
| Page2 Compensation of Employee (a) Salary - The Company shall pay you, and you agree to accept from the Company in payment for your services to the Company, a salary of $220,000.00 per year (the "Yearly Salary"), payable in equal bi-monthly installments on regular dates established by the Company, subject to applicable tax withholding requirements. Any proposed increase of your salary, compensation or benefits must be approved by the CEO. (b) Annual Performance Bonus - You will be eligible to receive an annual bonus based on the Company's performance and your individual KPI performance. To incentivize you to remain employed with the Company, you must be employed on the date any bonus is paid in order to earn the bonus. ( c) Stock Option - Subject to the approval of the Board and in accordance with the existing policies and plans of the Company governing the vesting practices, you will be granted four hundred thousand (400,000) shares of stock options of Phoenix Motor Inc's Common Stock. (d) PTO & Holidays - 4 weeks (20 days) Paid Time off (PTO), accrued on a monthly basis for each full month of employment. PTO may be applied to vacations, sick days, doctor visits, or other personal leaves and time off as you may choose, not to exceed your total accrual. Prior supervisor approval should be obtained whenever possible, emergency situations notwithstanding. Standard company holidays are established by Company management during the first few weeks of each year. For the current year (2021) the Company currently recognizes nine (9) fixed holidays and one floating holiday. A list of approved holidays is included as an addendum to the employee handbook which will be provided by the Human Resources Department. (e) Insurance - Effective the first day of the month following 30 days of employment, you will be eligible to participate in the Company healthcare benefit plan which includes medical, dental and vision coverage for you and your family. The Company pays 75% of the Gold 0/30 BlueShield of California plan cost of employee and eligible Family member. 75% of the cost of coverage for you, as an employee and eligible family. The company will also contribute 75% oflife insurance coverage for you equivalent to your base annual wage rate, subject to coverage limitations of the insurance carrier. Although you may be eligible for such benefits if they become available in the future, the Company does not promise or represent that such benefits will in fact become available or that once made available they will be continued. (f) 40l(k) Plan - The Company offers a 401K plan. You will be eligible to enter the plan at the beginning of the month following completion of 90 days employment. There is no Company match for the plan at this time, but the Company may elect to make future contributions to the plan at its sole discretion. (g) Employee Expenses - The Company will reimburse you for pre-approved business expenses (approved by the CEO, as provided within the guidelines of the Company's expense policy. All expenses shall be subject to review and approval by your direct report and shall require reasonable documentation. Phoenix Cars LLC. 1500 Lakeview Loop, Anaheim, CA 92807 USA Company Confidential |