Document:

Document

Exhibit 10.2
									
	
	                    
1100 Massachusetts Ave
Cambridge, MA 
Tel: 617-453-1000 
Fax: 617-453-1001
www.infi.com

August 11, 2021

Robert L. Ilaria, Jr., M.D.
 9 Highview Terrace 
Madison, NJ 07940

Dear Robert,

On behalf of Infinity Pharmaceuticals, Inc. (the “Company”), I am pleased to offer you the position of Senior Vice President, Chief Medical Officer reporting to Adelene Perkins, Chief Executive Officer.  In this role you will be a member of the Company’s Executive Leadership Team, working closely with the senior Company leaders and the Board with authority and accountability for Company and pipeline building and value creation.  The clinical development organization will report to you.

Effective Date: The effective date of your full-time employment with the Company shall be September 1, 2021, unless otherwise agreed upon. 

1.Salary:  Your base salary will be $16,346.15 per biweekly pay period (equivalent to $425,000 (USD) on an annualized basis). In addition, in accordance with the Company’s regular compensation practices, you will  receive, approximately annually, a salary review, and the Company may adjust your salary based on your performance, the Company’s performance, and/or such other factors as may be determined at the sole discretion of the Company’s Board of Directors or its designee.

2.Contingent Compensation:  In addition to your salary and benefits, you are eligible to participate in the Company’s contingent compensation program beginning in the 2021 performance year. This program may result in a cash bonus as a percent of your base salary, with the target bonus for the 2021 performance year set at 40%. Your actual cash bonus may be higher or lower than the target bonus depending on your and the Company’s achievements of goals and objectives, as well as overall business conditions. The Contingent Compensation program is administered by the Company's Board of Directors in their sole discretion. In order to be eligible for any type of payment under the program, you must be actively employed by the Company at the time the payment is made and your bonus would be pro-rated based on your hire date. 

 

3.Equity Participation, Vesting of Stock Options:  Subject to the approval of the Compensation Committee of the Company’s Board of Directors, and as a material inducement to you entering into employment with the Company, upon the commencement of your employment with the Company, you will receive a one-time non-statutory stock option award to purchase 300,000 shares of the Company’s common stock as an “inducement grant” within the meaning of Nasdaq Listing Rule 5635(c)(4) outside the Company’s 2019 Stock Incentive Plan at an exercise price equal to the last reported sale price per share of the Company’s common stock on the Nasdaq stock exchange on the date of grant approval by the Compensation Committee of the Company’s Board of Directors (the “Option”).  The Option shall vest as to 12/48 of the shares on the first anniversary of your date of hire and as to 1/48 of the shares at the end of each calendar month thereafter.  The Option shall be evidenced by an option agreement that is consistent with the form of option agreement generally used by the Company and the terms of this letter and will be subject to all of the terms set forth in such written agreement covering the Option.  You will also be eligible for additional annual stock option awards to purchase common stock of the Company as determined and approved by the Compensation Committee of the Company. 

4.Sign-On:  The Company will pay you bonuses of A) $150,000 minus all applicable taxes on the date of your first paycheck following commencement of your full-time employment and B) $185,000 minus all applicable taxes on the earlier of (i) the paycheck following the first anniversary of your employment, so long as you remain employed by the Company at that time, or (ii) a Change of Control of the Company (as defined in the Executive Severance Benefits Plan (attached)). Should your employment be terminated by the Company for “Cause” or should you voluntarily resign not following a “Good Reason” condition (as such terms are defined in the Company’s current Executive Severance Benefits Plan within 12 months of having received your first bonus payment, you agree to repay to the Company your $150,000 bonus in full, if requested by the Company.  After the receipt of the second $185,000 bonus payment you will have no obligation to repay any of the total $335,000 bonus payments made. 

5.Benefits:  You may participate in any and all of the benefit programs that the Company establishes and makes available to its employees from time to time, provided you are eligible under (and subject to all provisions of) the plan documents governing these programs.  For clarity, you shall be eligible as a participant under the Company’s Executive Severance Benefits Plan, as amended, and you shall be eligible for coverage under the Company’s Directors & Officers insurance policy in accordance with the terms and conditions of that policy.

6.Vacation and Holiday:  Upon your date of hire, you will start to accrue vacation time at a rate of 15 days per year, which may be taken in accordance with Company policy, provided however, the Company reserves the right to change its vacation policy at any time; paid holidays will be observed in accordance with the Company’s policy updated approximately annually.  You will also be entitled to five (5) days of sick time in accordance with New Jersey law.

