July 3, 2019 salary adjustment letter to Michael Woudenberg
InMed Pharmaceuticals, Inc.
340-200 Granville St.
Vancouver, BC V6C 1S4
3 July 2019
Dear Michael Woudenberg,
On behalf of InMeds Board of Directors, I am pleased to inform you of the following compensation related items:
Based on several criteria, including the Companys overall financial position as well as your performance in your current role, your annual base salary will be increased 2% to $285,600, effective July 1, 2019. The salary will continue to be paid semi-monthly, in arrears, and less any statutory deductions.
Annual Bonus for FY2018-19
Based on overall corporate achievement of key goals as well as your individual contributions, you will receive a one-time bonus of $49,383, as calculated below. This will be paid in the 15 July 2019 payroll period, less statutory deductions.
Note that the payout of any such future bonuses will be subject to achievements of corporate and personal goals, as defined by the Executive Team and subject to the financial position of the Company, as determined at the sole discretion of the Board of Directors.
Thank you once again for your past and continued contributions to InMed!
Eric A. Adams
CEO + President