Offer Letter, dated November 12, 2024, between Everspin Technologies, Inc. and William Cooper
Exhibit 10.1
November 12, 2024
Bill Cooper
***@***
Dear Bill,
I am delighted to provide you this offer to join Everspin Technologies, Inc. as Chief Financial Officer, reporting to Sanjeev Aggarwal, President, Chief Executive Officer.
Your base salary to start will be $300,000 annually, payable bi-weekly, and subject to deductions for taxes and other withholdings as required by US law or the policies of the company. This will be a Salary-Exempt position. You will also be eligible for a target bonus of 75% of your base salary.
Upon approval by the Everspin Board of Directors, you will receive 100,000 Everspin Restricted Stock Units. These RSU’s vest at the rate of 25% per year on the anniversary date of the grant. Due to the taxable nature of Restricted Stock Units, there is a sell-to-cover provision requirement with the RSU’s to cover tax liability at each vesting date. These grants are subject to continued employment with Everspin, transferability restrictions, and such other terms as may be set forth in the Everspin Stock Option Plan or your individual stock option agreement.
You will also receive a sign-on bonus of $45,000 (subject to taxes and other withholdings), which will be paid during your first pay period after you start. Should you voluntarily vacate your position within a one-year period, you will be required to refund the company the $45,000 bonus in full.
Benefits: The detailed components of the Company’s benefit plan are attached. Major benefits include:
| · | Comprehensive Medical, Dental, and Vision Care Coverage | |
| · | Prescription Drug Program | |
| · | Short-term and Long-term Disability Coverage | |
| · | Flexible Spending Accounts and Health Savings Accounts | |
| · | Supplemental Life and Disability Insurance | |
| · | 401(k) participation (if eligible) | |
| · | Paid Time Off and Holidays, consistent with Company policy | |
| · | Eligibility to participate in Everspin’s Employee Stock Purchase Plan | |
| · | Quarterly Profit Sharing |
| 5670 W. Chandler Blvd. Suite 130, Chandler, AZ 85226 www.Everspin.com | (480) 347-1111 Fax ###-###-#### |
Your employment with Everspin Technologies is “at will”, meaning that you may terminate your employment at any time and for any reason whatsoever. Likewise, Everspin Technologies may terminate your employment at any time and for any reason, with or without cause or advance notice.
Other Arrangements: This offer of employment is contingent on your agreement to and execution of an Employee Proprietary Information and Inventions Assignment Agreement (copy attached), successful completion of reference checks, and is contingent on the satisfactory results of your background screening.
This offer is considered accepted with your signature below. This offer will terminate if not accepted in writing by 5:00pm Friday, November 22, 2024.
If this offer is accepted, then your appointment date as Chief Financial Officer of Everspin Technologies, Inc. will be your start date.
We welcome you to Everspin Technologies, Inc., and are excited about the contribution you can make to its success.
Sincerely,
| /s/ Amy Farrow | ||
| Amy Farrow | ||
| Human Resources Director Everspin Technologies, Inc. |
Accepted:
| /s/ Bill Cooper | 11/13/2024 | ||
| Date |
| Anticipated Start Date: | January 2, 2025 |
| 5670 W. Chandler Blvd. Suite 130, Chandler, AZ 85226 www.Everspin.com | (480) 347-1111 Fax ###-###-#### |
