Amendment to Employment Agreement Between Palladyne AI Corp., Sarcos Corp., and Stephen Sonne (March 2024)
This amendment updates the employment agreement between Palladyne AI Corp. (formerly Sarcos Technology and Robotics Corporation), Sarcos Corp., and Stephen Sonne. Effective January 3, 2024, Stephen Sonne’s target annual bonus is increased to 50% of his current base salary. The amendment requires Stephen Sonne’s acknowledgment and agreement by signature. All other terms of the original employment agreement remain unchanged.
Exhibit 10.7
To: Stephen Sonne
March 28, 2024
Dear Steve:
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 January 30, 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:
Stephen Sonne
/s/ Stephen Sonne
Date: 03/28/2024
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