September 24, 2019
Arthur D. Chadwick
I am delighted to offer you a regular full-time position as Executive Vice President, Chief Financial Officer, reporting to me. I deeply believe we have an exceptional opportunity over the next decade to build an iconic semiconductor company that can change the world. And I know that you share this vision. I am eagerly looking forward to our future collaboration at SiTime Corporation (SiTime or the Company), a wholly owned subsidiary of MegaChips Corporation.
Your compensation will include an annual base salary of $300,000, (paid semi-monthly at a rate of $12,500), less applicable payroll deductions and all required withholdings.
You will be eligible to participate in our Exemplary Performance Bonus Plan. Under this plan, you will be eligible to receive an annual bonus of up to $100,000, to be paid out on a quarterly basis during the month following the end of each quarter; provided, that you (1) meet your pre-determined MBO objectives and goals for the applicable quarter, and (2) are an employee in good standing on the applicable payment date.
You will be eligible to participate in the Companys long-term incentive plans as may be adopted and in effect from to time. The Company intends to implement a stock option plan following the closing of an initial public offering (IPO). Subject to the approval of the Board of Directors of SiTime and the closing of an IPO, you would be eligible for a grant of equity equal to 0.8% of outstanding shares of common stock, of which one-fourth (1⁄4) will be issued on the one year anniversary date of your start date, and one-sixteenth (1/16) each quarter thereafter. Any grant of options and RSUs would be subject the terms and conditions approved by the Board and set forth in the award agreements and applicable plan.
Please note that, as is typical with growth companies like ours, our equity program is under ongoing review and our Board will determine in its discretion whether you will be granted any such equity awards and the terms of any such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.
As the company grows and implements future compensation programs, you will be eligible to participate in these programs.
You will also be eligible for change in control severance benefits subject to approval of the Board and the terms of an approved agreement.
5451 Patrick Henry Drive, Santa Clara, California 95054 408 ###-###-#### sitime.com