Exhibit 10.3
October 1, 2024
Dear James,
We are pleased to confirm the following updates to your Symbotic employment offer dated June 10, 2024:
Your start date with the company will be October 1, 2024. From October 1 through December 31 (the “Transition Period”), you will be working part time in an advisory role and will transition to full-time as the Chief Technology Officer on January 1, 2025. You will not receive base salary or benefits during the Transition Period.
In consideration of the Transition Period, after the compensation committee’s first regularly scheduled meeting following your start date of October 1, 2024, you will receive 25% of the initial Equity Awards originally communicated in your employment offer; $3,750,000 in in the form of restricted stock units (“RSUs”) and $1,500,000 in the form of PSUs (the “PSU Award”).
The remaining 75% of the initial Equity Awards will be issued in January 2025.
Additionally, you will receive a $50,000 sign-on bonus less all applicable taxes and withholdings which will be paid within one month of you joining us full time on January 1, 2025. This sign-on bonus will be considered eligible earnings for the purposes of calculating your Short-Term Incentive Plan (“STIP”) payment in connection with Fiscal Year 2025 performance.
The above terms have been established to ease your transition into your new role while ensuring an equitable ramp-up to your full responsibilities starting January 1, 2025.
