Document:

cmbm-ex1032_614.htm

                                                                                  Exhibit 10.32

 

 

 

June 14, 2018

 

Stephen Cumming

c/o Cambium Networks, Inc.

3800 Golf Road, Ste 360

Rolling Meadows, IL 60008

 

Dear Stephen,

 

I am pleased to extend you an offer of employment with Cambium Networks (“Cambium” or the “Company”) as its Chief Financial Officer, commencing July 9, 2018.  Your principal place of employment will be San Jose, California, with travel commensurate with your position.  This letter (this “Agreement”) outlines certain terms of your employment should you choose to accept this offer.  

 

	
 
	
•
	
Base Salary.  You will receive an annualized base salary of $350,000, paid in accordance with the Company’s standard payroll practices (currently paid biweekly), subject to applicable withholding and other required deductions.  

 

	
 
	
•
	
Annual Cash Incentive Bonus.   You will be eligible to receive an annual cash incentive bonus based upon the achievement of annual performance goals or objectives established and measured by the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”) in its sole discretion.  You shall have a target annual incentive bonus opportunity equal to 60% of your annual base salary, payable in accordance with the Company’s annual cash incentive bonus program, as may be amended from time to time (but in no event shall any actual bonus be paid later than March 15th of the calendar year immediately following the year for which such compensation is earned).  Actual bonus awards may pay below or above your target opportunity, including a zero payout, based on your and the Company’s achievement of the applicable performance goals or objectives.  For the 2018 performance year, you will receive a guaranteed payout equal to your target opportunity, but prorated to reflect the period during the year in which you were employed by the Company, provided that you remain employed with the Company through the payment date of the 2018 bonus.

 

Initial Equity Award. Subject to approval by the Board, you will be eligible for an equity award of 600,000 Management Incentive Units (MIUs), with the effective date of such grant to be the date of Board approval.  Twenty-five percent (25%) of the MIUs shall vest on the one-year anniversary of the grant date (the “initial vesting date”) with the remaining 75% of the MIUs vesting on a monthly basis over the next 36 months following the initial vesting date, subject to your continued employment with the Company on the applicable vesting date.  If, on or prior to the one-year anniversary of your commencement of employment with the Company a (l) change of control ("Change of Control") of the Company occurs whereby (i) there is a sale of all or substantially all of the assets of the Company to an entity not wholly-owned by the Company or (ii) a merger or a consolidation in which the Company is not the surviving corporation and the stockholders of the Company prior to the Change of Control do not own 50% of the outstanding voting securities of the surviving corporation. or a parent thereof, and (2) within one year following such Change of Control, your employment with the Company (a) is terminated by the Company without cause or (b) is terminated by you following a material reduction in your responsibilities (which may include, but cannot be exclusively limited to a change in title) or a change in your primary work location of more than 25 miles unless the change would move you closer to your primary residence, provided that in the case of clause (b), you provide the Company with notice of the event giving rise to your right to 

3800 Golf Road, Suite 360 Rolling Meadows IL 60008

Exhibit 10.32

 

terminate employment within 30 days of the initial occurrence of the event, the Company has 30 days to cause such event and, if uncured, you terminate your employment within 60 days following the expiration of the cure period  (collectively "Qualifying Termination"), then 50% of the MIUs granted to you under this Agreement shall vest in  full. Following the expiration of such one-year period, the MIUs granted to you under this Agreement shall vest in full in the event you experience a Qualifying Termination within the one-year period following a Change of Control of the Company. You will receive the MIU award agreement following your commencement of employment with the Company.

 

	
 
	
•
	
Severance.  In the event your employment is terminated by the Company without cause, you will be eligible to receive 6 months of base salary continuation following your termination of employment, subject to your execution and non-revocation of a customary release of claims in favor of the Company.

 

	
 
	
•
	
Employee Benefits.  You will be eligible to participate in the Company’s standard employee benefits including medical, dental, life, 401(k), accidental life and dismemberment, and disability benefits, as in effect from time-to-time. Further information about the Company’s current benefits offerings is available in your Welcome Packet.  Participation in any benefit program is not to be regarded as assurance of continued employment for any particular period of time.

 

	
 
	
•
	
Company Policies.  You acknowledge that during your employment with the Company you will be subject to Company policies including, without limitation, any clawback policy, insider trading policy, and stock ownership guidelines.

 

 

As a Cambium employee, you will be expected to maintain the confidentiality of all proprietary and other confidential information of the Company and, as a condition of your employment, will be asked to enter into a Confidentiality, Invention Assignment, Non-Competition, and Non-Solicitation Agreement.  Among other things, it requires that you hold in confidence any proprietary information received as an employee of Cambium and to assign to us any inventions that you make while employed by the Company.   For the avoidance of doubt, nothing contained in this Agreement or the Confidentiality, Invention Assignment, Non-Competition, and Non-Solicitation Agreement limits your ability to report possible violations of law or regulation to, or file a charge or complaint with any federal, state or local governmental agency or commission (“Government Agencies”).  Further, nothing in this Agreement or the Confidentiality, Invention Assignment, Non-Competition, and Non-Solicitation Agreement shall limit your ability under applicable law to (i) disclose in confidence trade secrets to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law, (ii) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure or (iii) communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company.

