Merchandise 5.02. Departure of Administrators or Sure Officers; Election of Administrators;
Appointment of Sure Officers; Compensatory Preparations of Sure Officers.
Hansen Transition Settlement
Firm’s present report on Type 8-Ok filed on
the Transition Date for functions of aiding with the transition of his duties
till, on the newest,
the “Termination Date,” and the interval from the Transition Date to the
Termination Date, the “Transition Interval”).
Beneath the Transition Settlement, through the Transition Interval,
• proceed to function a full-time worker and obtain his common base wage as in impact on the Transition Date, much less relevant withholdings; • be eligible to take part within the then-available Firm advantages and plans, topic to the phrases and situations, together with eligibility necessities, of such plans, besides that
Mr. Hansenis not going to be eligible to take part within the Firm's bonus applications, obtain any compensation will increase, or obtain any new fairness grants; and • proceed to vest in his excellent fairness grants in accordance with their phrases.
termination of employment.
The Transition Settlement offers that, topic to the phrases and situations
Advantages”) in full satisfaction of the severance advantages within the Employment
• severance pay equal to six months of
Mr. Hansen'sbase wage for the interval of 6 months following the Termination Date, much less relevant withholdings; • reimbursement for the premium prices to proceed well being protection beneath the Consolidated Omnibus Reconciliation Act of 1985 as amended, or COBRA, or taxable month-to-month funds in lieu thereof equal to such premium prices, in both case, for as much as 6 months following the Termination Date; and • if a change in management happens through the interval starting on the efficient date of the Transition Settlement and ending 3 months after the Termination Date (the "Double-Set off Interval"), Mr. Hansenmight be eligible to obtain: o a lump-sum cost equal to six months of his annual base wage, at the best fee in impact through the time period of his Employment Settlement (offset by any prior funds of base wage severance); o a lump-sum cost equal to 100% of his goal annual bonus as in impact for the fiscal 12 months by which his termination of employment happens or, if larger, as in impact for the fiscal 12 months by which the change in management happens; offered, in both case, the Firm has not beforehand paid Mr. Hansena bonus akin to such fiscal 12 months; and o 100% accelerated vesting of all excellent fairness awards, with any performance-based vesting standards deemed achieved at goal ranges, until in any other case specified within the relevant award settlement.
Settlement and his current mental property settlement with
If, previous to the Termination Date,
outlined within the Employment Settlement) or the Firm terminates
entitled to the Severance Advantages.
The foregoing description of the Transition Settlement is just not full and is
certified in its entirety by reference to the total textual content thereof, a duplicate of which
is filed as Exhibit 10.1 hereto.
The Firm publicizes materials info to the general public by means of a wide range of
means, together with filings with the
web site (www.sarcos.com), its investor relations web site
(https://www.sarcos.com/investor-relations/), and its information website
(https://www.sarcos.com/firm/information/#press-releases). The Firm makes use of these
channels, in addition to its social media, together with its Twitter (@Sarcos_Robotics)
and LinkedIn accounts (https://www.linkedin.com/firm/sarcos/), to speak
with buyers and the general public information and developments in regards to the Firm, its
merchandise and different issues. Due to this fact, the Firm encourages buyers, the
media, and others within the Firm to evaluate the data it makes
public in these areas, as such info might be deemed to be materials
Merchandise 9.01. Monetary Statements and Reveals.
(d) Reveals. Exhibit Description Quantity 10.1 Transition Settlement, dated
October 17, 2022, between Steven Hansenand Sarcos Corp.104 Cowl Web page Interactive Information File (formatted as Inline XBRL)
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