Amendment to CEO Employment Agreement between Monogram Orthopaedics Inc. and Benjamin Sexson (October 17, 2018)
Monogram Orthopaedics Inc. offers Benjamin Sexson employment as Chief Executive Officer, with terms including a base salary that increases upon certain financing milestones, eligibility for annual performance bonuses, and equity grants tied to company performance. The agreement provides for standard employee benefits, vacation, and pre-emptive rights to maintain equity position. Employment is at-will, but if terminated without cause, Mr. Sexson is entitled to severance and accelerated equity vesting. The agreement also covers confidentiality obligations and terms for any loans made by Mr. Sexson to the company.
Exhibit 10.2
Note: This is an amendment to the April 29, 2018 agreement to reflect the term extension.
October 17, 2018
Mr. Benjamin Sexson
22655 Napoli
Laguna Hills, CA 92653
Dear Ben:
Monogram Orthopaedics Inc. (the “Company”) is pleased to offer you employment as the Chief Executive Officer of the Company (the “CEO”), commencing on April 29, 2018, or such other date as we agree (the “Commencement Date”). This letter sets forth certain terms of your employment.
You shall also receive pre-emptive rights permitting you to preserve your vested equity position in the Company in the event of any additional issuances of Company common stock (or securities convertible into common stock), at a per-share price equal to then current fair market value, as reasonably determined by the Board in good faith.
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Please confirm your agreement with all of the foregoing by signing and returning a copy of this letter to the Company.
| Sincerely, |
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| | | | |
| MONOGRAM ORTHOPAEDICS INC. | | ||
| | | | |
| | By: | | |
| | Name: | Doug Unis | |
| | Title: | President | |
Accepted and Agreed:
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Benjamin Sexson | |
Date: October 17, 2018 | |
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