7.Employment At-Will:  Your employment with the Company will be at-will, meaning that you will not be obligated to remain employed by the Company for any specified period of time and the Company will not be obligated to continue your employment for any specific period.  Both you and the Company may terminate the employment relationship, with or without cause, at any time, with or without notice.  Similarly, nothing in this letter shall be construed as an agreement, either express or implied, to pay you any compensation or grant you any benefit beyond the end of your employment with the Company (except as explicitly described herein). Your full time employment will include flexibility in working remotely.

8.Proprietary Information, No Conflicts:  As a condition of employment, you agree to execute the Company’s standard form of Invention, Non-Disclosure, and Non-Competition Agreement and to be bound by all of the provisions thereof.  You hereby represent that you are not presently bound by any employment agreement, confidential or proprietary information agreement, or similar agreement with any current or previous employer that would impose any restriction on your acceptance of this offer or that would interfere with your ability to fulfill the responsibilities of your position with the Company.

9.Employment Eligibility Verification:  Please note that all persons employed in the United States are required to complete an Employment Eligibility Verification Form on the first day of employment and to submit an original document or documents that establish identity and employment eligibility within three business days of employment. 

10.Successors and Assigns:  This letter of offer will be binding upon and inure to the benefit of the Company’s successors and assignees.  In the event of a merger or consolidation (whether or not the Company is the surviving or the resulting corporation), the surviving or resulting corporation will be bound by the obligations set forth in this letter offer.

11.Contingencies:  This offer is expressly contingent upon the successful completion of a pre-employment background and reference check.  

Robert, all of us at Infinity are very enthusiastic about your commitment to joining the Company and have the highest expectation of your future contributions.

Please indicate your understanding and acceptance of the foregoing terms of your employment by signing the enclosed copy of this letter and returning it to Adelene Perkins no later than August 15, 2021.  After that date, the offer will expire.

Very truly yours,
			
	/s/ Adelene Q. Perkins

Adelene Q. Perkins
Chief Executive Officer

The foregoing correctly sets forth the terms of my at-will employment by Infinity Pharmaceuticals, Inc.
									
	/s/ Robert L. Ilaria, Jr., M.D.
		14 AUG 2021

	Robert L. Ilaria, Jr., M.D.
		Date​

Exhibit 4.1
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Dated as of October 29, 2021
iSTAR INC.
 
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4.75% NOTES DUE 2024
 
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U.S. BANK NATIONAL ASSOCIATION,
 
as Trustee
 
 
	THIRTY-SIXTH SUPPLEMENTAL INDENTURE

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THIRTY-SIXTH SUPPLEMENTAL INDENTURE, dated as of the 29th day of October, 2021, between iSTAR INC., a Maryland corporation (the “Company”), having its principal office at 1114 Avenue of the Americas, 39th Floor, New York, New York 10036, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, with its principal office at 100 Wall Street, 16th floor, New York, New York 10005, as trustee (the “Trustee”).
WHEREAS, the Company has heretofore executed and delivered to the Trustee a Base Indenture, dated as of February 5, 2001, a form of which is an exhibit to the Company's Registration Statement on Form S-3 (Registration No. 333-220353), providing for the issuance from time of debt securities of the Company (the “Securities”);
WHEREAS, the Company has heretofore delivered to the Trustee the Thirty-Third Supplemental Indenture to the Base Indenture, dated September 16, 2019 (the “Thirty-Third Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), to provide for the creation and issue of a series of Securities in the initial aggregate principal amount of $775,000,000, designated as the “4.75% Senior Notes due 2024” of the Company (collectively referred to herein as the “Notes”);
WHEREAS, the Company has solicited consents from the Holders of the Notes to certain proposed amendments (the “Proposed Amendments”) to the Indenture, pursuant to the terms and subject to the conditions set forth in the Consent Solicitation Statement, dated October 21, 2021 (the “Consent Solicitation”);
WHEREAS, the Company has obtained the requisite consents to the Proposed Amendments to the Indenture set forth in this Thirty-Sixth Supplemental Indenture and the Board of Directors of the Company has duly adopted resolutions authorizing the Company to execute and deliver this Thirty-Sixth Supplemental Indenture;
WHEREAS, the Trustee has received an Officers’ Certificate of the Company and an Opinion of Counsel in accordance with Section 9.06 of the Indenture; and
WHEREAS, pursuant to Section 9.02 of the Indenture, the Trustee is authorized to execute and deliver this Thirty-Sixth Supplemental Indenture.
NOW, THEREFORE, the Company and Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes:
Article I​
Definitions and Other Provisions of General Application
Section 1.01.Definitions.  Each capitalized term that is used herein and is defined in the Indenture shall have the meaning specified in the Indenture unless that term is otherwise defined herein.
Section 1.02.References.  Each reference to a particular section set forth in this Thirty-Sixth Supplemental Indenture shall, unless the context otherwise requires, refer to this Thirty-Sixth Supplemental Indenture.
Article II​
Amendments to the Indenture
Section 2.01.Introduction of New Definitions to Section 1.01 [Definitions] of the Thirty-Third Supplemental Indenture.  New definitions of “Net Lease Assets” and “Non-Net Lease Assets” 

