Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This Employment
Agreement (“Agreement”) is made as of the 18th day of June, 2014, between Advanced Cell Technology, Inc., a Delaware
corporation (the “Company”), and Paul K. Wotton, Ph.D. (the “Executive”) and shall become effective on
the first day of Executive’s employment with the Company (the “Effective Date”).

 

WHEREAS,
the Company and the Executive desire that the Executive be employed by the Company on the terms and conditions set forth herein
commencing on the Effective Date;

 

WHEREAS,
the Board of Directors of the Company (the “Board”) has approved and authorized the entry into this Agreement with
Executive.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.              
Position and Duties. The Executive shall serve as the President and Chief Executive Officer of the Company (“CEO”),
and shall have such powers and duties as may from time to time be prescribed by the Board of Directors of the Company (the “Board”).
As long as the Executive is CEO, he will serve as a member of the Board. The Executive shall devote his full working time and efforts
to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may serve on up to two other boards of
directors, with the prior approval of the Board, or engage in religious, charitable or other community activities as long as such
services and activities are disclosed to the Board and do not interfere with the Executive’s performance of his duties to
the Company as provided in this Agreement.

 

2.              
Compensation and Related Matters.

 

(a)            
Base Salary. The Executive’s base salary shall be paid at the rate of $575,000 per year. The Executive’s
base salary may be redetermined annually by the Board or the Compensation Committee. The annual base salary in effect at
any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent
with the Company’s usual payroll practices for senior executives.

 

(b)           
Incentive Compensation. The Executive shall be eligible to receive cash incentive compensation as determined by
the Board or the Compensation Committee from time to time. The Executive’s target annual incentive compensation shall
be 55% percent of his Base Salary, prorated based on the Effective Date. To earn incentive compensation, the Executive must be
employed by the Company on the day such incentive compensation is paid.

 

(c)            
Expenses/Legal Fees. The Executive shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by the Executive in performing services hereunder, in accordance with the policies and procedures then in effect and established
by the Company for its senior executive officers. The Company will reimburse the Executive up to $5,000 for legal fees he incurs
in connection this Agreement and related documents.

 

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(d)           
Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee
benefit plans, including any executive equity compensation plans, in effect from time to time, subject to the terms of such plans.

 

(e)            
Vacations. The Executive shall be entitled to accrue up to twenty-five (25) paid vacation days in each year, which
shall be accrued ratably, subject to an accrual cap of five (5) weeks. The Executive shall also be entitled to all paid holidays
given by the Company to its executives.

 

(f)            
Relocation Reimbursement. The Company will reimburse Executive up to fifty thousand dollars ($50,000) for expenses
in connection with Executive’s relocation of Executive’s principal residence to the Boston area (“Relocation
Amount”). Executive must relocate to the Boston area by a date to be determined by the Board after consultation with Executive.
Acceptable uses of the Relocation Amount include temporary housing, moving expenses, visits to the Boston area, the closing costs
associated with selling Executive’s current home and purchasing a new residence in the Boston area and other reasonable move-related
items (collectively “Relocation Expenses”). Appropriate supporting documentation (i.e., itemized receipts) of the Relocation
Expenses must be submitted within 45 days after the Relocation Expenses were incurred and prior to reimbursement. The Company will
determine in its reasonable, good faith judgment what, if any, of Executive’s reimbursed Relocation Expenses are for nondeductible
expenses in accordance with applicable law and will comply with associated withholding and tax reporting obligations. If Executive
resigns other than for Good Reason (defined below) or is terminated by the Company for Cause (defined below) at any time prior
to the one year anniversary of the Effective Date, Executive must repay all Relocation Expenses to the Company within ten (10)
days of the Date of Termination (defined below) (the "Relocation Reimbursement”).

 

(g)           
Equity.

 

(i)             
Stock Options. The Executive shall be granted options under the Company’s 2005 Stock Incentive Plan to purchase
30,000,000 shares of the Company’s common stock at the fair market value on the date of the option grant (the “Award
Date”). Provided the Executive is a Company employee on the applicable vesting date and subject to the acceleration provisions
in Sections 4 and 5 of this Agreement, Executive’s right to exercise the options will vest as follows: 25% on the first anniversary
of the Award Date; and the remaining 75% in equal monthly installments over the following 36 months on the first day of each such
month.

 

(ii)           
Stock Unit Awards. The Executive shall be granted stock unit awards under the Company’s 2005 Stock Incentive
Plan equaling 30,000,000 shares of the Company’s common stock (the “SUAs”). Provided the Executive is a Company
employee on the applicable vesting date and subject to the acceleration provisions in Sections 4 and 5 of this Agreement, the SUAs
will vest as follows: one-third on the first anniversary of the Award Date; an additional one-third on the second anniversary of
the Award date; and the remaining one-third on the third anniversary of the Award Date.

 

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(iii)         
Other Equity Awards. Executive shall be eligible for annual equity awards at the discretion of the Board of Directors,
including any such awards issuable under an equity plan applicable to all other executive officers of the Company.

 

(iv)         
This Section 2(g) is only a summary of the Executive’s equity awards; the Company’s 2005 Stock Incentive Plan
and associated agreements, including any form of agreement approved by the Board of Directors effecting the grant of the SUAs (the
“Equity Documents”) shall govern the terms and conditions of Executive’s equity awards.

 

3.              
Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement under
the following circumstances:

 

(a)            
Death. The Executive’s employment hereunder shall terminate upon his death.

 

(b)           
Disability. The Company may terminate the Executive’s employment if he is disabled and unable to perform the
essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable
accommodation for a period of 180 days (which need not be consecutive) in any 12-month period. If any question shall arise as to
whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company
shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive
or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability
is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive
shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise
and the Executive shall fail to submit such certification, the Company’s determination of such issue shall be binding on
the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law
including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans
with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)            
Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause.
For purposes of this Agreement, “Cause” shall mean: (i) conduct by the Executive constituting a material act of misconduct
in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the Company
or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal
purposes; (ii) the indictment, formal charge, or conviction of the Executive of any felony or a misdemeanor involving moral turpitude,
deceit, dishonesty or fraud, or any conduct by the Executive that would reasonably be expected to result in material injury or
material reputational harm to the Company or any of its subsidiaries and affiliates if he were retained in his position; (iii)
continued non-performance by the Executive of his duties hereunder (other than by reason of the Executive’s physical or mental
illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from
the Board of Directors; (iv) a material breach by the Executive of any of the provisions contained in Section 8 of this Agreement;
(v) a material violation by the Executive of the Company’s written employment policies, including, without limitation, any
insider trading policies (or related procedures) in effect from time to time; or (vi) failure to cooperate with a bona fide internal
investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate,
or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.

 

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(d)           
Termination Without Cause. The Company may terminate the Executive’s employment hereunder at any time without
Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination
for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall
be deemed a termination without Cause.

 

(e)            
Termination by the Executive. The Executive may terminate his employment hereunder at any time for any reason, including
but not limited to Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied
with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a
material diminution in the Executive’s responsibilities, authority or duties; (ii) a material diminution in the Executive’s
Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting
all or substantially all senior management employees of the Company; (iii) a change in the principal location at which the Executive
provides services to the Company of 50 miles or more; or (iv) the material breach of this Agreement by the Company (each a “Good
Reason Condition”). Notwithstanding the foregoing, a suspension of the Executive’s responsibilities, authority and/or
duties for the Company during any portion of a bona fide internal investigation or an investigation by regulatory or law enforcement
authorities shall not be a Good Reason Condition. “Good Reason Process” shall mean that (I) the Executive reasonably
determines in good faith that a Good Reason Condition has occurred; (II) the Executive notifies the Company in writing of the first
occurrence of the Good Reason Condition within 60 days of the first occurrence of such condition; (III) the Executive cooperates
in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”),
to remedy the Good Reason Condition; (IV) notwithstanding such efforts, the Good Reason Condition continues to exist; and (V) the
Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason Condition
during the Cure Period, Good Reason shall be deemed not to have occurred.

 

(f)            
Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the
other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate
the specific termination provision in this Agreement relied upon.

 

(g)           
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by his death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability under Section
3(b) or by the Company with or without Cause under Sections 3(c) or 3(d), the date on which Notice of Termination is given; (iii)
if the Executive’s employment is terminated by the Executive under Section 3(e) without Good Reason, 30 days after the date
on which a Notice of Termination is given, and (iv) if the Executive’s employment is terminated by the Executive under Section
3(e) with Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the
foregoing in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate
the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this Agreement.

