Document:

Exhibit 10.1

 

 

Director Compensation Program including the Independent Director
Compensation Policy

pursuant to the

2012 Long Term Incentive Plan

 

Unless the context otherwise requires, all capitalized terms
used herein shall have the respective meanings assigned to them in the Servotronics, Inc. 2012 Long Term Incentive Plan (the “Plan”).

 

EQUITY AWARDS

 

The following shall constitute the equity awards under the Independent
Director Compensation Policy under the Plan:

 

Annual Retainer Share Award 

 

(a)       Each year, as of
the date of the Company’s annual meeting of shareholders, the Company shall automatically award Restricted Shares to each
Independent Director who has been elected or reelected as a member of the Board of Directors at the annual meeting. The number
of Restricted Shares shall be equal to $10,000 divided by the Fair Market Value of a Share on the date of such election. If a fraction
results, the number of Shares shall be rounded up to the next whole number.

 

(b)       If an Independent
Director is elected or appointed to the Board of Directors other than at an annual meeting of the Company and has not received
an award pursuant to paragraph (a) during the twelve months preceding election or appointment, the Company shall automatically
award to the Independent Director a number of Restricted Shares that is equal to the amount determined pursuant to paragraph (a)
based on the date of election or appointment multiplied by a fraction, the numerator of which is the remainder of 365 minus the
number of days between the adjournment of the last annual meeting and the effective date of the appointment or election, and the
denominator of which is 365. If a fraction results, the number of Restricted Shares shall be rounded up to the next whole number.

 

(c)       The Company shall
issue the Restricted Shares awarded under this paragraph (a) or (b) on the first business day following the effective date of the
election, reelection or appointment. The Restricted Shares awarded under paragraph (a) will vest in four quarterly installments
on the date of each of the three regularly scheduled quarterly board meetings to review the financial statements for the quarters
ending June 30, September 30 and December 31 (each a “Quarterly Board Meeting”) each year following the annual meeting
and the remainder of which shall vest on the date of the next annual meeting. The Restricted Shares awarded under paragraph (b)
will vest in equal parts on the date of the remaining Quarterly Board Meetings and the remainder of which shall vest on the date
of the next annual meeting. The Company will credit a bookkeeping account with amounts equal to the dividends payable with respect
to the Restricted Shares and the amounts credited to the dividend account will be payable as the Restricted Shares vest. If an
Independent ceases to serve as a Board member for any reason other than due to death, then all Restricted Stock that is not then
vested shall be immediately forfeited. If an Independent Director ceases to serve as a Board member by reason of death or Disability
then all Restricted Stock shall immediately become vested.

 

     

     

    

 

 

CASH COMPENSATION

 

Payment Amount

 

Independent Directors shall be eligible to receive an annual
cash retainer of $50,000 for service on the Board. For purposes of this Policy, “annual” means from Annual Shareholders’
Meeting to Annual Shareholders’ Meeting each year. In addition, (i) the chairperson of the Audit Committee, Compensation
Committee and Nominating and Corporate Governance Committee shall each be eligible to receive an additional annual retainer of
$10,000, paid in cash, for such service.

 

No Separate Meeting Fees

 

No separate meeting fees shall be paid for Board or committee
meetings or for actions taken by unanimous written consent in lieu of a meeting in accordance with the Company’s Bylaws.

 

Payment Schedule

 

The annual retainers for service on the Board and as chairperson
of a committee of the Board as set forth above shall be paid by the Company in arrears in twelve equal monthly installments, the
first installment being paid on the date of the one month anniversary of the Annual Shareholders’ Meeting and the remaining
installments being paid on each successive one month anniversary date (each such payment date, a “Monthly Payment Date”);
provided, however, that if the Company’s Annual Shareholders’ Meeting for the following year occurs prior to the end
of the one year period, the final Monthly Payment Date shall be paid on the day of such Annual Shareholders’ Meeting. If
any Independent Director holds office as a director of the Board or chairperson of a Board committee for less than a full monthly
period, such Independent Director shall only be entitled to a pro-rated amount of their applicable annual retainer as measured
from the most recent Monthly Payment Date through the date on which the Independent Director shall have ceased to serve on the
Board and/or as chairperson of a Board Committee, as the case may be.

