Compensation and Severance Summary with Joseph Joffrion, dated October 7, 2020
Exhibit 10.12
M E M O R A N D U M
To:Joe Joffrion
From:George A. Mangiaracina
Date:October 7, 2020
Re:2020 Annual Salary and Bonus Target Summary
Base Salary:$360,000
Target Cash Bonus:$75,000
Target RSU Bonus
Award:Equivalent of $25,000 vesting over 3 years
Example: $25,000 / $1.50 share price = 16,666 RSUs
Target Option Bonus
Award: | For every 1 RSU share awarded, 0.5 options will also be awarded with standard exercise price calculation |
Example: $25,000 / $1.50 share price = 16,666 RSUs
16,666 RSUs / 2 = 8,333 options awarded vesting over 3 years
Severance Terms: | Change of Control: 3 months base salary and 6 months COBRA coverage. At 2 years of service this shall be changed to 12 months base salary and 12 months COBRA coverage. Change of Control generally means an acquiring entity purchases more than 50% of the Common Stock of IMH and your position is eliminated within 12 months thereafter. |
Termination without Cause: 3 months base salary and 6 months COBRA coverage. At 2 years of service this shall be changed to 6-12 months base salary at the discretion of the company and matching period for COBRA coverage. Cause generally means a material reason to terminate your employment, such as a material violation of company policies and procedures.
Nothing contained herein modifies the at-will status of your employment with the company.
Receipt Acknowledged:
/s/ joe Joffrion | Date: October 7, 2020 |
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