 

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4.              
Compensation Upon Termination.

 

(a)            
Termination Generally. If the Executive’s employment with the Company is terminated for any reason, the Company
shall pay or provide to the Executive (or to the Executive’s authorized representative or estate): (i) any Base Salary earned
through the Date of Termination, unpaid expense reimbursements (subject to, and in accordance with, Section 2(c) of this Agreement)
and unused vacation that accrued through the Date of Termination (collectively, the “Accrued Benefit”); and (ii) any
vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested
benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans. The Accrued Benefit shall be
paid on or before the time required by law but in no event more than 30 days after the Executive’s Date of Termination.

 

(b)           
Termination by the Company Without Cause or by the Executive with Good Reason. If the Executive’s employment
is terminated by the Company without Cause as provided in Section 3(d), or the Executive terminates his employment for Good Reason
as provided in Section 3(e), then the Company shall pay the Executive his Accrued Benefit. In addition, subject to the Executive
signing a separation agreement containing, among other provisions, a general release of claims in favor of the Company and related
persons and entities, confidentiality, return of property and non-disparagement and a reaffirmation of the Executive’s existing
restrictive covenants, in a form and manner satisfactory to the Company (the “Separation Agreement and Release”) and
the Separation Agreement and Release becoming irrevocable within the time period set forth in the Separation Agreement and Release,
and in no event longer than 60 days after the Date of Termination:

 

(i)             
the Company shall pay the Executive an amount equal to the Executive’s Base Salary plus his earned but unpaid incentive
compensation as of the Date of Termination, if any (the “Severance Amount”). The Severance Amount shall be payable
in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60
days after the Date of Termination (such 12-month period, the “Severance Period”); provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments shall begin to be paid in the second
calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment
to cover amounts retroactive to the day immediately following the Date of Termination.

 

(ii)           
if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then, subject to the Executive’s copayment of premium amounts at the active employees’
rate, the Company shall pay the remainder of the premiums for the Executive’s participation in the Company’s group
health plan: (I) for 12 months; (II) until the Executive becomes eligible for group medical care coverage through other employment;
or (III) for the Executive’s COBRA health continuation period, whichever ends earliest; provided that Executive notifies
the Company promptly when Executive becomes eligible for group medical care coverage through another employer, and responds promptly
to any reasonable inquires related to COBRA eligibility;

 

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(iii)         
any time-based stock options or other time-based stock-based awards held by the Executive as of the Date of Termination
that otherwise would have vested during the twelve (12)-month period immediately following the Date of Termination had Executive’s
employment not been terminated shall become vested and exercisable on the Date of Termination, and the exercise of any such stock
options or awards shall be subject to the terms of all relevant equity plans and agreements;

 

(iv)         
any performance based stock options or other stock based awards will not terminate until three months after the Date of
Termination (the “Post Employment Period”). If a performance based-milestone is achieved during the Post-Employment
Period, you shall be entitled to the same vesting with respect to the applicable performance based equity award that you would
have vested in if you had been employed on the date of the achievement of the performance milestone.

 

(v)           
Notwithstanding the foregoing, if the Executive materially breaches any of the provisions contained in Section 8 of this
Agreement, all payments and the vesting opportunities under this Section 4(b) shall immediately cease.

 

5.              
Change in Control Payment. The provisions of this Section 5 set forth certain terms of an agreement reached between
the Executive and the Company regarding the Executive’s rights and obligations upon the occurrence of a Change in Control
of the Company. These provisions are intended to assure and encourage in advance the Executive’s continued attention and
dedication to his assigned duties and his objectivity during the pendency and after the occurrence of any such event. These provisions
shall apply in lieu of, and expressly supersede, the provisions of Section 4(b) regarding severance pay and benefits upon a termination
of employment, if such termination of employment occurs within 12 months after the occurrence of the first event constituting a
Change in Control. These provisions shall terminate and be of no further force or effect beginning 12 months after the occurrence
of a Change in Control.

 

(a)            
Change in Control. Notwithstanding anything to the contrary in any applicable option agreement or stock-based award
agreement, all time-based stock options and other time based stock-based awards held by the Executive shall immediately accelerate
and become fully exercisable or nonforfeitable as of the Date of the Change of Control. The exercise of any such stock options
or awards shall be subject to the terms of all relevant equity plans and agreements. In addition, if, within 12 months after a
Change in Control, the Executive’s employment is terminated by the Company without Cause as provided in Section 3(d) or the
Executive terminates his employment for Good Reason as provided in Section 3(e), then, subject to the signing of the Separation
Agreement and Release by the Executive and the Separation Agreement and Release becoming irrevocable, all within 60 days after
the Date of Termination,

 

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(i)             
the Company shall pay the Executive a lump sum payment equal to two years of the Executive’s Base Salary in effect
as of the Date of the Change of Control (or the Executive’s Base Salary in effect immediately prior to the Change in Control,
if higher) plus his earned but unpaid incentive compensation as of the Date of Termination, if any;

 

(ii)           
if the Executive was participating in the Company’s group health plan immediately prior to the Date of Termination
and elects COBRA health continuation, then, subject to the Executive’s copayment of premium amounts at the active employees’
rate, the Company shall pay the remainder of the premiums for the Executive’s participation in the Company’s group
health plan: (I) for 12 months; (II) until the Executive becomes eligible for group medical care coverage through other employment;
or (III) for the Executive’s COBRA health continuation period, whichever ends earliest; provided that Executive notifies
the Company promptly when Executive becomes eligible for group medical care coverage through another employer, and responds promptly
to any reasonable inquires related to COBRA eligibility; and

 

(iii)         
the amounts payable under this Section 5(a) shall be paid or commence to be paid within 60 days after the Date of Termination,
provided, however that if the 60 day period begins in one calendar year and ends in a second calendar year, such payment shall
be paid or commence to be paid in the second calendar year by the last day of such 60 day period.

 

(b)           
Additional Limitation.

 

(i)             
Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or
distribution by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Internal Revenue Code of
1986, as amended (the “Code”) and the applicable regulations thereunder (the “Severance Payments”), would
be subject to the excise tax imposed by Section 4999 of the Code, the following provisions shall apply:

 

(A)          
If the Severance Payments, reduced by the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income
and employment taxes payable by the Executive on the amount of the Severance Payments which are in excess of the Threshold Amount,
are greater than or equal to the Threshold Amount, the Executive shall be entitled to the full benefits payable under this Agreement.

 

(B)          
If the Threshold Amount is less than (x) the Severance Payments, but greater than (y) the Severance Payments reduced by
the sum of (1) the Excise Tax and (2) the total of the Federal, state, and local income and employment taxes on the amount of the
Severance Payments which are in excess of the Threshold Amount, then the Severance Payments shall be reduced (but not below zero)
to the extent necessary so that the sum of all Severance Payments shall not exceed the Threshold Amount. In such event, the Severance
Payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments
subject to Section 409A of the Code; (3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent
any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological
order.

 

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(ii)           
For the purposes of this Section 5(b), “Threshold Amount” shall mean three times the Executive’s “base
amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder less one dollar ($1.00);
and “Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred
by the Executive with respect to such excise tax.

 

(iii)         
The determination as to which of the alternative provisions of Section 5(b)(i) shall apply to the Executive shall be made
by a nationally recognized accounting firm selected by the Company (the “Accounting Firm”), which shall provide detailed
supporting calculations both to the Company and the Executive within 15 business days of the Date of Termination, if applicable,
or at such earlier time as is reasonably requested by the Company or the Executive. For purposes of determining which of the alternative
provisions of Section 5(b)(i) shall apply, the Executive shall be deemed to pay federal income taxes at the highest marginal rate
of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state
and local income taxes at the highest marginal rates of individual taxation in the state and locality of the Executive’s
residence on the Date of Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction
of such state and local taxes. Any determination by the Accounting Firm shall be binding upon the Company and the Executive.

