SEC Contract Filing

Filing Date: 2022-06-13

Document Content:
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<TYPE>EX-10.18
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<DESCRIPTION>EX-10.18
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.18 </B></P>
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">September&nbsp;1, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas Ernst </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4125 Glenbrook Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Richardson, TX 75082 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Thomas, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Congratulations! On behalf of Symbotic, we are excited to offer you the position of Chief Financial Officer at our 200 Research Drive, Wilmington Massachusetts
location. This position will report directly to the company&#146;s CEO. Your start date will be September 10th, 2020. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although you officially start
employment on September 10th, 2020, we recognize you will be on relocation leave of absence from September 16th, 2020 and returning on October 1st, 2020. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will receive an annual salary of
$375,000, less applicable taxes and withholdings,<B> </B>paid in accordance with Symbotic&#146;s payroll schedule, which is currently <FONT STYLE="white-space:nowrap">bi-weekly</FONT> payments paid one week in arrears. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Incentive Plan </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You are eligible to participate in
Symbotic&#146;s Performance Incentive Plan at 50% of your base salary. Under the provisions of this plan, you are eligible for a discretionary bonus that is aligned with both professional and organizational goals. For calendar year 2020, you will be
eligible for an incentive bonus from the time you joined Symbotic. Incentive pay is discretionary, and all employees must be in good standing with Symbotic at the time of the incentive payment in order to be eligible. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Equity </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">You will be granted an equity award of
Class&nbsp;C units of Warehouse Technologies LLC equal to 0.25% of the current common units of Warehouse Technologies LLC on a fully-diluted basis. Please note that the pro forma valuation is not a guarantee or prediction of the future value of
either the company or your equity award. The actual value of your equity award will be subject to vesting and will vary depending on the actual valuation of the company once your award is fully vested. Your equity award will vest over five years
with 20% vesting on the first anniversary of your start date and thereafter quarterly with 5% vesting per quarter commencing three months after the first anniversary of your start date. Active service to the company is required for vesting, and any
unvested portion of your award will be forfeited if your employment is terminated for any reason. The equity award will be issued under the Warehouse Technologies LLC 2012 Incentive Units Plan and the award will be subject to the terms and
conditions set forth in an Incentive Unit Agreement and a Put/Call Agreement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Relocation Assistance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In appreciation of your decision to move into this new role you will receive a relocation bonus of $125,000; less applicable taxes, to be paid in the
September&nbsp;18, 2020 payroll cycle. Please note that the relocation bonus is not considered fully earned by you until you complete two years of employment with Symbotic. You must repay 100% of the bonus if you voluntarily leave the company
without good reason prior to the completion of one year of employment; and you must repay 50% of the bonus if you voluntarily leave the company without good reason after one year but prior to the completion of two years of employment. For purposes
hereof, the term &#147;good reason&#148; shall exist upon (i)&nbsp;a material diminution in your base salary or (ii)&nbsp;a material diminution in your authority, duties or responsibilities.<B> </B> </P>
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