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shall be added to Section 1.01 of the Thirty-Third Supplemental Indenture, inserted in alphabetical order, with the text as follows:
“Net Lease Assets” means the Company's and its Subsidiaries' portfolio of direct and indirect interests in net lease assets and the Capital Stock of the Company’s Subsidiaries and other entities the majority of whose assets constitute net lease assets as of September 30, 2021.
“Non-Net Lease Assets” means the assets and properties of the Company and its Subsidiaries, including the Capital Stock of the Company’s Subsidiaries and other entities, as of September 30, 2021, other than the Net Lease Assets.
Section 2.02.Amendment to the definition of Change of Control.  Clause (1) of the definition of “Change of Control” in Section 1.01 of the Thirty-Third Supplemental Indenture shall be amended and restated in its entirety as follows:
“(1)any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Non-Net Lease Assets to a Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Supplemental Indenture);”
Section 2.03.Amendment to Section 4.09 [Maintenance of Total Unencumbered Assets] of the Thirty-Third Supplemental Indenture. Section 4.09 of the Thirty-Third Supplemental Indenture shall be amended by changing the reference from "120%" to "130%." 
Section 2.04.Amendment to Section 4.10 [Offer to Repurchase Upon Change of Control Triggering Event] of the Thirty-Third Supplemental Indenture.  New subsection (f) shall be added to Section 4.10 of the Thirty-Third Supplemental Indenture, with the text as follows:
“(f)For the avoidance of doubt, any sale or transfer of all or part of the Net Lease Assets in one transaction or series of related transactions shall not be deemed to constitute a Change of Control.”  
Section 2.05.Amendments to Section 5.01 [Merger, Consolidation or Sale of Assets] of the Thirty-Third Supplemental Indenture.  
(a)The introductory sentence of Section 5.01 of the Thirty-Third Supplemental Indenture shall be amended and restated in its entirety as follows:
“Section 5.01 Merger, Consolidation or Sale of Assets.  The Company shall not, in a single transaction or series of related transactions consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Non-Net Lease Assets whether as an entirety or substantially as an entirety to any Person unless:”
(b)The last paragraph of Section 5.01 in the Thirty-Third Supplemental Indenture shall be amended and restated in its entirety as follows:
“For purposes of the foregoing, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of the properties and assets comprising the Non-Net Lease Assets, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company.”

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Section 2.06.Amendment to Section 5.02 [Successor Corporation Substituted] of the Thirty-Third Supplemental Indenture.  Section 5.02 of the Thirty-Third Supplemental Indenture shall be amended by changing the reference from “assets of the Company” in Section 5.02 of the Indenture to “Non-Net Lease Assets.”:
Section 2.07.Introduction of New Section 5.03 to Article V [Successors] of the Thirty-Third Supplemental Indenture.  A new Section 5.03 shall be added to the Thirty-Third Supplemental Indenture, with text as follows:
“Section 5.03 Sale of Net Lease Assets.  The obligations of the Company under this Article V shall not apply to any sale or transfer of all or part of the Net Lease Assets in one transaction or series of related transactions.”
Article III​
Miscellaneous Provisions
The Trustee makes no undertaking or representation in respect of, and shall not be responsible in any manner whatsoever for and in respect of, the validity or sufficiency of this Thirty-Sixth Supplemental Indenture or the proper authorization or the due execution hereof by the Company or for or in respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company.
Except as expressly amended hereby, the Indenture, as heretofore amended and supplemented, shall continue in full force and effect in accordance with the provisions thereof, and the Indenture is in all respects hereby ratified and confirmed. This Thirty-Sixth Supplemental Indenture and all its provisions shall be deemed a part of the Indenture in the manner and to the extent herein and therein provided.
THIS THIRTY-SIXTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.
This Thirty-Sixth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
 
	

	

	 
	iSTAR INC.

	 
	 

	 
	 

	 
	By: /s/ Marcos Alvarado            

	 
	Name:  Marcos Alvarado

	 
	Title:    President

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[Signature Page – Thirty-Sixth Supplemental Indenture]
 
 

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	U.S. BANK NATIONAL ASSOCIATION, as Trustee
 

	 
	 

	 
	By:
	/s/ Gajendra Hilal            

	 
	 
	Name:  Gajendra Hilal 

	 
	 
	Title:     Vice President

	 
	 
	 

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[Signature Page – Thirty-Sixth Supplemental Indenture]

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