 

It is the Company's policy not to infringe upon the proprietary information, trade secrets, or confidential information of third parties.  In addition, it is the Company's policy not to interfere with third parties' contractual or business relations.  Accordingly, by signing this Agreement you represent and warrant that you are not subject to any non-disclosure agreement (including any agreement concerning trade secrets or confidential information owned by any other party), non-compete agreement, non-solicitation agreement, and/or any other agreement that would prevent you from performing your duties for the Company and/or restrict your activities at Cambium.

 

Neither this Agreement nor the Confidentiality, Invention Assignment, Non-Competition, and Non-Solicitation Agreement constitute a contract of employment for any specific period of time, but instead will create an “employment at will” relationship, meaning that either you or the Company may terminate the employment 

 

Exhibit 10.32

 

relationship at any time, for any lawful reason.  In addition, nothing in this Agreement prohibits the Company from terminating or modifying any of its compensation or benefits programs at any time.   The offer of employment as described in this Agreement is contingent on satisfactory completion of a criminal background check, an education verification to be administered by the Human Resources department and your completion of other required and customary onboarding documentation.

 

Please confirm your acceptance of this Agreement in the space indicated and return this Agreement to me by June 28, 2018. Unless we agree otherwise, this offer will expire if not accepted by that date.  Should you have any questions about this Agreement, please do not hesitate to contact me.

 

I look forward to having you join the team and to your contributions to the success of Cambium.

 

 

Sincerely,

 

/s/ Atul Bhatnagar

 

Atul Bhatnagar

President & CEO

 

 

ACCEPTED AND AGREED

 

June 24, 2018

______________________________________

Date

 

/s/ Stephen Cumming

______________________________________

Signature

 

Stephen Cumming

______________________________________

Print Namecmbm-ex1033_615.htm

	

	

 

Exhibit 10.33

 

March 19, 2020

Stephen Cumming

c/o Cambium Networks, Inc.

3800 Golf Road, Suite 360

Rolling Meadows, IL 60008

 

Dear Stephen, 

 

This letter agreement serves as a modification to your existing offer letter (the “Offer Letter”) with Cambium Networks, Inc. (the “Company”), dated as of June 27, 2018.  The paragraph entitled “Severance” shall be replaced in its entirety with the following:

 

	
 
	
•
	
Severance.  In the event your employment is terminated by the Company without cause prior to a Change in Control (as defined in the Cambium Networks Corporation 2019 Share Incentive Plan), you shall receive six months of base salary continuation during the six-month period following your termination of employment, with such payments to occur in equal monthly installments; provided, however, in the event your employment is terminated by the Company (or its successor) without cause within 12 months following a Change in Control, you shall receive (i) one-year of base salary, payable in equal monthly installments during the 12-month period following your termination, (ii) a pro-rata portion of your annual bonus for the fiscal year in which your termination occurs based on actual results for such year (determined by multiplying the amount of such bonus which would be due for the full fiscal year by a fraction, the numerator of which is the number of days during the fiscal year of termination that you were employed by the Company and the denominator of which is 365) payable at the same time bonuses for such year are paid to other senior executives of the Company (but no later than March 15th following the conclusion of the fiscal year in which the bonus is earned); and (iii) subject to your timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, continued participation in the Company’s group health plan (to the extent permitted under applicable law and the terms of such plan) which covers you (and your eligible dependents) for a period of twelve (12) months at the Company’s expense.   The severance benefits shall be subject to your execution and non-revocation of a customary release of claims in favor of the Company within the period specified by the Company (but in any event not to exceed 52 days following your termination) and any payments that would be paid to you prior to the effectiveness of the release shall be delayed and paid to you in one installment on the 60th day following your termination of employment.     The payments under this paragraph are subject to your continued compliance with your Confidentiality, Invention Assignment, Non-Competition, and Non-Solicitation Agreement. 

 

In addition, Offer Letter shall be amended to add the following at the end thereof:  

 

This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and shall be interpreted and construed consistently with such intent.  The payments to you pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and for such purposes, each installment paid to you under this Agreement shall be considered a separate payment.  In the event the terms of this Agreement would subject you to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and you shall cooperate 

 

Page 2 of 2

diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A Penalties that arise in connection with any amounts payable under this Agreement.  To the extent any amounts under this Agreement are payable by reference to your “termination of employment” such term and similar terms shall be deemed to refer to your “separation from service,” within the meaning of Section 409A of the Code.  Notwithstanding any other provision in this Agreement, if you are a “specified employee,” as defined in Section 409A of the Code, as of the date of your separation from service, then to the extent any amount payable under this Agreement (a) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (b) is payable upon your separation from service and (c) under the terms of this Agreement would be payable prior to the six-month anniversary of your separation from service, such payment shall be delayed until the earlier to occur of (i) the six-month anniversary of the separation from service or (ii) the date of your death.  In addition, each payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, which is conditioned upon your execution of a release and which is to be paid during a designated period that begins in a first taxable year and ends in a second taxable year shall be paid in the second taxable year.  

 

Except as amended by this letter agreement, the Offer Letter remains in full force and effect in accordance with its terms. 

 

	
 
	
Sincerely,

	
 
	
/s/Atul Bhatnagar

	
 
	
Cambium Networks, Inc.

 

 

 

ACCEPTED AND AGREED

 

	
/s/Stephen Cumming

	
Stephen Cumming

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]