SEC Contract Filing

Filing Date: 2022-08-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>ex103alankingofferletter.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="ic08e219101af46af8e2f90677d592591_1"></div><div style="min-height:47.52pt;width:100%"><div style="padding-left:324pt;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.3</font></div></div><div><img alt="image_02.jpg" src="image_02.jpg" style="height:30px;margin-bottom:5pt;vertical-align:text-bottom;width:285px"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">To&#58; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Alan King</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">From&#58; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Ron Clarke</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;May 23, 2022</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Subject&#58; &#160;&#160;&#160;&#160;Your Compensation </font></div><div><font><br></font></div><div><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:4pt"><td colspan="3" style="background-color:#000000;border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Alan, we&#8217;re pleased to provide you with a review of your 2022 Compensation. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:8.84pt;text-decoration:underline">Performance-Based Stock Option Grant</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">. In October 2021, the Compensation Committee provided you with a one-time, outsized grant of 30,000 performance-based stock options. This grant could allow you to make an incremental $5M. You and I will work together to determine the 3-year performance criteria. The options will be dependent on you achieving the criteria we establish and you must be employed at the time of vest. Vesting is 3-year cliff and based on 2022, 2023 and 2024 performance.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:8.84pt;text-decoration:underline">2022 Go-Forward Compensation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#58; Your 2022 Compensation will be as follows.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">a.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:8.84pt">2022 Cash.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> Your cash compensation for 2022 will be&#58; </font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:90pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">i.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:3.51pt">Base Salary</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#58; Your 2022 base salary will increase to $450,000 USD annualized. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:90pt;text-align:justify;text-indent:-9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">ii.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:1.07pt">Bonus</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#58; Your 2022 bonus target will remain at 75% of your base salary or $337,500. We will formalize your 2022 PBOs over th