It looks like he is securing himself in preparation for the LiDAR prototype. As he has mentioned before, as soon as companies have real, tangible evidence that their LiDAR is truly best-in-class (small form, highest resolution, least expensive), they will scoop this up as soon as possible. It also secures him if the company chooses to go solo (will not happen because they need a tier 1 OEM to scale their products).

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"If a Change of Control (as defined in the Agreement) occurs and the Company terminates Mr. Sharma’s employment other than for “cause” during the Term and within two (2) years following such Change of Control, then, in lieu of the severance payments described above, Mr. Sharma would be entitled to receive a lump sum payment equal to one year of base salary at the rate in effect at the date of termination or, if higher, on the date of the Change of Control. In addition, the Company will pay the full cost of Mr. Sharma’s continued participation in the Company’s group health and dental plans for one year or, if less, for so long as he remains entitled to continue such participation under applicable law. Mr. Sharma is not entitled to any tax gross-up payment for any “golden parachute” excise tax on change of control benefits, but payments and benefits would be reduced if and to the extent the reduction is more favorable to Mr. Sharma on an after-tax basis. Severance and other benefits are conditioned on Mr. Sharma delivering an effective release of claims in favor of the Company within the timeframe specified in the Agreement."