Sarcos Technology (STRC) Appoints Trevor Thatcher as CFO

On March 5, 2024, the Board of Directors (the “Board”) of Sarcos Technology (NASDAQ: STRC) appointed Trevor Thatcher as Chief Financial Officer of the Company. On February 29, 2024, The Company’s Chief Executive Officer, Benjamin Wolff and the Company’s then Chief Financial Officer, Andrew Hamer, discussed that it was an opportune time for a transition in the Company’s finance leadership, and that Mr. Thatcher was well qualified to assume the role of Chief Financial Officer. Mr. Hamer ceased serving as the Company’s Chief Financial Officer on March 5, 2024 upon the appointment of Mr. Thatcher to that position. On March 8, 2024, Mr. Hamer’s employment will terminate, and he will no longer serve in any other position at the Company or any of its subsidiaries. The Company thanks Mr. Hamer for his dedicated service.

Mr. Thatcher, 38, has served as the Vice President, Corporate Controller of the Company since December 2021. Prior to joining the Company, Mr. Thatcher served in various roles at LifeVantage Corporation, a direct selling company, from October 2014 to December 2021 including as the Senior Vice President, Corporate Controller, Vice President Corporate Controller, and U.S. Controller. Mr. Thatcher is a licensed certified public accountant in the state of Utah. Mr. Thatcher holds Bachelor of Science degrees in accounting and economics from Utah State University and a Master of Accounting degree from the University of Utah.

There are no family relationships between Mr. Thatcher and any director or executive officer of the Company, and the Company has not entered into any transactions with Mr. Thatcher that are reportable pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended (the “Securities Act”). There are no arrangements or understandings between Mr. Thatcher and any other persons pursuant to which he was selected as Chief Financial Officer.

Thatcher Employment Agreement

In connection with his appointment as Chief Financial Officer, Mr. Thatcher, Sarcos Corp. (a wholly-owned subsidiary of the Company), and the Company entered into an employment agreement on March 5, 2024 (the “Thatcher Employment Agreement”), which is attached as Exhibit 10.1 hereto. The Thatcher Employment Agreement does not have a specific term and provides that Mr. Thatcher is an at-will employee. Pursuant to the Thatcher Employment Agreement, Mr. Thatcher is entitled to an initial base salary of $300,000 per year and is eligible to receive an annual target bonus of 35% of Mr. Thatcher’s then-current annual base salary.

In connection with Mr. Thatcher’s appointment as Chief Financial Officer, on the first Quarterly Vesting Date (as defined in the Thatcher Employment Agreement) following his appointment as Chief Financial Officer (the “Grant Date”), it is expected that the Compensation Committee of the Board will grant to Mr. Thatcher an award of 100,000 restricted stock units with respect to shares of the Company’s common stock, which award will vest as to 25% of the award on the first anniversary of the Grant Date, and as to 1/12 of the remaining portion of the award every Quarterly Vesting Date thereafter, subject to Mr. Thatcher’s continued service. The equity award described in this paragraph will be granted subject to the terms and conditions of the Company’s 2021 Equity Incentive Plan and applicable forms of award agreement.

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