 

(c)            
Definitions. For purposes of this Section 5, the following terms shall have the following meanings:

“Change
in Control” shall mean any of the following:

 

(i)             
any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Act”) (other than the Company, any of its subsidiaries, or any trustee, fiduciary or other person or entity holding
securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together with all “affiliates”
and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial
owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing
50 percent or more of the combined voting power of the Company’s then outstanding securities having the right to vote in
an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of securities
directly from the Company); or

 

(ii)           
the date a majority of the members of the Board is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board before the date of the appointment or election; or

 

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(iii)         
the consummation of (A) any consolidation or merger of the Company where the stockholders of the Company, immediately prior
to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined
in Rule 13d-3 under the Act), directly or indirectly, shares representing in the aggregate more than 50 percent of the voting shares
of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B)
any sale or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan)
of all or substantially all of the assets of the Company.

 

Notwithstanding
the foregoing, a “Change in Control” shall not be deemed to have occurred for purposes of the foregoing clause (i)
solely as the result of an acquisition of securities by the Company which, by reducing the number of shares of Voting Securities
outstanding, increases the proportionate number of Voting Securities beneficially owned by any person to 50 percent or more of
the combined voting power of all of the then outstanding Voting Securities; provided, however, that if any person referred to in
this sentence shall thereafter become the beneficial owner of any additional shares of Voting Securities (other than pursuant to
a stock split, stock dividend, or similar transaction or as a result of an acquisition of securities directly from the Company)
and immediately thereafter beneficially owns 50 percent or more of the combined voting power of all of the then outstanding Voting
Securities, then a “Change in Control” shall be deemed to have occurred for purposes of the foregoing clause (i).

 

6.              
Section 409A.

 

(a)            
Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service
within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee”
within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes
entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation
otherwise subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application
of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date
that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s
death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a catch-up
payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision,
and the balance of the installments shall be payable in accordance with their original schedule.

 

(b)           
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company
or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year
in which the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year
shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except
for any lifetime or other aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits
is not subject to liquidation or exchange for another benefit.

 

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(c)            
To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination
of employment, then such payments or benefits shall be payable only upon the Executive’s “separation from service.”
The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions
set forth in Treasury Regulation Section 1.409A-1(h).

 

(d)           
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that
any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in
such a manner so that all payments hereunder comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended
to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). The parties agree that this Agreement
may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code
and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost
to either party.

 

(e)            
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any
provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not
satisfy an exemption from, or the conditions of, such Section.

 

7.              
Indemnity. The Company shall to the extent permitted by law, indemnify and hold Executive harmless from costs, expense
or liability arising out of or relating to any acts or decisions made by Executive in the course of his employment to the same
extent Company indemnifies and holds harmless other officers and directors of Company in accordance with Company’s established
policies. This indemnity shall include, without limitation, advancing Executive attorney’s fees to the fullest extent permitted
by applicable law. Company agrees to continuously maintain Directors and Officers Liability Insurance with limits of coverage the
same as currently in effect, unless a change is mutually agreed upon by Executive and the Board of Directors of Company, and to
include Executive within said coverage while Executive is employed by Company and for at least thirty-six (36) months after the
termination of Executive's employment by Company.

 

8.              
Confidential Information, Noncompetition and Cooperation.

 

(a)            
Restrictive Covenant. The Executive agrees to comply with the Employee Non-Competition, Non-Solicitation, Confidentiality
and Assignment Agreement attached hereto as Exhibit 1 (the “Employee Agreement”), the terms of which are hereby incorporated
by reference into Section 8 of this Agreement.

 

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(b)           
Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of
any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information
or the Executive’s engagement in any business. The Executive represents to the Company that the Executive’s execution
of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties
for the Company will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s
work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights
of any such previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other
tangible embodiments of non-public information belonging to or obtained from any such previous employment or other party.

 

(c)            
Litigation and Regulatory Cooperation. During and after the Executive’s employment, the Executive shall cooperate
fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Company which relate to events or occurrences that transpired while the Executive was employed by the
Company. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to,
being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company
in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or
review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall reimburse
the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations
pursuant to this Section 8(c). In addition, the Executive’s cooperation hereunder shall not unreasonably interfere with his
business or personal commitments.

 

(d)           
Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Company which might
result from any breach by the Executive of the promises set forth in this Section 8, and that in any event money damages would
be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach,
any portion of this Agreement, the Company shall be entitled, in addition to all other remedies that it may have, to seek an injunction
or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Company.

 

9.              
Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the Superior Court of the Commonwealth
of Massachusetts and the United States District Court for the District of Massachusetts. Accordingly, with respect to any such
court action, the Executive (a) submits to the personal jurisdiction of such courts; (b) consents to service of process; and (c)
waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or
service of process.

 

10.           
Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes all prior agreements between the parties concerning such subject matter, provided the Employee Agreement
and the Equity Documents shall remain in full force and effect.

 

11.           
Withholding. All payments made by the Company to the Executive under this Agreement shall be net of any tax or other
amounts required to be withheld by the Company under applicable law.

 

    	11

    	 

    

 

12.           
Successor to the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of the Executive’s
death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement,
the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his
death (or to his estate, if the Executive fails to make such designation).

 

13.           
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision
of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which
it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.

 

14.           
Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination
of the Executive’s employment to the extent necessary to effectuate the terms contained herein.

 

15.           
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.
The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of
any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of
any subsequent breach.

 

16.           
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the
Company or, in the case of the Company, at its main offices, attention of the Board.

 

17.           
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by
a duly authorized representative of the Company.

 

18.           
Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the
laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles of such Commonwealth. With
respect to any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted
and applied by the United States Court of Appeals for the First Circuit.

 

19.           
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 

20.           
Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation
or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this
Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the
Company to obtain an assumption of this Agreement at or prior to the effectiveness of any succession shall be a material breach
of this Agreement.

 

    	12

    	 

    

 

21.           
Gender Neutral. Wherever used herein, a pronoun in the masculine gender shall be considered as including the feminine
gender unless the context clearly indicates otherwise.

 

IN WITNESS
WHEREOF, the parties have executed this Agreement effective on the date and year first above written.

 

 

ADVANCED CELL TECHNOLOGY,
INC.

 

 

By: /s/
Michael Heffernan

Its: Chairman
and Board Member

 

 

EXECUTIVE

 

 

/s/ Paul K. Wotton

Paul K. Wotton, Ph.D

 

 

 

 

 

    	13

    	 

    

 

ADVANCED
CELL TECHNOLOGY, INC.

 

Employee
Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement

 

In consideration
and as a condition of my employment or continued employment by Advanced Cell Technology, Inc. (together with its subsidiaries and
affiliates, the “Company”), I agree as follows:

 

1.              
Proprietary Information. I agree that all information, whether or not in writing, concerning the Company’s
business, technology, business relationships or financial affairs which the Company has not released to the general public (collectively,
“Proprietary Information”) is and will be the exclusive property of the Company. By way of illustration, Proprietary
Information may include information or material which has not been made generally available to the public, such as: (a) corporate
information, including plans, strategies, methods, policies, resolutions, negotiations or litigation; (b) marketing information,
including strategies, methods, customer identities or other information about customers, prospect identities or other information
about prospects, or market analyses or projections; (c) financial information, including cost and performance data, debt
arrangements, equity structure, investors and holdings, purchasing and sales data and price lists; and (d) operational and technological
information, including plans, specifications, manuals, forms, templates, software, designs, methods, procedures, formulas,
discoveries, inventions, improvements, concepts and ideas; and (e) personnel information, including personnel lists, reporting
or organizational structure, resumes, personnel data, compensation structure, performance evaluations and termination arrangements
or documents. Proprietary Information also includes information received in confidence by the Company from its customers or suppliers
or other third parties.

 

2.              
Recognition of Company’s Rights. I will not, at any time, without the Company’s prior written
permission, either during or after my employment, disclose any Proprietary Information to anyone outside of the Company, or use
or permit to be used any Proprietary Information for any purpose other than the performance of my duties as an employee of the
Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information.
I will deliver to the Company all copies of Proprietary Information in my possession or control upon the earlier of a request by
the Company or termination of my employment.

 

3.              
Rights of Others. I understand that the Company is now and may hereafter be subject to non-disclosure
or confidentiality agreements with third persons which require the Company to protect or refrain from use of proprietary information.
I agree to be bound by the terms of such agreements in the event I have access to such proprietary information.

 

4.              
Commitment to Company; Avoidance of Conflict of Interest. While an employee of the Company,
I will devote my full-time efforts to the Company’s business and I will not engage in any other business activity without
out prior approval by the Company’s Board of Directors. I will advise the Board any time any activity of either the Company
or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company.
I will take whatever action is requested of me by the Company to resolve any conflict or appearance of conflict which it finds
to exist. 

