Promotion and Compensation Agreement for Margaret as Vice President, Corporate Controller and Principal Accounting Officer
This letter agreement promotes Margaret to Vice President, Corporate Controller and Principal Accounting Officer, effective January 1, 2019, reporting to the CEO. Her annual base salary is set at $265,000 with a target bonus of 30%. She is recommended for a stock option grant of 10,000 shares, vesting over four years. Margaret will also participate in the Executive Severance Benefit Plan, entitling her to severance pay if terminated without cause or if she resigns for good reason, with enhanced benefits in the event of a change in control.
Exhibit 10.4
27 December 2018, updated January 5, 2019
Dear Margaret:
We are pleased to promote you to Vice President, Corporate Controller and Principal Accounting Officer, effective January 1, 2019, reporting to Wouter Latour, CEO.
Your annual base salary will be increased to $265,000, effective January 1, 2019. Your target bonus% will be increased to 30%, effective January 1, 2019.
In addition, we will recommend to the Company’s Board of Directors that you be granted an incentive stock option to purchase 10,000 shares of the Company’s common stock. The option will vest over 48 months, with a 12-month cliff and a vesting start date of January 1, 2019.
You will participate in the Executive Severance Benefit Plan (the “Plan”), under which, if you are terminated without Cause or you resign for Good Reason (as defined in the Plan) you will be eligible for severance of three months if there is no change in control, and six months if the termination results under a change in control.
Thank you for your support and contributions.
Best regards
/s/ Wouter Latour
Wouter Latour
CEO
