SEC Contract Filing

Filing Date: 2022-11-28

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ichr-ex101_6.htm
<DESCRIPTION>OFFER LETTER
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Arial;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November 15, 2022</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Bruce Ragsdale</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Via Email</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Bruce,</p>
<p style="text-align:left;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I am pleased to offer you the position of Chief Operating Officer (COO) with Ichor Systems, Inc.&nbsp;&nbsp;Should you accept our offer, your home office will be in Austin, TX, reporting directly to the Chief Executive Officer (CEO). The purpose of this letter is to confirm with you the specifics of your offer, consistent with the terms below. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Start Date</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Your tentative date of hire is December 12, 2022.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Salary</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our base salary will be $17,307.69 biweekly, which when annualized is equivalent to $450,000 per year.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Work Classification</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Your position will be full-time and is considered exempt for purposes of federal wage-hour law, which means that you will not be eligible for overtime pay.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Incentive Bonus Plan</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">You will be eligible to participate in the Company&#8217;s Incentive Bonus Plan subject to the terms and conditions of the plan. Your manager will provide you the corporate revenue targets together with your individual MBOs.&nbsp;&nbsp;Your target bonus is 75%.&nbsp;&nbsp;Management reserves the right to amend this plan at any time.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Equity Incentive</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">All requests for grants must be reviewed and approved by the Human Capital Committee, and Board of Directors. You are being recommended and approved for a new hire RSU grant valued at $1,600,000. The RSU grant date and value is determined on the first of the month, following your start date. The vesting schedule is 25% on year one, then quarterly thereafter, and fully vested in four years.&nbsp;&nbsp;You will be provided a grant agreement within a month of your date of hire, which will come under separate cover.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Arial;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Benefits</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Your participation in the benefit programs, including medical and dental insurance, will begin on your date of hire as long as you have completed your enrollment as required. You will have thirty (30) days from yo