 

5.              
Developments. I will make full and prompt disclosure to the Company of all inventions, discoveries,
designs, developments, methods, modifications, improvements, processes, algorithms, databases, computer programs, formulae, techniques,
trade secrets, graphics or images, audio or visual works, and other works of authorship (collectively “Developments”),
whether or not patentable or copyrightable, that are created, made, conceived or reduced to practice by me (alone or jointly with
others) or under my direction during the period of my employment. I acknowledge that all work performed by me is on a “work
for hire” basis, and I hereby do assign and transfer and, to the extent any such assignment cannot be made at present, will
assign and transfer, to the Company and its successors and assigns all my right, title and interest in all Developments
that (a) relate to the business of the Company or any customer of or supplier to the Company or any of the products or services
being researched, developed, manufactured or sold by the Company or which may be used with such products or services; or (b) result
from tasks assigned to me by the Company; or (c) result from the use of premises or personal property (whether tangible or intangible)
owned, leased or contracted for by the Company (“Company-Related Developments”), and all related patents, patent applications,
trademarks and trademark applications, copyrights and copyright applications, and other intellectual property rights in all countries
and territories worldwide and under any international conventions (“Intellectual Property Rights”).

 

    	14

    	 

    

 

To preclude
any possible uncertainty, I have set forth on Exhibit A attached hereto a complete list of Developments that I have, alone
or jointly with others, conceived, developed or reduced to practice prior to the commencement of my employment with the Company
that I consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement
(“Prior Inventions”). If disclosure of any such Prior Invention would cause me to violate any prior confidentiality
agreement, I understand that I am not to list such Prior Inventions in Exhibit A but am only to disclose a cursory name
for each such invention, a listing of the party(ies) to whom it belongs and the fact that full disclosure as to such inventions
has not been made for that reason. I have also listed on Exhibit A all patents and patent applications in which I am named
as an inventor, other than those which have been assigned to the Company (“Other Patent Rights”). If no such
disclosure is attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment
with the Company, I incorporate a Prior Invention into a Company product, process or machine or other work done for the Company,
I hereby grant to the Company a nonexclusive, royalty-free, paid-up, irrevocable, worldwide license (with the full right to sublicense)
to make, have made, modify, use, sell, offer for sale and import such Prior Invention. Notwithstanding the foregoing, I will not
incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior
written consent.

 

This Agreement
does not obligate me to assign to the Company any Development which, in the sole judgment of the Company, reasonably exercised,
is developed entirely on my own time and does not relate to the business efforts or research and development efforts in which,
during the period of my employment, the Company actually is engaged or reasonably would be engaged, and does not result from the
use of premises or equipment owned or leased by the Company. However, I will also promptly disclose to the Company any such Developments
for the purpose of determining whether they qualify for such exclusion. I understand that to the extent this Agreement is required
to be construed in accordance with the laws of any state which precludes a requirement in an employee agreement to assign certain
classes of inventions made by an employee, this paragraph 5 will be interpreted not to apply to any invention which a court rules
and/or the Company agrees falls within such classes. I also hereby waive all claims to any moral rights or other special rights
which I may have or accrue in any Company-Related Developments.

 

6.              
Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary
Information and Company-Related Developments developed by me during my employment, which records will be available to and remain
the sole property of the Company at all times.

 

All files,
letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations and proposals, specification
sheets, models, prototypes, or other written, photographic or other tangible material containing Proprietary Information, whether
created by me or others, which come into my custody or possession, are the exclusive property of the Company to be used by me only
in the performance of my duties for the Company. Any property situated on the Company’s premises and owned by the Company,
including without limitation computers, disks and other storage media, filing cabinets or other work areas, is subject to inspection
by the Company at any time with or without notice. In the event of the termination of my employment for any reason, I will deliver
to the Company all files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts, quotations
and proposals, specification sheets, models, prototypes, or other written, photographic or other tangible material containing Proprietary
Information, and other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will
not take or keep in my possession any of the foregoing or any copies.

 

7.              
Enforcement of Intellectual Property Rights. I will cooperate fully with the Company, both during and
after my employment with the Company, with respect to the procurement, maintenance and enforcement of Intellectual Property Rights
in Company-Related Developments. I will sign, both during and after the term of this Agreement, all papers, including without limitation
copyright applications, patent applications, declarations, oaths, assignments of priority rights, and powers of attorney, which
the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development. If
the Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint
each officer of the Company as my agent and attorney-in-fact to execute any such papers on my behalf, and to take any and all actions
as the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related Development.

 

    	15

    	 

    

 

8.              
Non-Competition and Non-Solicitation. In order to protect the Company’s Proprietary Information
and good will, during my employment and for a period of twelve (12) months following the termination of my employment for any reason
(the “Restricted Period”), I will not directly or indirectly, whether as owner, partner, shareholder, director, manager,
consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in any business activity anywhere in the United
States that is competitive with the Company’s “Business”; provided that this shall not prohibit any possible
investment in publicly traded stock of a company representing less than one percent of the stock of such company. The Company’s
“Business” is defined as the development of stem cell derived therapeutics for ocular disorders. In addition, during
the Restricted Period, I will not, directly or indirectly, in any manner, other than for the benefit of the Company, (a) call upon,
solicit, divert, take away, accept or conduct any business from or with any of the customers or prospective customers of the Company
or any of its suppliers, and/or (b) solicit, entice, attempt to persuade any other employee or consultant of the Company to leave
the Company for any reason or otherwise participate in or facilitate the hire, directly or through another entity, of any person
who is employed or engaged by the Company or who was employed or engaged by the Company within six (6) months of any attempt to
hire such person. I acknowledge and agree that if I violate any of the provisions of this paragraph 8, the running of the Restricted
Period will be extended by the time during which I engage in such violation(s).

 

9.              
Government Contracts. I acknowledge that the Company may have from time to time agreements with other
persons or with the United States Government or its agencies which impose obligations or restrictions on the Company regarding
inventions made during the course of work under such agreements or regarding the confidential nature of such work. I agree to comply
with any such obligations or restrictions upon the direction of the Company. In addition to the rights assigned under paragraph
5, I also assign to the Company (or any of its nominees) all rights which I have or acquired in any Developments, full title to
which is required to be in the United States under any contract between the Company and the United States or any of its agencies.

 

10.           
Prior Agreements. I hereby represent that, except as I have fully disclosed previously in writing to
the Company, I am not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing
any trade secret or confidential or proprietary information in the course of my employment with the Company or to refrain from
competing, directly or indirectly, with the business of such previous employer or any other party. I further represent that my
performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep
in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment with the
Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material
belonging to any previous employer or others.

 

11.           
Remedies Upon Breach.  I understand that the restrictions contained in this Agreement are necessary
for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach
of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the event of such breach,
the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other
injunctive relief, without the posting of a bond.

 

12.           
Use of Voice, Image and Likeness.  I give the Company permission to use any and all of my voice, image
and likeness, with or without using my name, in connection with the products and/or services of the Company, for the purposes of
advertising and promoting such products and/or services and/or the Company, and/or for other purposes deemed appropriate by the
Company in its reasonable discretion, except to the extent expressly prohibited by law.

 

13.           
Publications and Public Statements. I will obtain the Company’s written approval before publishing
or submitting for publication any material that relates to my work at the Company and/or incorporates any Proprietary Information.
To ensure that the Company delivers a consistent message about its products, services and operations to the public, and further
in recognition that even positive statements may have a detrimental effect on the Company in certain securities transactions and
other contexts, any statement about the Company which I create, publish or post during my period of employment and for six (6)
months thereafter, on any media accessible by the public, including but not limited to electronic bulletin boards and Internet-based
chat rooms, must first be reviewed and approved by an officer of the Company before it is released in the public domain.

 

    	16

    	 

    

 

14.           
No Employment Obligation. I understand that this Agreement does not create an obligation on the
Company or any other person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment
agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may
be terminated by the Company or me at any time and for any reason, with or without cause.

 

15.           
Survival and Assignment by the Company. I understand that my obligations under this Agreement will
continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or
benefits or other terms and conditions of employment. I further understand that my obligations under this Agreement will continue
following the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors
and administrators. The Company will have the right to assign this Agreement to its affiliates, successors and assigns. I expressly
consent to be bound by the provisions of this Agreement for the benefit of the Company or any parent, subsidiary or affiliate to
whose employ I may be transferred without the necessity that this Agreement be resigned at the time of such transfer.

