Amendment to Employment Agreement between Lynne Brum and Yield10 Bioscience, Inc.
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Summary
This amendment temporarily reduces Lynne Brum's weekly base salary to $684 starting December 4, 2023, with the reduction lasting until Yield10 Bioscience, Inc. secures additional funding, but no later than January 26, 2024. The difference between her original and reduced salary will be paid back to her by February 16, 2024, if the company raises the necessary funds. All other terms of her original employment agreement remain unchanged, and this temporary adjustment does not constitute "Good Reason" for resignation under the agreement.
EX-10.9 4 yten-20231231x10kexh109.htm EX-10.9 Document
Exhibit 10.9
Amendment to Employment Agreement
This Amendment (“the Amendment”) is made by Lynne Brum and Yield10 Bioscience, Inc. (the “Company” or “Yield10”), parties to the employment agreement dated March 28, 2017 (“the Agreement”).
The Agreement is amended as follows:
Commencing on December 4, 2023, Lynne Brum's weekly base salary will be temporarily adjusted to $684 per week. Subject to the Company raising additional funding to support its ongoing operations, the parties agree that this adjustment is temporary and will revert to Lynne Brum's 2023 gross base salary level on or before January 26, 2024. During this period, the amount representing the difference between Lynne Brum's total temporary base salary and 2023 total gross base salary will be retained by Yield10. Subject to the Company raising additional funding to support its ongoing operations, Yield10 agrees to pay Lynne Brum the total retained unpaid salary amount on or before February 16, 2024.
All payments will be subject to applicable taxes. The parties agree that the payment of the retained unpaid salary amount is intended to qualify as a short-term deferral for purposes of Section 409A of the Code and each payment shall be a separate payment for purposes of Section 409A of the Code; provided, however, Yield10 does not guarantee the tax treatment or tax consequences under this Amendment.
Except as set forth in this Amendment as described above, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. In particular, the temporary change to base salary in this amendment is not intended to represent the definition of “Base Salary” used in Section 3 “Compensation”, Section 5 “Effect of Termination” of the Agreement, the “at will” nature of Lynne Brum's employment. If there is conflict between this Amendment and the Agreement, the terms of the Agreement will prevail. However, notwithstanding the foregoing, Lynne Brum explicitly acknowledges and agrees that the arrangements set forth in this Amendment shall not be the basis for “Good Reason” under the Agreement.
Signed: | /s/ Lynne Brum | |||||||
Printed Name: | Lynne Brum | |||||||
Title: | VP, Planning and Communications | |||||||
Date: | 12/6/2023 |
Signed: | /s/ Anthony J. Sinskey | |||||||
Printed Name: | Anthony J. Sinskey | |||||||
Title: | Chairman of the Compensation Committee, Yield10 Bioscience, Inc., Board of Directors | |||||||
Date: | 12/6/2023 |