initial target annual bonus opportunity and her ability to participate in our employee benefit plans generally. Dr. Lecault’s continuation of employment agreement provides that if she voluntarily resigns from the Company, she must provide the Company with three months’ prior written notice, which the Company may waive and provide payment of base salary in lieu of such notice. The employment agreement also provides for certain payments and benefits in the event of a termination of employment, which were superseded and replaced by the terms in the Executive Severance Plan, or Severance Plan.
Dr. Lecault is subject to a perpetual non-disclosure of confidential information covenant, an assignment of intellectual property covenant and one (1) year non-compete and non-solicitation of clients and employees covenants following her termination from employment.
Tryn Stimart, Esq.
On July 10, 2019, we entered into an offer letter with Mr. Stimart, who currently serves as our Chief Legal Officer, Chief Compliance Officer & Corporate Secretary. The offer letter, effective as of August 22, 2019, provides for Mr. Stimart’s initial annual base salary, initial target annual bonus opportunity, a $200,000 discretionary bonus for 2020, up to $30,000 for relocation expenses (which Mr. Stimart has not incurred), as well as his ability to participate in our employee benefit plans generally. Mr. Stimart’s offer letter also provides for certain payments and benefits in the event of a termination of employment, which has been superseded and replaced by the terms in the Severance Plan. Mr. Stimart received a discretionary bonus of $200,000 in 2020.
Mr. Stimart is subject to a perpetual non-disclosure of confidential information covenant, an assignment of intellectual property covenant and one (1) year non-compete and non-solicitation of clients and employees covenants following his termination from employment.
Andrew Booth
On April 12, 2019, we entered into an offer letter with Mr. Booth, who currently serves as our Chief Financial Offer. The offer letter, effective as of August 22, 2019, provides for Mr. Booth’s initial annual base salary, initial target annual bonus opportunity, a one-time signing bonus of $15,046, source CAD amount translated at a ratio of CAD $1.3292:$1.00 USD, as set forth by the Bank of Canada, as well as his ability to participate in our employee benefit plans generally. Mr. Booth’s offer letter also provides for certain payments and benefits in the event of a termination of employment, which has been superseded and replaced by the terms in the Severance Plan.
Mr. Booth is subject to a perpetual non-disclosure of confidential information covenant, an assignment of intellectual property covenant and one (1) year non-compete and non-solicitation of clients and employees covenants following his termination from employment.
Neil Berkley
On June 9, 2021, we entered into an employment agreement with Mr. Berkley, who currently serves as our Chief Business Officer. The employment agreement, effective as of July 12, 2021, provides for Mr. Berkley’s initial annual base salary, initial target annual bonus opportunity, up to $30,000 for travel expenses, a one-time signing bonus of $70,000, as well as his ability to participate in our employment benefit plans generally. In addition, Mr. Berkley is also entitled to receive a reimbursement of certain travel and lodging expenses, on a grossed-up basis, for Mr. Berkley to travel to our corporate headquarters for a period of two years following the issuance of Mr. Berkley’s Canadian work permit (provided that Mr. Berkley’s principal residence is outside of Canada during such period).
Mr. Berkley is subject to the terms of the Severance Plan.
Mr. Berkley is subject to a perpetual non-disclosure of confidential information covenant, an assignment of intellectual property covenant and one (1) year non-compete and non-solicitation of clients and employees covenants following his termination from employment.
Executive Severance Plan
Our Board of Directors adopted the Severance Plan, which became effective on December 10, 2020, and in which our NEOs, and certain other executives, participate. The benefits provided in the Severance Plan replace any severance for which our NEOs may have been eligible under their existing offer letters or other agreements or arrangements.