 

New Directors

 

In the event a new Independent Director is elected or appointed
to the Board, such Independent Director shall be eligible to receive as compensation for service as a member of the Board or as
Chairperson a Board committee, a pro-rated amount of their applicable annual retainer as measured from the date of appointment
or election through the next scheduled Monthly Payment Date and thereafter shall be paid in conformity with the other Independent
Directors.

 

     

     

    

 

 

TRAVEL EXPENSE REIMBURSEMENT

 

Each of the Independent Directors shall be entitled to receive
reimbursement for reasonable travel expenses which they properly incur in connection with their functions and duties as a director.

 

Reimbursement for travel expenses incurred is also initiated
by the Director, by submitting a Director Expense Reimbursement Form and accompanying receipts to the Finance Department. The reimbursement
will be processed within one week of receipt by the Finance Department.Exhibit 10.1

 

		1414 Harbour Way S 

Suite 1201 

Richmond, CA  94804 

Office: 510-984-1761x446 

Fax: 510-550-3684 

hr@eksobionics.com 

 

July 24, 2018

 

John (Jack) Glenn

1211 West Coast Highway #228

Newport Beach, CA 92663

 

Offer of Employment by Ekso Bionics, Inc.

 

Dear Jack,

 

I am pleased to confirm
our offer of employment to you at Ekso Bionics, Inc. (the "Company"). You will report to Jack Peurach,
CEO, in the position of CFO. The terms of our offer and the benefits currently provided by the Company are as follows:

 

1.          Starting
Salary. Your starting salary will be Two Hundred Seventy-Five Thousand Dollars ($275,000.00) per year and will be subject
to review from time to time by the Company to determine whether, in the Company’s judgment, your base rate should be changed.
In addition, we will provide you with a Twenty-five Thousand Dollar ($25,000) signing bonus, payable on the first payroll run
after your start date. This position is exempt from paid overtime as required by state and federal law, and therefore there is
no overtime pay. Base salary is paid in accordance with the Company’s normal payroll procedures and is subject to applicable
withholding required by law.

 

2.          Bonus:
You will be eligible to participate in our annual Short-Term Incentive (STI) program which you may be awarded up to 40% percentage
of your base salary, based on Company, Team, and Individual performance against objectives for the year. The bonus year is the
Company’s calendar year and any payments made to you for bonus in your first year will be pro-rated based on the period
of time you start your employment with the Company to the end of the calendar year. Please note that the bonus plan is entirely
discretionary and the Company reserves in its absolute discretion the right to terminate or amend it or any other bonus plan that
may be established.

 

3.          Stock
Options. We will recommend to the Board of Directors of the Company that you be granted the opportunity to purchase Four
Hundred Thousand (400,000) shares of Common Stock of the Company under our 2014 Equity Incentive Plan (the “Plan”)
at the fair market value of the Company's Common Stock, as determined by the Board of Directors on the date the Board approves
such grant. The shares you will be given the opportunity to purchase will vest at the rate of one fourth (1/4) (rounded to the
nearest whole share) of the Shares subject to this Option, at the end of your first anniversary with the Company, and an additional
one forty-eighth (1/48) of the Shares subject to the Option (rounded to the nearest whole share) per month thereafter, so long
as you remain employed by the Company. In addition to the 400,000 stock option grant, we will recommend to the Board of Directors
that they approve a 2019 grant (an Evergreen grant) which value is no less than the value of a grant of 100,000 options at the
time of hire. This would be delivered at the time such grants are granted to all employees in 2019. Further details on the Plan
and any specific option grant to you will be provided upon approval of such grant by the Company's Board of Directors.

 

4.          Benefits.
In addition, you will be eligible to participate in regular health insurance, bonus and other employee benefit plans established
by the Company. A brief summary of the benefits currently offered is attached to this letter as Appendix A.

