Caribou Biosciences Bonus, Salary Increase, and Stock Option Award Letter to Jason O’Byrne (February 2023)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Caribou Biosciences, Inc. has awarded Jason O’Byrne, its Chief Financial Officer, a one-time bonus of $162,800 for 2022 achievements, to be paid on March 3, 2023. His base salary is increased to $453,200 effective January 1, 2023, with retroactive pay included in his February 28 paycheck. He will also receive an option to purchase 131,000 shares of company stock, vesting monthly over four years, subject to continued employment and the terms of the company’s equity plan.

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EX-10.38 5 ex1038-jasonx2023x02x16off.htm EX-10.38 Document
         Exhibit 10.38

February 16, 2023

Jason O’Byrne
c/o Caribou Biosciences, Inc.
2929 7th Street, Suite 105
Berkeley, CA 94710


Dear Jason,

I am pleased to announce that the Caribou Board of Directors has approved a bonus for you based on the Company’s achievements in 2022. You will receive a one-time payment of $162,800.00, less applicable withholding taxes, on March 3, 2023. Additionally, your base salary has been increased to $453,200.00, effective January 1, 2023. Your February 28, 2023 paycheck will reflect your new salary as well as a retroactive payment back to January 1 for your salary increase. Your target bonus will remain 40% in 2023 for your role as Chief Financial Officer. Your current manager is Rachel Haurwitz.

The Company will grant you an option to purchase 131,000 shares of the Company’s Common Stock (the “Option”) on February 21, 2023. The exercise price per share of the Option will be equal to the market value per share of the Common Stock on the date of grant. The Option shares will vest monthly (1/48 of the grant per month for 48 months), subject to your continuing employment with the Company on each vesting date. The Option will be subject to the terms and conditions of the Company’s 2021 Equity Incentive Plan and Stock Option Agreement, including vesting requirements.


Sincerely,


Rachel E. Haurwitz, Ph.D.
President and CEO


Caribou Biosciences, Inc., 2929 7th Street, Suite 105, Berkeley, CA 94710; (510) 982-6030