2020 Annual Salary and Bonus Target Memorandum for Justin Moisio
This memorandum outlines the 2020 compensation package for Justin Moisio from IMH, including a base salary of $360,000, a target cash bonus of $135,000, and a restricted stock unit (RSU) bonus equivalent to $45,000 vesting over three years. For every RSU awarded, half as many stock options will also be granted, also vesting over three years. Severance terms include 12 months' salary and COBRA coverage in the event of a change of control and position elimination, and 6–12 months' salary and COBRA coverage for termination without cause. Employment remains at-will.
Exhibit 10.13
M E M O R A N D U M
To:Justin Moisio
From:George A. Mangiaracina
Date:October 7, 2020
Re:2020 Annual Salary and Bonus Target Summary
Base Salary:$360,000
Target Cash Bonus:$135,000
Target RSU Bonus
Award:Equivalent of $45,000 vesting over 3 years
Example: $45,000 / $1.50 share price = 30,000 RSUs
Target Option Bonus
Award: | For every 1 RSU share awarded, 0.5 options will also be awarded with standard exercise price calculation |
Example: $45,000 / $1.50 share price = 30,000 RSUs
30,000 RSUs / 2 = 15,000 options awarded vesting over 3 years
Severance Terms: | Change of Control: 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: 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/ Justin Moisio | Date: October 7, 2020 |
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