 

     

     

    

  

The Company reserves the right to change or otherwise modify, in
its sole discretion, the preceding terms of employment.

 

5.          Termination
without Cause. In the event of termination without clause during your first year of employment, you will receive 6 months
severance. If termination without cause occurs during or after the second year of employment, you will receive 9 months severance.
The Company will also pay your COBRA premiums equivalent to the employer contribution cost of your continued participation in
the Company’s group health, dental, and vision insurance plan for the duration of your severance period based on the service
year in which you were terminated.

 

6.          Change
of Control. If there is a change of control during your employment, and if you are terminated without cause within one-year
following that change of control, the Company will pay you a) 9 months of salary, b) target bonus amount prorated through 9 month
severance period, c) continuation of your employer contributions to your Ekso Bionics medical, dental, and vision benefits, and
d) acceleration of all unvested options.

 

7.          Confidentiality.
As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the
course of your employment, develop certain information or inventions that will be the property of the Company. To protect the
interests of the Company, you will need to sign the Company's standard "Employee Invention Assignment and Confidentiality
Agreement" as a condition of your employment. We wish to impress upon you that we do not want you to, and we hereby direct
you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations
you may have to any former employer. During the period that you render services to the Company, you agree to not engage in any
employment, business or activity that is in any way competitive with the business or proposed business of the Company. You will
disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or
participate in that competes with the Company. You will not assist any other person or organization in competing with the Company
or in preparing to engage in competition with the business or proposed business of the Company.

 

8.          No
Breach of Obligations to Prior Employers. You represent that your signing of this offer letter, agreement(s) concerning
stock options granted to you, if any, under the Plan (as defined earlier) and the Company's Employee Invention Assignment and
Confidentiality Agreement and your commencement of employment with the Company will not violate any agreement currently in place
between yourself and current or past employers.

 

9.          At
Will Employment. While we look forward to a long and profitable relationship, should you decide to accept our offer, you
will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any
reason, at any time, with or without prior notice and with or without cause. Any statements or representations to the contrary
(and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective. Further, your
participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular
period of time. Any modification or change in your at will employment status may only occur by way of a written employment agreement
signed by you and the Chief Executive Officer of the Company.

 

10.         Authorization
to Work. Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within
three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization
to work in the United States. If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens
alike, you may contact our personnel office.

 

    	 	2	 

     

    

  

11.         Reference
and Background Checks. This offer is contingent upon a satisfactory references and verification of criminal, education,
driving and/or employment background. This offer can be rescinded based upon data received in the verification.

 

12.         Entire
Agreement. This offer, once accepted, constitutes the entire agreement between you and the Company with respect to the
subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written or oral, relating
to such subject matter. You acknowledge that neither the Company nor its agents have made any promise, representation or warranty
whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you
to execute the agreement, and you acknowledge that you have executed this agreement in reliance only upon such promises, representations
and warranties as are contained herein.

 

13.         Acceptance.
This offer will remain open until Thursday, August 2nd, 2018. If you decide to accept our offer, and I hope you will, please sign
the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read
and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have
anything else that you wish to discuss, please do not hesitate to call me.

 

We look forward to the opportunity to welcome you to the Company.

 

	 	Sincerely,
	 	 
	 	/s/ Jack Peurach
	 	Jack Peurach, CEO

 

I have read and understood this offer letter
and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were
made to me as part of my employment offer except as specifically set forth herein.

 

	/s/ John F. Glenn	Date signed: 	August 1, 2018
	John (Jack) Glenn	 	 

 

Start Date: Your first day of employment will be Monday,
August 13th.

 

    	 	3	 

     

    

  

		1414 Harbour Way S 

Suite 1201 

Richmond, CA  94804 

Office: 510-984-1761x446 

Fax: 510-550-3684 

hr@eksobionics.com 

 

SCHEDULE A 

 

BENEFITS SUMMARY (US) 

 

Benefits: You will be eligible
to participate in any employee benefit plans or programs maintained or established by the Company, including but not limited to
personal time off days and paid holidays to the same extent as other employees at your level within the Company, subject to the
generally applicable terms and conditions of the plan or program in question and the determination of any committee administering
such plan or program.

