Amendment to Employment Agreement Increasing Bonus Target for Denis Garagic – Palladyne AI Corp. and Sarcos Corp.
This amendment, dated March 28, 2024, updates the employment agreement between Denis Garagic, Palladyne AI Corp. (formerly Sarcos Technology and Robotics Corporation), and Sarcos Corp. The key change is an increase in Mr. Garagic’s target annual bonus to 50% of his current base salary. The amendment requires Mr. Garagic’s acknowledgment and agreement by signature. All other terms of the original employment agreement remain unchanged.
Exhibit 10.6
To: Denis Garagic
March 28, 2024
Dear Denis:
We write to confirm and memorialize the decision of the Board of Directors of Palladyne AI Corp. (formerly known as Sarcos Technology and Robotics Corporation) (“Parent”) on January 3, 2024 to increase your target annual bonus percentage by amending the Employment Agreement entered into as of June 12, 2023 by and between Sarcos, Corp., Palladyne AI Corp. and you (the “Agreement”), as follows:
Section 3(b) is hereby amended to replace the first sentence thereof with the following sentence:
Executive will be eligible to receive a bonus targeted annually at 50% of Executive’s then-current Base Salary (the “Bonus”).
Please indicate your acknowledgement of and agreement to the amendment to the Agreement as set forth herein by signing in the space indicated below.
PALLADYNE AI CORP.
By: /s/ Benjamin Wolff
Name: Benjamin Wolff
Title: Chief Executive Officer
SARCOS CORP.
By: /s/ Benjamin Wolff
Name: Benjamin Wolff
Title: Chief Executive Officer
Acknowledged and agreed:
Denis Garagic
/s/ Denis Garagic
Date: 03/28/2024
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