 

16.           
Post-Employment Notification. For twelve (12) months following termination of my employment, I will
notify the Company of any change in my address and of each subsequent employment or business activity, including the name and address
of my employer or other post-Company employment plans and the nature of my activities.

 

17.           
Disclosure to Future Employers. I will provide a copy of this Agreement to any prospective employer,
partner or co-venturer prior to entering into an employment, partnership or other business relationship with such person or entity.

 

18.           
Severability. In case any provisions (or portions thereof) contained in this Agreement shall, for any
reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision
had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement shall for any reason
be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and
reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

 

19.           
Interpretation. This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts,
and will in all respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby agree
to consent to personal jurisdiction of the state and federal courts in the Commonwealth of Massachusetts for purposes of enforcing
this Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts.

 

 

[End of Text]

 

 

    	17

    	 

    

 

I UNDERSTAND
THAT THIS AGREEMENT AFFECTS IMPORTANT RIGHTS. BY SIGNING BELOW, I CERTIFY THAT I HAVE READ IT CAREFULLY AND AM SATISFIED THAT I
UNDERSTAND IT COMPLETELY.

 

IN WITNESS
WHEREOF, the undersigned has executed this agreement as a sealed instrument as of the date set forth below.

 

Signed: __________________________________________________________

Paul K. Wotton,
Ph.D

 

Type or print name: _____________________

 

 

 

    	18

    	 

    

 

EXHIBIT
A

 

To:ADVANCED CELL TECHNOLOGY,
INC.

 

From:Paul K. Wotton, Ph.D

 

Date: _____________________

 

SUBJECT: Prior Inventions

 

The following
is a complete list of all inventions or improvements relevant to the subject matter of my employment by the Company that have been
made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company:

 

oNo
inventions or improvements

 

oSee
below:

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

 

oAdditional
sheets attached

 

The following
is a list of all patents and patent applications in which I have been named as an inventor:

 

oNone

 

oSee
below:

_______________________________________________________________

_______________________________________________________________

_______________________________________________________________

 

 

    	19Exhibit 10.1a

 

EXECUTION COPY

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”), including Exhibit A attached hereto, is entered into among Green Bancorp, Inc., a Texas corporation, having its principal office at 4000 Greenbriar, Houston, TX 77098 (“Employer” or the “Company”), Green Bank, N.A., a national banking association, having its principal office at 4000 Greenbriar, Houston, TX 77098 (the “Bank”) and Manuel J. Mehos (“Employee”). This Agreement is entered into on April 9, 2010, but shall become effective on the date specified in Section 1.1 hereof.

 

WITNESSETH:

 

WHEREAS, the Company entered into certain Investment Agreements dated April 9, 2010, by and between the Company and certain investors pursuant to which such investors intend to purchase from the Company, as an investment in the Company, shares of the Company’s common stock, par value $0.01, on the terms and conditions described therein (the “Investment Agreements”).

 

WHEREAS, the Investment Agreements contemplate that the Employer and the Bank enter into employment agreements with certain individuals, including but not limited to Employee.

 

WHEREAS, Employer desires to employ Employee pursuant to the terms and conditions and for the consideration set forth in this Agreement, and Employee desires to be employed by Employer pursuant to such terms and conditions and for such consideration.

 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and obligations contained herein Employer, the Bank and Employee agree as follows:

 

ARTICLE 1: EMPLOYMENT AND DUTIES:

 

1.1                               Employer agrees to employ Employee, and Employee agrees to be employed by Employer, beginning as of the later to occur of the Closing Date (as defined in the Investment Agreements) or the issuance of stock option to Employee in the amount designated on Exhibit A attached hereto (the “Effective Date”) and continuing until terminated pursuant to Article 3 hereof (the “Term”), subject to the terms and conditions of this Agreement.

 

1.2                               Employee agrees to serve as Chairman and Chief Executive Officer of the Company and to perform diligently and to the best of Employee’s abilities the duties and services appertaining to such position as determined by Employer, as well as such additional or different duties and services appropriate to such position which Employee from time to time may be reasonably directed to perform by Employer. Employee shall report to the Board of Directors of the Company (the “Board”) and shall at all times comply with and be subject to such policies and procedures as Employer may establish from time to time.

 

1.3                               Employee shall, during the period of Employee’s employment by Employer, devote Employee’s full business time, energy, and best efforts to the business and affairs of Employer and the Bank and their respective subsidiaries. Employee may not engage, directly or

 

 

indirectly, in any other business, investment, or activity that interferes (without written approval from the Board) with Employee’s performance of Employee’s duties hereunder, is contrary to the interests of Employer or its subsidiaries, or requires any significant portion of Employee’s business time.

 

1.4                               In connection with Employee’s employment by Employer, Employer promises and agrees to provide Employee as of the Effective Date with access to Confidential Information pertaining to the business and services of Employer as is appropriate for Employee’s employment responsibilities.

 

ARTICLE 2: COMPENSATION AND BENEFITS:

 

2.1                               Employee shall be paid an annualized base salary as set forth on Exhibit A  (“Base Salary”), less payroll deductions and all required tax withholdings. Such Base Salary shall be paid in accordance with Employer’s regular payroll practices applicable to its employees, as in effect from time to time, and shall be reviewed annually and may be increased from time to time by the Board in its sole discretion. Any calculation to be made under this Agreement with respect to Employee’s Base Salary shall be made using the then current Base Salary in effect at the time of the event for which such calculation is made.

 

2.2                               While employed by Employer, Employee shall be allowed to participate, on the same basis generally as other employees of the Bank, in all general employee benefit plans and programs, including improvements or modifications of the same, which on the Effective Date or thereafter are made available by the Bank to all or substantially all of the Bank’s employees. Such benefits, plans, and programs may include, without limitation, medical, health, and dental care, life insurance, disability protection, and pension plans. Nothing in this Agreement is to be construed or interpreted to provide greater rights, participation, coverage, or benefits under such benefit plans or programs than provided to similarly situated employees pursuant to the terms and conditions of such benefit plans and programs.

 

2.3                               Employer shall not by reason of this Article 2 be obligated to institute, maintain, or refrain from changing, amending, or discontinuing, any such incentive compensation or employee benefit program or plan, so long as such actions are similarly applicable to covered employees generally. Unless specifically provided for in a written plan document adopted by the Board, none of the benefits or arrangements described in this Article 2 shall be secured or funded in any way, and each shall instead constitute an unfunded and unsecured promise to pay money in the future exclusively from the general assets of Employer.

 

2.4                               Employer may withhold from any compensation, benefits, or amounts payable under this Agreement all federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling.

 

ARTICLE 3: TERMINATION AND EFFECTS OF TERMINATION:

 

3.1                               Notwithstanding any other provisions of this Agreement, Employer shall have the right to terminate Employee’s employment under this Agreement at any time during the Term for any of the following reasons:

 

2

 

(i)                                     For Cause (as defined herein) upon the determination by the Board that Cause exists for the termination of the employment relationship. For purposes of this Agreement, “Cause” shall mean (a) Employee’s gross negligence, recklessness or willful misconduct in the performance of the duties and services required of Employee pursuant to this Agreement; (b) Employee has been indicted or convicted of a felony or entered a plea of guilty or nolo contendere to a felony charge; (c) Employee has willfully refused without proper legal reason to perform the duties and responsibilities required of Employee under this Agreement which remains uncorrected for thirty (30) days following written notice to Employee by Employer of such failure to perform; (d) Employee has engaged in conduct or acts of moral turpitude that Employee knows or should know is materially injurious to Employer or any of its subsidiaries and affiliates; (e) Employee’s breach of any provision of this Agreement or corporate code or policy; or (f) Employee violates any applicable law in the conduct of Employee’s duties hereunder.  It is expressly acknowledged and agreed that the decision as to whether “cause” exists for termination of the employment relationship by Employer is delegated to the Employer’s Board of Directors for determination. If Employee disagrees with the decision reached by Employer’s Board of Directors, the Employee may submit the dispute to binding arbitration pursuant to this paragraph. Such arbitration shall be conducted before a single arbitrator in Houston, Texas, in accordance with the Employment Arbitration Rules of the American Arbitration Association (“AAA”) then in effect, provided that the parties may agree to use an arbitrator other than those provided by the AAA. The arbitrator shall not have the authority to add to, detract from, or modify any provision hereof. The arbitrator shall have the authority to order all remedies otherwise available in a civil court, including, without limitation, back pay, severance compensation, vesting options (or cash compensation in lieu of vesting options), reimbursement of costs, including those incurred to enforce this Agreement, and interest thereon in the event the arbitrators determine the Employee was terminated without “cause”, as defined herein, or that the Company has otherwise materially breached this Agreement. A decision by the arbitrator shall be final and binding. The arbitration shall be conducted consistent with all applicable law, and the arbitration award shall be in writing, in a form capable of review if required by applicable law. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The prevailing party in any arbitration conducted under this section shall be entitled to an award of reasonable legal fees and expenses incurred.