 

The Company reserves the right to change or otherwise modify, in
its sole discretion, the benefits offered to its employees at any time.

 

Reimbursements: You will be reimbursed
on a regular basis for reasonable, necessary and properly documented business and travel expenses incurred for the purpose of conducting
the Company’s business, in accordance with Company policy.

 

Medical: Employee health benefits are
effective the first day of the month following the first day of employment. The company contributes $450.00 per month towards employee
participation in Company sponsored medical plans. All employees of the Company have the option to enroll in Anthem Blue Cross or
Kaiser Permanente. You may select the health plan of your choice and the benefits that are right for you and your family from Anthem
Blue Cross or Kaiser. Outside of California employees may choose PPO health plans from Anthem Blue Cross. Dependents may be enrolled
at group rates.

 

Dental: A comprehensive dental plan
is offered through Guardian. The Company contributes 100% of the premium for employees. Dependents may be enrolled at group rates.
This benefit is available on the 1st of the month following start date. You may seek dental treatment from any licensed
dentist across the country. If you wish to receive additional discounts, you may access an extensive network of dentists.

 

Vision: A vision plan is offered through
Guardian Vision Service Plan (VSP). It is a fully comprehensive vision plan that allows you and your dependents to get an eye exam
and lenses once every 12 months and frames once every 24 months. Dependents may be enrolled at group rates.

 

Short and Long Term Disability
Insurance: All full-time employees are provided with a short-term disability plan that begins paying benefits in combination
with a State Disability program, if applicable, after an elimination period of 7 days.

 

Life Insurance: All full-time
employees are provided with a flat $50,000 life insurance benefit with Accidental Death and Dismemberment (AD&D).

 

*Please consult official plan summaries
for the specific details of each health related plan.

 

    	 	4	 

     

    

  

401K Plan: A 401K retirement
plan is offered for US based full-time employees. The Company will match your contribution at 50% of your annual contribution
amount with stock. The 401K match with stock is entirely discretionary and the Company reserves in its absolute discretion the
right to terminate or amend it any time. Employee contributions are collected by payroll deduction or as otherwise determined by
the Company 401K administrator. Employees are responsible for selecting their own investment funds.

 

Personal Time Off (PTO): All regular
full time US employees are eligible to accrue PTO at an increasing rate with additional years of service based on a two-category
 “Years of Service” schedule. Part-time regular employees accrue PTO on a prorated basis based on the number of hours
they are regularly assigned to perform.

 

	 	 	 	 	 	 	Annual	 	 	 	 
	 	 	 	 	Annual	 	Accrued	 	PTO Hours Accrued	 	Maximum*
	Year(s) of	 	Months of	 	Accrued	 	PTO	 	per Paycheck (per	 	Balance
	Service	 	Employment	 	PTO (Days)	 	(Hours)	 	Month)	 	(Hours)
	0 -2	 	0-24	 	18	 	144	 	6 (12)	 	300
	2 +	 	25+	 	24	 	192	 	8 (16)	 	300

 

PTO time must be scheduled and approved in
advance by your supervisor. Ekso Bionics’ employees may accrue PTO to a maximum of 300 hours (38 days). Once an employee
has reached the maximum accrual balance, further PTO accrual will cease until the employee has taken time off reducing the employee’s
balance below the Maximum*.

 

Holidays: Ekso Bionics observes eleven (11) holidays per
year, typically the following:

		v	New
Year’s Day

		v	Memorial
Day

		v	Independence
Day (4th of July)

		v	Labor
Day

		v	Thanksgiving
Day

		v	Friday
after Thanksgiving Day

		v	Christmas
Day

		v	Extended
Winter Break (typically 4 days)

 

Part-time regular employees receive holiday
pay on a prorated basis based on the number of hours they are regularly assigned to perform.

 

    	 	5

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