UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers |
Microbot Medical Inc. (the “Company”) entered into a Second Amendment to Employment Agreement (the “Amendment”) dated as of January 26, 2022, with Harel Gadot, the Company’s CEO, President and Chairman. Pursuant to the Amendment, Mr. Gadot’s target bonus was increased from 60% of his annual salary to 75% of his annual salary, commencing 2022. Additionally, the Compensation Committee of the Board may review Mr. Gadot’s maximum target bonus on a percentage basis and at its sole discretion, may provide for changes from time to time.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number | Description of Document | |
| 10.1 | Second Amendment to Employment Agreement with Harel Gadot | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| MICROBOT MEDICAL INC. | ||
| By: | /s/ Harel Gadot | |
| Name: | Harel Gadot | |
| Title: | Chief Executive Officer, President and Chairman | |
| Date: February 1, 2022 | ||
Exhibit 10.1
SECOND AMENDMENT TO
EMPLOYMENT AGREEMENT
This Second Amendment (this “Amendment”) to the Employment Agreement effective as of November 28, 2016, as amended on February 25, 2020 (as so amended, the “Agreement”) by and between Microbot Medical Inc., a Delaware corporation, and Harel Gadot (the Executive”), is made as of the 26th day of January, 2022, by and between the Company and the Executive (capitalized terms used herein and not otherwise defined shall have the meanings ascribed to those terms in the Agreement).
RECITALS
WHEREAS, the Company and the Executive are parties to the Agreement; and
WHEREAS, the Company and the Executive desire to amend the Agreement as more particularly set forth herein; and
WHEREAS, Section 19 of the Agreement provides that all terms, conditions and provisions of the Agreement shall remain in full force and effect unless modified, changed, altered or amended, in writing, executed by both parties thereto.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree as follows:
1. Amendments to Agreement.
(b) The Target Bonus shall be increased from up to a maximum amount of sixty percent (60%) of Executive’s Base Salary for performance at the maximum level, to up seventy five percent (75%) of Executive’s Base Salary for performance at the maximum level. The Compensation Committee may review the maximum Target Bonus on a percentage basis annually and may provide for such changes thereto as it may determine, taking into account such performance metrics and criteria of the Executive and of the Company (including peer group comparisons) in the Compensation Committee’s sole discretion.
2. Miscellaneous.
(a) Except as expressly set forth in this Amendment, the Agreement shall remain in full force and effect.
(b) The headings of the sections of this Amendment have been inserted for convenience of reference only and shall not be deemed to be a part of this Amendment.
(c) This Amendment, together with the Agreement, contain the entire agreement between the Company and the Executive with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements and understandings with respect thereto.
(d) This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. Fax and electronic signatures shall be deemed originals for all purposes hereof.
(e) This Amendment shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts.
[Remainder Of This Page Intentionally Left Blank; Signature Page Follows]
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IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment as of the day and year first written above.
| COMPANY: | ||
| Microbot Medical Inc. | ||
| By: | /s/ David Ben Naim | |
| Name: | David Ben Naim | |
| Title: | CFO | |
| EXECUTIVE: | ||
| /s/ Harel Gadot | ||
| Harel Gadot | ||
[SIGNATURE PAGE TO SECOND AMENDMENT]
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