 

(ii)                                  for any or no reason whatsoever, other than Cause, in the sole discretion of the Board;

 

(iii)                               upon Employee’s death; or

 

(iv)                              upon Employee’s becoming disabled so as to entitle Employee to benefits under Employer’s long-term disability plan or, if Employee is not eligible to participate in such plan, if Employee is unable to perform the essential functions of his duties for Employer for a period of three (3) months as a result of any medically

 

3

 

determinable physical or mental impairment as supported by a written medical opinion to the foregoing effect by a physician selected by Employer.

 

The termination of Employee’s employment by Employer during the Term shall constitute a “Termination for Cause” if made pursuant to Section 3.1(i); and Employee does not pursue Arbitration and achieve a different result in arbitration the effect of such termination is specified in Section 3.4. The termination of Employee’s employment by Employer during the Term shall constitute an “Involuntary Termination” if made pursuant to Section 3.1(ii); the effect of such termination is specified in Section 3.5. The effect of the employment relationship being terminated pursuant to Section 3.1(iii) as a result of Employee’s death is specified in Section 3.6. The effect of the employment relationship being terminated pursuant to Section 3.1(iv) as a result of the Employee becoming disabled is specified in Section 3.7.

 

3.2                               Employee shall have the right to terminate the employment relationship under this Agreement at any time for any of the following reasons:

 

(i)                                     Good Reason; or

 

(ii)                                  for any other reason whatsoever, in the sole discretion of Employee.

 

The termination of Employee’s employment by Employee shall constitute an “Involuntary Termination” if made pursuant to Section 3.2(i); the effect of such termination is specified in Section 3.5. The termination of Employee’s employment by Employee shall constitute a “Voluntary Termination” if made pursuant to Section 3.2(ii); the effect of such termination is specified in Section 3.3. For purposes of this Agreement, “Good Reason” shall mean, in the absence of Employee’s prior written consent, the occurrence of any of the following: (A) a material adverse change, not consented to by Employee, in the nature or scope of Employee’s responsibilities, authorities or duties; (B) a substantial involuntary reduction in Employee’s Base Salary, except for across-the-board salary reductions similarly affecting all or substantially all employees; or (C) the relocation, without Employee’s consent, of Employee’s principal place of employment to another location of the Company outside of a fifty (50) mile radius from the location of Employee’s principal place of employment as of the date hereof (provided that such relocation results in an increase to Employee’s daily commute). Notwithstanding the foregoing, Employee must provide written notice to the Company of the existence of any condition (or conditions) that Employee believes constitutes Good Reason within ninety (90) days of the initial existence of such condition (or conditions). Upon receipt by the Company of such notice, the Company will have forty-five (45) days to remedy the condition (or conditions). If the Company remedies the condition (or conditions) of which it received notice, then such condition (or conditions) shall not constitute Good Reason for purposes of this Agreement.

 

3.3                               Upon a Voluntary Termination of the employment relationship by Employee, all future compensation to which Employee is entitled and all future benefits for which Employee is eligible shall cease and terminate as of the date of termination. Employee shall be entitled to pro rata salary through the date of such termination, but Employee shall not be entitled to any individual bonuses or individual incentive compensation not yet paid at the date of such termination.

 

4

 

3.4                              Upon a Termination for Cause, all future compensation to which Employee is entitled and all future benefits for which Employee is eligible shall cease and terminate as of the date of termination. Employee shall be entitled to pro rata salary through the date of such termination, but Employee shall not be entitled to any individual bonuses or individual incentive compensation not yet paid at the date of such termination.

 

3.5                              Upon an Involuntary Termination of the employment relationship by either Employer or Employee, Employee shall be entitled, in consideration of Employee’s continuing obligations hereunder after such termination (including, without limitation, Employee’s obligations under Articles 4 and 5 of this Agreement), to receive continued payments of Base Salary for the twelve (12) month period following Employee’s termination of employment. Subject to Employee’s execution and non-revocation of a release of all claims in favor of the Company and its subsidiaries and affiliates in the form provided to Employee by the Company (with any changes necessary to comply with applicable law and/or make the release legally enforceable in the reasonable judgment of the Company), amounts payable to Employee pursuant to this Section 3.5 shall commence on the first payroll date on or following the sixtieth (60th) day following termination of employment; provided the period during which Employee may revoke such release has expired.

 

3.6                              Upon termination of the employment relationship as a result of Employee’s death, Employee’s heirs, administrators, or legatees shall be entitled to Employee’s pro rata salary through the date of such termination, but Employee’s heirs, administrators, or legatees shall not be entitled to any individual bonuses or individual incentive compensation not yet paid to Employee at the date of such termination.

 

3.7                              Upon termination of the employment relationship as a result of Employee’s disability pursuant to Section 3.2(iv), Employee shall be entitled to his pro rata salary through the date of such termination, but Employee shall not be entitled to any individual bonuses or individual incentive compensation not yet paid to Employee at the date of such termination.

 

3.8                              In all cases, the compensation and benefits payable to Employee under this Agreement upon termination of the employment relationship shall be offset against any amounts to which Employee may otherwise be entitled under any and all severance plans, and policies of Employer and its subsidiaries or affiliates.

 

3.9                              Termination of the employment relationship for any reason does not terminate those obligations imposed by this Agreement which are continuing obligations, including, without limitation, Employee’s obligations under Articles 4 and 5 of this Agreement.

 

ARTICLE 4: NON-DISCLOSURE COVENANT

 

4.1                               For the purposes of this Article 4, the phrase “Confidential Information” means any and all of the following: trade secrets concerning the business and affairs of the Employer or its subsidiaries and affiliates, product specifications, data, know-how, processes, graphs, inventions and ideas, past, current, and planned research and development, current and planned distribution methods and processes, customer lists, current and anticipated customer requirements, price lists, market studies, business plans, computer software and programs

 

5

 

(including object code, machine code, and source code), computer software and database technologies, systems, structures, and architecture (and related formulae, compositions, processes, improvements, devices, know-how, inventions, discoveries, concepts, ideas, designs, and methods); information concerning the business and affairs of the Employer or its subsidiaries and affiliates (which includes historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, policies and procedures, personnel training techniques and materials, however documented); and notes, analysis, compilations, studies, summaries, and other material prepared by or for the Employer and/or its subsidiaries and affiliates containing or based, in whole or in part, on any information included in the foregoing. Employee acknowledges and agrees that Confidential Information includes any such information that Employee may originate, learn, have access to, or obtain, whether in tangible form or memorized. Notwithstanding the foregoing, Confidential Information shall not include any information that the Employee demonstrates was or became generally available to the public other than as a result of a disclosure of such information by the Employee or any other person under a duty to keep such information confidential.

 

4.2                               Employer promises and agrees that during the Term and as part of the Employee’s employment under this Agreement, Employer shall provide Employee with Confidential Information. Employee acknowledges that (a) the Company and its subsidiaries have devoted substantial time, effort, and resources to develop and compile the Confidential Information; (b) public disclosure of such Confidential Information would have an adverse effect on the business of the Company and its subsidiaries; (c) the Company and its subsidiaries would not disclose such information to the Employee, nor employ or continue to employ the Employee without the agreements and covenants set forth in this Article 4; and (d) the provisions of this Article 4 are reasonable and necessary to prevent the improper use or disclosure of Confidential Information.

