SEC Contract Filing

Filing Date: 2022-08-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>joby-20220630xexx102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="i2c69438b937c4b6a9f79fcc42ed17b31_38"></div><div style="min-height:88.56pt;width:100%"><div style="text-align:center"><img alt="image_0.jpg" src="image_0.jpg" style="height:70px;margin-bottom:5pt;vertical-align:text-bottom;width:290px"></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">July 6, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Matthew Field</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Re&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">Relocation Assistance</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Dear Matt&#58;</font></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As you know, on June 29, 2022, Compensation Committee (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Committee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) of the Board of Directors of Joby Aviation, Inc. (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;) approved a relocation assistance package to incentivize you to permanently relocate to a location within 50 miles of the Company&#8217;s Santa Cruz, San Carlos or Marina, California office locations (a &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Qualifying Residence</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;). The relocation assistance consists of two separate components. First, the Company will advance you $200,000 to be used for the down-payment on a Qualifying Residence (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Down Payment Assistance</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;). The Down Payment Assistance shall be payable to you upon acceptance by the seller of your offer to purchase a Qualifying Residence and shall be subject to all applicable taxes and withholdings. If the purchase is not completed, you agree to repay the Down Payment Assistance to the Company within 30 days of the purchase contract being cancelled or rescinded. In addition, the Down Payment Assistance will be subject to pro rata repayment obligation if you voluntarily resign or are terminated for Cause (as defined in the Company&#8217;s 2021 Equity Incentive Plan) within 3 years from the date you receive the Down Payment Assistance.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In addition, effective as of the Company&#8217;s July 8, 2022 payroll, you will receive an additional $100,000 per annum in cash compensation (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Geographic Differential Compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8221;), subject to all applicable taxes and withholdings. The Geographic Differential Compensation will terminate if you cease to rent or own a Qualifying Residence. Additionally, the Geographic Differential Compensation will be annually reviewed by the Committee and may be terminated by the Committee at any time in its sole discretion. For the avoidance of doubt, the Geographic Differential Compensation shall not be considered as part of your base salary for the purpose of calculating bonus, equity or other compensation.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This letter agreement is not a promise of continued employment and your employment relationship with the Company continues to be &#8220;at will&#8221; meaning that either you or the Company may terminate your employment at any time and for any reason.</font></div><div style="padding-left:216pt"><font><br></font></div><div style="padding-left:315pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Sincerely,</font></div><div style="padding-left:315pt"><font><br></font></div><div style="padding-left:315pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Joby Aero, Inc.</font></div><div style="paddi