Atlis Employee Compensation Agreement with Mark Hanchett
This agreement outlines the compensation terms for Mark Hanchett as an employee of Atlis. He will receive 70% of his $200,000 annual salary in cash, paid bi-weekly, and the remaining 30% as stock awards, with an additional 15% stock bonus when possible. Stock awards vest at the end of each pay period and are issued quarterly or annually. Atlis may revert to full cash compensation at any time, at which point the stock portion will be paid in cash as soon as feasible. Mark also receives a fully vested bonus of 100 shares.
Exhibit 10.3
Mark Hanchett
At this time, Atlis employees are compensated on a split salary/equity basis. Your cash compensation will be 70% of your $200,000.00 annual salary, which equates to $5,384.62 bi-weekly. The remaining 30% of your compensation will be paid by virtue of a stock award. As a bonus, we will award you an additional 15% stock compensation, so long as we are able. In your case, you will be awarded 420.09 shares per pay period. Each stock award will become fully vested at the conclusion of each pay period, and we will issue you an assignment of stock on a quarterly or annual basis. We intend to provide you this benefit for the foreseeable future, but we reserve the right to revert to a full cash compensation model at any time. At that time and as soon as financially feasible, you will receive the 30% of your salary that was compensated via stock award.
To thank you for all that you have done to make ATLIS successful, as communicated in December 2020 you were also awarded 100 shares that are fully vested.
| /s/ Mark Hanchett | |
| Employee Signature | |
