February 27, 2023 Dear Pat, I am pleased to notify you that, effective 2/17/23 (the “Effective Date”), you will assume the title and position of President, North America. containing, subject to the consent and ratification by the Board of Directors...
February 27, 2023 Dear Xxx, I am pleased to notify you that, effective 2/17/23 (the “Effective Date”), you will assume the title and position of President, North America. containing, subject to the consent and ratification by the Board of Directors (the “Board”). Capitalized terms in this Letter Agreement shall have their given meanings or the meanings in your Employment Agreement dated 2/17/23 (“Employment Agreement”) which is hereby incorporated by reference. The purpose of this Letter Agreement is to: (i) summarize the key changes to your Employment Agreement, and (ii) confirm your understanding and acceptance of your new role. New Role: President, North America Position and Duties Your title as described in Section 3 of your Employment Agreement will be President, North America, reporting to the Company’s Chief Operating Officer. Your Duties will be as prescribed by the Chief Operating Officer. Base Salary Your Base Salary as contained in Section 5(a) of your Employment Agreement shall be increased to $380,000 per annum, effective 2/17/23. Target Bonus You will be eligible for an annual Target Bonus of 80% under Section 5(b) of the Employment Agreement. Except as provided herein, the terms of your Employment Agreement remain in full force and effect. No provision of this Letter Agreement may be modified, altered, or amended, except by collective agreement between Hyzon and you in writing approved by the CEO. Sincerely, Xxxxxx Xxxxx President and Interim Chief Executive Officer Kindly acknowledge your acceptance and agreement of the foregoing provisions. Employee Signature: _______________________________ Date: ________ DocuSign Envelope ID: 99096300-237E-4FD5-8856-7BA285BCA2D4 3/3/2023