Ipsidy Inc. Employment Compensation Letter Agreement with Stuart P. Stoller (May 3, 2018)
This letter agreement between Ipsidy Inc. and Stuart P. Stoller outlines changes to Mr. Stoller's compensation. Effective April 1, 2018, his base salary increases to $237,500 per year. He is also eligible for a 2018 bonus equal to 40% of his base salary, with the actual amount adjusted based on the company's financial performance. The bonus is payable only if the company achieves positive adjusted EBITDA for a quarter after 2018 or raises $15 million in new funding. Payment is subject to standard payroll deductions.
Exhibit 10.29
May 3, 2018
PRIVATE AND CONFIDENTIAL
Mr. Stuart P. Stoller
28 Elderberry Lane East
Valley Stream, NY 11581
Re: Employment Compensation
Dear Stuart:
I am pleased to inform you that the Compensation Committee of Ipsidy Inc. (the “Company”) has approved the following changes to your compensation.
1. Your base salary shall be increased by $12,500 p.a. to the amount of $237,500 p.a. effective April 1, 2018.
2. You shall be entitled to a bonus for 2018 equating to 40% of your base salary as of December 31, 2018 (“Bonus”) upon the following terms and conditions:
| (a) | You shall receive 100% of the Bonus for Achieving EBITDA. “Achieving EBITDA” shall for the purpose of this letter mean the Company achieving an amount of Adjusted EBITDA for the fiscal year 2018, on a consolidated basis, equal to the Target as approved by the Compensation Committee of the Company on April 11, 2018, as the Adjusted EBITDA is set forth in the financial records of the Company and its subsidiaries calculated on a consistent basis with prior years and as Adjusted EBITDA is defined in the Company’s Annual Report on Form 10-K for the year ending December 31, 2018. |
| (b) | The percentage of base salary payable as Bonus shall be adjusted upward or downward between 75% and 150% of the Bonus amount based on the percentage achievement of the Target, as shown in the table approved by the Compensation Committee of the Company on April 11, 2018. |
3. The Bonus, if earned, shall only be payable to you upon the occurrence of the first to occur of the following events:
| (a) | The achievement by the Company of positive Adjusted EBITDA for one quarter, in any period commencing after December 31, 2018, as shown in the Company’s Quarterly Report on Form 10-Q for the relevant quarter; or |
| (b) | The raising of an additional $15,000,000 of funding after the date hereof. |
| Ipsidy Inc. | ||
| 780 Long Beach Boulevard | www.ipsidy.com | Phone: 516 ###-###-#### |
| Long Beach, NY 11561 | Fax: ###-###-#### |
Mr. Stuart P. Stoller
May 3, 2018
Page 2
The Bonus shall be paid with your regular payroll, subject to all deductions required by law, upon the next payroll date following satisfaction of all the above conditions.
Thank you for your continued service and commitment to the Company.
| Sincerely, | |
| Ipsidy Inc. |
| /s/Philip D. Beck | |
| Philip D. Beck | |
| Chairman and CEO |
