SEC Contract Filing

Filing Date: 2022-02-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>algm-20211224x10ex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
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<title>Document</title></head><body><div id="i4b6d6764fb0547be9c22f1617bceb11e_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exhibit 10.4</font></div><div><img alt="logo2.jpg" src="logo2.jpg" style="height:55px;margin-bottom:5pt;vertical-align:text-bottom;width:229px"></div></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">October 15, 2021</font></div><div><font><br></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:112%">Sharon Briansky</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Dear Sharon&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">I am very pleased to offer you the position of Senior Vice President, General Counsel and Corporate Secretary, reporting to Ravi Vig. We believe your knowledge, experience and enthusiastic spirit will be an excellent addition to our team and are very much looking forward to having you on board.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">This offer is contingent upon a background check, a negative cross-check against certain global Restricted Party Lists, and our ability to successfully verify your employment and educational credentials, along with your written acceptance of the position under the following terms of employment.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">You have the option to select a primary work location of Manchester, New Hampshire or Marlborough, Massachusetts. You should expect that you will travel periodically to both as required. Currently, we are in a flexible home office&#47;work office arrangement at least until January, at which time we expect to transition to a hybrid work philosophy.</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:10pt;font-weight:400;line-height:112%">Your starting salary will be $6,923 per week, annualized at $360,000. In addition, you will be eligible to participate in Allegro's Annual Incentive Plan at a target level of 70%. Under this plan, payments are made when Allegro achieves its fiscal year financial targets. Your actual payment will be based on Allegro&#8217;s financial performance and your individual contributions towards these results. You are guaranteed to receive a prorated AIP bonus based on your start date and the results of the FY22 plan.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">You will be provided a deferred hiring bonus of $750,000 to be paid to you according to the installment schedule noted below. The payment of these installments will be processed in accordance with the normal payroll processing schedule upon each milestone. Entire amount to be reimbursed to Allegro MicroSystems, LLC should you voluntarily terminate your employment in less than 1 full year from the date of hire. After 1 year, should you terminate your employment in less than 2 years from the date of hire, you will be required to make a prorated repayment based upon the number of months worked less than 2 years.</font></div><div><font><br></font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:109%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:109%;padding-left:14.5pt">66.6% or $500,000 - within 30 days of hire</font></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:109%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:109%;padding-left:14.5pt">33.3% or $250,000 - upon attainment of 6 months of service</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:103%">As part of your offer of employment, and subject to Compensation Committee approval, you will be awarded with a special one-time RSU award with a grant date value of $750,000, meaning the number of shares underlying the award will be equal to $750,000 divided by the Allegro closing stock price on the actual grant date. Your RSU award will be formally granted on the third trading day after Allegro&#8217;s next quarterly earnings announcement, which will be in early (February 2022). Subject to your continued employment with Allegro, your RSUs will vest 60% in year 1, and 40% in year two. Your vesting dates will be several days after your grant date anniversaries to accommodate Allegro&#8217;s quarterly trading windows. This award will be processed shortly after the grant date by our stock plan administrat