Salary Adjustment and Severance Terms Letter Agreement between Company and Rajnish Ohri dated August 1, 2023
This letter agreement outlines changes to Rajnish Ohri's compensation, effective August 1, 2023. His base salary increases to $500,000, with a 100% incentive target, making his total cash compensation at target $1,000,000. He will continue to receive a monthly car allowance. If the company terminates his employment without cause (excluding death or disability), he will receive 12 months of base salary as severance, paid according to the company's normal payroll cycle. All other employment terms and benefits remain unchanged.
Exhibit 10.1
August 1, 2023
Rajnishi Ohri, via email
Dear Rajnish:
The details of your salary adjustments are as follow:
| Current | New | ||
| Effective Date: | N/A | August 1, 2023 | |
| Base Salary (USD) | $320,929.52 | $500,000* | |
| Incentive Target % | 60% | 100% | |
| Incentive Payout at Target | $192,557.71 | $500,000 | |
| Total Cash Compensation at Target | $513,487.23 | $1,000,000 | |
| Total Increase % | 95% |
*In addition to your base salary, you will continue to receive monthly car allowance.
In the event of a termination by the Company without cause, excluding death or disability, you shall be entitled to severance of 12 months Base salary (the “Severance Period”), payable during the Company’s normal payroll cycle. All other terms and conditions of the severance payments (as outlined in executed offer letter) will remain unchanged.
The other aspects of your compensation, benefits and employment terms will remain unchanged.
Should you have any questions, please do not hesitate to contact me.
Sincerely,
| Date | |||
| Rajnish Ohri | Date | ||
| Interim Co-CEO |