 

4.3                               In consideration of the compensation and benefits to be paid or provided to the Employee by the Employer under this Agreement and the acknowledgments set forth above, the Employee, during the Term and at all times thereafter, agrees and covenants as follows:

 

(a)                                 Employee will hold in strictest confidence the Confidential Information and will not disclose it to any person except with the specific prior written consent of Employer or as may be required by court order, law, government agencies with which Employer deals in the ordinary course of its business, or except as otherwise expressly permitted by the terms of this Agreement. Employee will not remove from Employer’s premises or record (regardless of the media) any Confidential Information of Employer or its subsidiaries and affiliates, except to the extent such removal or recording is necessary for the performance of Employee’s duties. Employee acknowledges and agrees that all Confidential Information and physical embodiments thereof, whether or not developed by Employee, are the exclusive property of Employer or its subsidiaries and affiliates, as the case may be.

 

(b)                                 Employee recognizes that Employer and its subsidiaries and affiliates have received and in the future will receive from third parties their confidential or proprietary information subject to a duty on their parts to maintain the confidentiality of such information and to use it only for certain limited purposes. Employee agrees that Employee owes Employer,

 

6

 

its subsidiaries and affiliates, and such third parties, at all times, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person (except as necessary in carrying out such Employee’s duties for Employer consistent with Employer’s agreement with such third party) or to use it for the benefit of anyone other than for Employer or such third party (consistent with Employer’s agreement with such third party) without the express written authorization of Employer or its subsidiaries and affiliates, as the case may be.

 

(c)                                  The Employee agrees that, upon termination or the completion of the Term, Employee will deliver to the Employer any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any of the aforementioned items belonging to the Employer or any of its subsidiaries and affiliates.

 

ARTICLE 5: NON-SOLICITATION AND NON-INTERFERENCE

 

5.1                               Employer and the Employee hereby mutually agree that the nature of the Employer’s business and the Employee’s employment hereunder are based on the Employer’s goodwill, public perception, and customer relations. Therefore, ancillary to this otherwise enforceable agreement and in exchange for Employee being provided access to the Confidential Information and the other agreements and consideration set forth herein, the Employee hereby agrees and covenants to each and all of the following:

 

(a)                                 During the Term and for the period of 12 months following the termination of this Agreement, Employee hereby covenants and agrees that Employee will not, either directly, indirectly or through a subsidiary or an affiliate, solicit (x) any customer of the Company or its subsidiaries and affiliates that has utilized the services or products of the Company during the twelve (12) month period prior to the termination of this Agreement for the purpose of causing such customer to cease doing business with the Company or its subsidiaries and affiliates or (y) anyone with whom Employee had contact during the twelve (12) month period prior to the termination of this Agreement for purposes of selling products or services to such person that are in competition with the products or services offered or sold by the Company or its subsidiaries and affiliates.

 

(b)                                 During the Term and for the period of 12 months following the termination of this Agreement, Employee hereby agrees not to employ or otherwise engage, either directly, indirectly or through an affiliate, any employee or independent contractor of the Company or its subsidiaries and affiliates or any individual who was an employee or independent contractor of the Company or its subsidiaries and affiliates at any time during the twelve (12) month period prior to the termination of this Agreement, with whom Employee had contact during the Term. Further, Employee agrees not to contact in any manner any such employee or independent contractor for the purpose of encouraging such employee or independent contractor to leave or terminate his or her employment or engagement with the Company or its subsidiaries and affiliates.

 

(c)                                  During the Term and for the period of 12 months following the termination of this Agreement, Employee hereby agrees not to interfere or attempt to interfere

 

7

 

with the relationship of the Company or any of its subsidiaries with any person who at the relevant time is an employee, contractor, supplier, or customer of the Company or its subsidiaries and affiliates.

 

5.2                               The Employee acknowledges and agrees that the length and scope of the restrictions contained in Section 5.1 are reasonable and necessary to protect the legitimate business interests of Employer and its subsidiaries and affiliates. The duration of the agreements contained in Section 5.1 shall be extended for the amount of any time of any violation thereof and the time, if greater, necessary to enforce such provisions or obtain any relief or damages for such violation through the court system. If any covenant in Section 5.1 of this Agreement is held to be unreasonable, arbitrary, or against public policy, such covenant will be considered to be divisible with respect to scope and time, and such lesser scope or time, or either of them, as an arbitrator or a court of competent jurisdiction may determine to be reasonable, not arbitrary, and not against public policy, will be effective, binding, and enforceable against Employee. In the event of termination of Employee’s employment with Employer for any reason, the Employee consents to Employer communicating with Employee’s new employer, any entity in the business or through or in connection with which Employee is restricted hereunder, or any other party about the restrictions and obligations imposed on Employee under this Agreement.

 

5.3                               In the event Employer shall file a lawsuit in any court of jurisdiction alleging a breach of any of the Employee’s obligations under Section 5.1 of this Agreement, the Non-Solicitation and Non-Interference periods referenced in Section 5.1 shall be tolled during any time the Employee was in breach of those obligations.

 

ARTICLE 6: MISCELLANEOUS:

 

6.1                               For purposes of this Agreement the terms “affiliates” of an entity or person or “affiliated” with an entity or person means any other entity or person who directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the entity or person.

 

6.2                               For purposes of this Agreement the term “subsidiary” of an entity means any other entity (i) in which such entity directly or indirectly owns 50% or more of such other entity’s voting securities or (ii) with which it is required to be consolidated under GAAP.

 

6.3                               For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Employer:

 

	
Green   Bancorp, Inc.
    
	
4000   Greenbriar
    
	
Houston,   Texas 77098
    
	
Attention:   Board of Directors
    

 

8

 

If to the Bank:

 

	
Green   Bank, N.A.
    
	
4000   Greenbriar
    
	
Houston,   Texas 77098
    
	
Attention:   Board of Directors
    

 

If to Employee, to the address on file with the Company.

 

Either Employer or Employee may furnish a change of address to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt.

 

6.4                               This Agreement shall be exclusively governed in all respects by the laws of the State of Texas, excluding any conflict-of-law rule or principle that might refer the construction of the Agreement to the laws of another State or country.

 

6.5                               No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

6.6                               The covenants by Employee in Articles 4 and 5 are essential elements of this Agreement, and without Employee’s agreement to comply with such covenants, Employer would not have entered into this Agreement or employed or continued the employment of Employee. Employer and Employee have independently consulted their respective counsel and have been advised in all respects concerning the reasonableness and propriety of such covenants, with specific regard to the nature of the business conducted by Employer. If Employee’s employment hereunder expires or is terminated by either party, this Agreement will continue in full force and effect as is necessary or appropriate to enforce the covenants and agreements of Employee in Articles 4 and 5.

 

6.7                               It is a desire and intent of the parties that the terms, provisions, covenants, and remedies contained in this Agreement shall be enforceable to the fullest extent permitted by law. If any such term, provision, covenant, or remedy of this Agreement or the application thereof to any person, association, or entity or circumstances shall, to any extent, be construed to be invalid or unenforceable in whole or in part, then such term, provision, covenant, or remedy shall be construed in a manner so as to permit its enforceability under the applicable law to the fullest extent permitted by law. In any case, the remaining provisions of this Agreement or the application thereof to any person, association, or entity or circumstances other than those to which they have been held invalid or unenforceable, shall remain in full force and effect.

 

6.8                               This Agreement shall be binding upon and inure to the benefit of Employer and any other person, association, their respective successors and assigns or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of Employer by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise. Employee’s rights and obligations under Agreement hereof are personal and such rights, benefits, and obligations of Employee shall not be voluntarily or involuntarily assigned, alienated, or

 

9

 

transferred, whether by operation of law or otherwise, without the prior written consent of Employer.

 

6.9                               There exist other agreements between Employer and Employee relating to the employment relationship between them, e.g., Employer’s policy and procedures and agreements with respect to benefit plans (collectively, the “Relationship Agreements”) and certain agreements relating to stock options issued under, the Green Bancorp, Inc. 2006 Stock Option Plan and the Green Bancorp, Inc. 2010 Stock Option Plan (collectively, the “Option Agreements”). This Agreement replaces and merges previous agreements, as of the Effective Date, including but not limited to the Executive Employment Agreement by and between Employee and the Company, dated July 20, 2006, and discussions pertaining to the following subject matters covered herein: the nature of Employee’s employment relationship with Employer and the term and termination of such relationship. For the avoidance of doubt, this Agreement specifically does not replace the Relationship Agreements or the Option Agreements. As of the Effective Date, this Agreement constitutes the entire agreement of the parties with regard to such subject matters, and contains all of the covenants, promises, representations, warranties, and agreements between the parties with respect such subject matters. Each party to this Agreement acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party with respect to such subject matters, which is not embodied herein, and that no agreement, statement, or promise relating to the employment of Employee by Employer that is not contained in this Agreement shall be valid or binding. Any modification of this Agreement will be effective only if it is in writing and signed by each party whose rights hereunder are affected thereby, provided that any such modification must be authorized or approved by the Board.

