Period based on the achievement of performance metrics during the Performance Period and such other factors
as the Committee determines. The amount actually paid to a Participant may be more or less than the target bonus amount, depending on
the extent to which the performance metrics and other conditions are met and the Committee’s exercise of discretion.

 

     

     

    

 

4.2 Performance
Metrics.  The Committee shall establish performance metrics for each Performance Period, which may include, but shall not be limited
to, any of the following criteria: (i) net earnings or net income (before or after taxes); (ii) earnings per share; (iii) net sales growth;
(iv) net operating profit; (v) return measures (including, but not limited to, return on assets, capital, equity, or sales); (vi) cash
flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital); (vii) cash flow per share;
(viii) earnings before or after taxes, interest, depreciation, and/or amortization; (ix) gross or operating margins; (x) productivity
ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or ratios;
(xiii) charge-off levels; (xiv) improvement in or attainment of revenue levels; (xv) margins; (xvi) operating efficiency; (xvii) operating
expenses; (xviii) economic value added; (xix) improvement in or attainment of expense levels; (xx) improvement in or attainment of working
capital levels; (xxi) debt reduction; (xxii) capital targets; (xxiii) regulatory, clinical, or manufacturing milestones; (xxiv) consummation
of acquisitions, dispositions, projects or other events or transactions; (xxv) developing strategic plans, (xxvi) objectives related to
product development, testing, product design, regulatory approval, product manufacturing and other business needs, and (xxvii) personal
objectives for the Participant.

 

4.3 Approval
of Bonus Payments.

 

(a) At the
end of the Performance Period, the Board shall determine the amount of each Participant’s bonus, if any, based on achievement of
the performance metrics, subject to the Committee’s discretion to make appropriate adjustments. The Committee shall have sole discretion
to determine whether and to what extent the performance metrics have been met. The Committee may adjust the performance results for extraordinary
items or other events or circumstances, as the Committee deems appropriate, and the Committee may adjust the amount of any bonus payment
as the Committee deems appropriate.

 

(b) If a
Participant changes positions during the Performance Period, the Participant’s target annual bonus may be adjusted by the Committee
to reflect the change in position.

 

(c) No bonus
shall be considered to be earned under this Plan unless and until the Committee has determined that a bonus is payable, the Participant
is employed through the end of the applicable Performance Period, the Participant is in compliance with any confidentiality, nonsolicitation
and other restrictive covenants agreements with the Company, and all other conditions for payment have been met.

 

4.4 Payment
of Bonus. Each bonus earned for a Performance Period shall be paid in cash to the Participant in a single lump sum within 2 1⁄2
months following the end of the Performance Period (but no later than March 15 of the calendar year following the calendar year in which
the Performance Period ends), provided that the Participant remains employed by the Company through the end of the applicable Performance
Period, the Participant is in compliance with any confidentiality, nonsolicitation and other restrictive covenants agreements with the
Company, and all other conditions for payment have been met.

 

4.5 Withholding
Tax. The Company shall withhold from each bonus payment an amount sufficient to satisfy all federal, state and local tax withholding
requirements relating to the bonus.

 

    2

     

    

 

V. Termination
of Employment. Except as provided below, a Participant must be employed by the Company through the end of the applicable Performance
Period in order to be eligible to receive a bonus for such Performance Period. The Committee shall have discretion to pay a prorated
or full bonus in the event of death, disability, involuntary termination without cause or other circumstances, as the Committee deems
appropriate, including to comply with any applicable employment agreement.

 

VI. Administration.
The Committee shall administer the Plan. The Board may make any or all determinations of the Committee hereunder, in which case all references
to the “Committee” shall be deemed to include the Board. The Committee shall have full power and discretionary authority to
interpret and administer the Plan, to make all determinations, including all participation and bonus determinations, and to prescribe,
amend and rescind any rules, forms or procedures as the Committee deems necessary or appropriate for the proper administration of the
Plan and to make any other determinations and take such other actions as the Committee deems necessary or advisable in carrying out its
duties under the Plan. Any action required of Committee under the Plan shall be made in the Committee’s sole discretion and not
in a fiduciary capacity. All decisions and determinations by the Committee shall be final, conclusive and binding on the Company, the
Participants, and any other persons having or claiming an interest hereunder. All bonuses shall be awarded conditional upon the Participant’s
acknowledgement, by continuing in employment with the Company, that all decisions and determinations of the Committee shall be final and
binding on the Participant, his or her beneficiaries and any other person having or claiming an interest in such bonus.