 

6.10                        The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding anything herein to the contrary, (a) if at the time of Employee’s termination of employment with the Employer, Employee is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then the Employer will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided by the Employer) until the date that is six months following Employee’s termination of employment with the Employer (or the earliest date as is permitted under Section 409A), (b) if any other payments of money or other benefits due to Employee hereunder could cause the application of an accelerated or additional tax under Section 409A, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board that does not cause such an accelerated or additional tax, (c) to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, Employee shall not be considered to have terminated employment with the Employer for purposes of this Agreement and no payment shall be due to Employee under this Agreement until Employee would be considered to have incurred a “separation from service” from the Employer within the meaning of Section 409A, and (d)

 

10

 

each amount to be paid or benefit to be provided to Employee pursuant to this Agreement, which constitute deferred compensation subject to Section 409A, shall be construed as a separate identified payment for purposes of Section 409A. To the extent required to avoid an accelerated or additional tax under Section 409A, amounts reimbursable to Employee under this Agreement shall be paid to Employee on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Employee) during any one year may not effect amounts reimbursable or provided in any subsequent year. Employer shall consult with Employee in good faith regarding the implementation of the provisions of this Section 6.10; provided that neither the Employer, Bank, any of their respective subsidiaries nor any of its employees or representatives shall have any liability to Employee with respect to thereto.

 

6.11                        Any payments made to Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. § 1828(k) and any regulations promulgated thereunder as the same may be modified from time to time.

 

[Signatures Appear on the Following Page]

 

11

 

IN WITNESS WHEREOF, Employer, Bank and Employee have duly executed this Agreement in multiple originals to be effective on the dale first stated above.

 

	
 
    	
Green   Bancorp, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert E. Johnson, Jr.
    
	
 
    	
Name:
    	
Robert   E. Johnson, Jr.
    
	
 
    	
Title:
    	
Director
    
	
 
    	
Date:   April 9, 2010
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Green   Bank, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Robert E. Johnson, Jr.
    
	
 
    	
Name:
    	
Robert   E. Johnson, Jr.
    
	
 
    	
Title:
    	
Director
    
	
 
    	
Date:   April 9, 2010
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Employee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/   Manuel J. Mehos
    
	
 
    	
Name:
    	
Manuel   J. Mehos
    
	
 
    	
Date:   April 9, 2010
    

 

12

 

EXHIBIT A TO

EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN

GREEN BANCORP, INC., GREEN BANK, N.A. AND MANUEL J. MEHOS

 

	
Employee Name:
    	
 
    	
Manuel   J. Mehos
    
	
 
    	
 
    	
 
    
	
Bank Position:
    	
 
    	
Chairman   of the Board of Directors
    
	
 
    	
 
    	
 
    
	
Company Position:
    	
 
    	
Chairman   of the Board of Directors, President and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
Location:
    	
 
    	
Houston,   Texas
    
	
 
    	
 
    	
 
    
	
Reporting Relationship:
    	
 
    	
The   Board
    
	
 
    	
 
    	
 
    
	
Base Salary:
    	
 
    	
$300,000   annually, paid twice monthly on the 15th and the last day of the month.   Salary adjustments to be considered periodically by the Compensation   Committee of the Board.
    
	
 
    	
 
    	
 
    
	
Bonus:
    	
 
    	
Bonus   determination shall be at the discretion of the Compensation Committee of the   Board.
    
	
 
    	
 
    	
 
    
	
Stock Options:
    	
 
    	
A   minimum of 563,470 stock options will be granted to Employee under the Green   Bancorp, Inc 2010 Stock Option Plan distributed by vesting type (as   defined in the applicable Award Agreement) as follows:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Time   Based Vesting:
    	
 
    	
114,295
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Performance   Vesting:
    	
 
    	
342,885
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Super   Performance Vesting:
    	
 
    	
106,290
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The   number of stock options to be granted is subject to adjustment in accordance   with Schedule 4.6 of the Investment Agreements based on the aggregate   gross proceeds of the capital raise.
    
	
 
    	
 
    	
 
    
	
Club Membership:
    	
 
    	
Club   membership dues reimbursed up to $500 per month.
    
	
 
    	
 
    	
 
    
	
Paid Time Off (PTO):
    	
 
    	
Employee   shall be entitled to paid time off in accordance with the Bank’s PTO Policy   for Officers.
    
	
 
    	
 
    	
 
    
	
Expenses:
    	
 
    	
Reimbursement   of reasonable business expenses, a cellular telephone or PDA device, and   reimbursement of monthly cellular bill of up to $100 per month.
    

 

 

	
Benefits:
    	
 
    	
Eligible   for the package of benefits offered to all full time employees.
    

 

14

 

EXECUTION COPY

 

AMENDMENT NO. 1 TO EXECUTIVE EMPLOYMENT AGREEMENT

June 30, 2010

 

This Amendment No. 1  (this “Amendment”), is entered into among Green Bancorp, Inc., a Texas corporation, having its principal office at 4000 Greenbriar, Houston, TX 77098 (the “Company”), Green Bank, N.A., a national banking association, having its principal office at 4000 Greenbriar, Houston, TX 77098 (the “Bank”) and Manuel J. Mehos (“Employee”).

 

WHEREAS, the Company, the Bank and Employee entered into that certain Executive Employment Agreement, including Exhibit A attached thereto, dated April 9, 2010 (the “Employment Agreement”), pursuant to which Employer agreed to employ Employee pursuant to the terms and conditions and for the consideration set forth in the Employment Agreement; and

 

WHEREAS, the Company, the Bank and Employee desire to amend the Employment Agreement as hereinafter set forth in this Amendment.

 

NOW, THEREFORE, for and in consideration of the premises and the covenants and obligations contained herein, the parties hereto agree as follows:

 

ARTICLE I.                                                  AMENDMENT TO EXHIBIT A

 

1.1.                            The paragraph titled “Stock Options:” in Exhibit A of the Employment Agreement is hereby deleted in its entirety and replaced with the following:

 

“Stock Options:                                                                                561,987 stock options will be granted to Employee under the Green Bancorp, Inc 2010 Stock Option Plan distributed by vesting type (as defined in the applicable Award Agreement) as follows:

 

	
Time Based Vesting:
    	
 
    	
113,976
    	
 
    
	
Performance Vesting:
    	
 
    	
341,927
    	
 
    
	
Super Performance Vesting: 
    	
 
    	
106,084
    	
”
    

 

ARTICLE II.                                             MISCELLANEOUS

 

2.1.                            This Amendment shall be deemed effective and in full force and effect upon the execution and delivery of this Amendment by each of the Company, the Bank and Employee.

 

2.2.                            Except to the extent specifically amended, waived or consented to hereby, the terms, provisions and conditions of the Employment Agreement are hereby ratified and confirmed and shall remain unmodified and in full force and effect in all other respects. This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Employment Agreement.

 

 

2.3.                            This Amendment may be executed in counterparts, each counterpart when so executed and delivered, including by facsimile or electronic mail, constituting an original, but all such counterparts together will constitute one and the same instrument.

 

2.4.                            This Amendment shall be exclusively governed in all respects by the laws of the State of Texas, excluding any conflict-of-law rule or principle that might refer the construction of the Agreement to the laws of another State or country.

 

[Signature page follows]

 

 

IN WITNESS WHEREOF, the Company, the Bank and Employee have duly executed this Amendment in multiple originals to be effective on the date first stated above.

 

 

	
 
    	
Green   Bancorp, Inc.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John P. Durie
    
	
 
    	
Name:
    	
John   P. Durie
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Green   Bank, N.A.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   John P. Durie
    
	
 
    	
Name:
    	
John   P. Durie
    
	
 
    	
Title:
    	
Executive   Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Employee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/   Manuel J. Mehos
    
	
 
    	
Name:   Manuel J. Mehos
    

 

[Signature Page to Amendment No. 1 to Employment Agreement]

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