 

VII. General
Provisions.

 

7.1 Transferability.
No bonus under this Plan shall be transferred, assigned, pledged or encumbered by the Participant nor shall it be subject to any claim
of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from
attachment, garnishment, trustee’s process, or any other legal or equitable process available to any creditor of such Participant.
In the event of a Participant’s death, any amounts payable under this Plan, as determined by the Committee, shall be paid to the
Participant’s estate.

 

7.2 Unfunded
Arrangement. The Plan is an unfunded incentive compensation arrangement. Nothing contained in the Plan, and no action taken pursuant
to the Plan, shall create or be construed to create a trust of any kind. Each Participant’s right to receive a bonus shall be no
greater than the right of an unsecured general creditor of the Company. All bonuses shall be paid from the general funds of the Company,
and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of bonuses.

 

7.3 No
Rights to Employment. Nothing in the Plan, and no action taken pursuant hereto, shall confer upon a Participant the right to continue
in the employ of the Company, or affect the right of the Company to terminate a Participant’s employment at any time for cause or
for no cause whatsoever.

 

7.4 Company Policies.
The Plan and all bonuses paid hereunder shall be subject to any applicable clawback and other Company policies adopted by the Board
from time to time.

 

7.5 Section
409A. The Plan is intended to comply with the short-term deferral rule set forth in the regulations under section 409A of the Code,
in order to avoid application of section 409A to the Plan. If and to the extent that any payment under this Plan is deemed to be deferred
compensation subject to the requirements of section 409A, this Plan shall be administered so that such payments are made in accordance
with the requirements of section 409A. Although the Company intends to administer the Plan to prevent taxation under section 409A, the
Company does not represent or warrant that the Plan or any bonus complies with any provision of federal, state, local or other tax law.

 

7.6 Termination
and Amendment of the Plan. The Board may amend or terminate the Plan at any time.

 

7.7 Successors.
The Plan shall be binding upon and inure to the benefit of the Company, its successors and assigns, and each Participant and his or her
heirs, executors, administrators and legal representatives.

 

7.8 Applicable
Law. The Plan shall be construed and governed in accordance with the laws of the State of Delaware.

 

 

3Exhibit 10.2

 

[CorMedix Letterhead]

 

Personal and Confidential

 

[DATE]

 

[Employee Name]

 

Subject: CorMedix Inc. Special Performance Bonus

 

Dear [First Name]:

 

On behalf of CorMedix Inc. (the “Company”),
I am pleased to inform you that you will be eligible to receive a special cash performance bonus (“Bonus”) under the CorMedix
Inc. Executive Bonus Plan (“Plan”).

 

The Bonus will be payable based on the achievement
of the performance metrics set forth on Exhibit A, your continued employment with the Company, and your continued compliance with
applicable restrictive covenant agreements. The Compensation Committee (“Committee”) of the Company’s Board of Directors
has determined your target bonus (“Target Bonus”) and the performance period (“Performance Period”) to be as
follows:

 

	 	Target Bonus:	[_________]
	 	 	 
	 	Performance Period:	[_________]
	 	 	 
	 	Performance Metrics:	See Exhibit A

 

Your Target Bonus represents the target amount
that you are eligible to receive based on attainment of the performance metrics. Following the end of the Performance Period, the Committee
will determine the actual amount of your Bonus.

 

The Bonus, if any, will be paid in cash in a
single sum within 2 1⁄2 months following the end of the Performance Period, subject to your continued employment with the Company
through the last day of the Performance Period. Payment of the Bonus is also subject to your continued compliance with any confidentiality,
nonsolicitation and other restrictive covenants agreements with the Company.

 

Your right to the Bonus is personal to you and
cannot be transferred, assigned, or pledged. This letter does not interfere in any way with the right of the Company to terminate your
employment at any time for any reason, subject to the terms of your employment agreement with the Company. The Bonus is a special performance
bonus and is not considered your annual bonus for purposes of your employment agreement with the Company. The Bonus is subject to the
terms of the Plan, which is incorporated by this reference.

 

The Bonus is subject to applicable tax withholding.
This letter is intended to comply with the “short term deferral” exception to section 409A of the Internal Revenue Code.

 

Please acknowledge and accept your eligibility
for the Bonus in the space provided below. You should keep a copy of this letter for reference.

 

	Sincerely,	 
	 	 
	CorMedix, Inc.	 
	 	 
	By	      	 

 

I accept and agree to the terms of this letter.
I agree that all decisions and determinations of the Committee regarding the Bonus shall be final and binding.

 

	AGREED AND ACCEPTED BY:	 
	 	 
	 	 

 

[Insert name]

 

      

     

    

 

EXHIBIT A

 

Performance Metrics

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