Document:

EX-10.1

 Exhibit 10.1 

AMENDMENT NO. 2 
 TO

 LOAN AND SECURITY AGREEMENT 

THIS AMENDMENT NO. 2 TO LOAN
AND SECURITY AGREEMENT (the “Second Amendment”) is dated as of December 21, 2020 (the “Second Amendment Date”) and is entered into by and among X4 PHARMACEUTICALS, INC., a
Delaware corporation (the “Company”), and each of its Qualified Subsidiaries, including without limitation X4 THERAPEUTICS, INC. (“Therapeutics”) (hereinafter collectively referred to as the “Borrower”), the several
banks and other financial institutions or entities from time to time parties hereto (collectively, referred to as “Lender”) and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent for itself and the
Lender (in such capacity, the “Agent”). Capitalized terms used herein without definition shall have the same meanings given them in the Agreement (as defined below). 

RECITALS 

A.    Borrower, Agent and Lender have entered into that certain Amended and Restated Loan and Security Agreement
dated as of June 27, 2019 (as may be amended, restated, or otherwise modified, the “Agreement”), pursuant to which Lender has agreed to extend and make available to Borrower certain advances of money. 

B.    Borrower has requested and Agent and Lender have agreed to modify certain provisions of the Agreement,
subject to the terms and conditions set forth herein. 
 C.    Borrower, Agent and Lender have agreed to amend
the Agreement upon the terms and conditions more fully set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing Recitals and intending to be legally bound, the parties hereto agree as follows: 

1.    AMENDMENTS. 

1.1    Definitions. 

(a)    New Definition. The following definition is hereby inserted alphabetically into Section 1.1 of the
Agreement” 
 “All Source Cash Proceeds” means unrestricted (including, not subject to any redemption, clawback, escrow or
similar encumbrance or restriction) net Cash proceeds raised from one or more bona fide equity financings (which, for the avoidance of doubt, shall include cash warrant exercises), Subordinated Indebtedness and/or upfront proceeds from strategic
partnerships and/or new business development transactions permitted under this Agreement, in each case, after the Second Amendment Date and subject to verification by Agent (including supporting documentation reasonably requested by Agent), but
excluding any Cash proceeds from the Loan. 
 “End of Term Charge III” has the meaning given to it in Section 2.6(c). 

 “Initial Test Date” means the earlier of (i) the date WHIM Trial Interruption
occurs, or (ii) January 1, 2022, provided however, if Borrower has raised at least $50,000,000 of in All Source Cash Proceeds on or before December 31, 2021, then such date shall be extended to April 1, 2022, and provided further
that if Borrower has raised at least $80,000,000 of in All Source Cash Proceeds on or before March 31, 2022, then such date shall be extended to September 1, 2022. 

“Second Amendment Date” means December 21, 2020. 

“Security Corporation Investment Conditions” means that the Company or Borrower maintains unrestricted Cash in an
account or accounts of the Company or Borrower subject to an Account Control Agreement, in an aggregate amount greater than or equal to the lesser of (i) 110% of the aggregate principal amount of Term Loan Advances outstanding under this Agreement
and (ii) 100% of the Company and its consolidated Subsidiaries’ unrestricted Cash reserves, unless compliance with the foregoing conditions is waived in writing from time to time by Agent with respect to specified periods, in Agent’s sole
discretion. 
 “Security Corporation Subsidiary” means X4 Pharmaceuticals Securities Corporation, a wholly-owned
Subsidiary incorporated in the Commonwealth of Massachusetts or the State of Delaware for the purpose of holding Investments as a Massachusetts security corporation under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as
the same may be amended, modified or replaced from time to time). 
 “WHIM Trial Interruption” means the discontinuation or
interruption of the Phase 3 clinical trial of X4P-001 in patients with WHIM (NCT03995108), for a period that materially and adversely affects the planned timing of the release of trial’s top-line results, due to safety or futility concern. 
 (b)    Amended
Definitions. The following definitions in Section 1.1 (or, to the extent applicable, the Recitals) of the Agreement are hereby amended and restated in their entirety as follows: 

“Amortization Date” means February 1, 2023. 

“End of Term Charge” has the meaning given to it in Section 2.6(c). 

“Performance Milestone I” means satisfaction of each of the following events: (a) no default or Event of Default
shall have occurred and be continuing; (b) Borrower shall be actively conducting or preparing to initiate at least one other clinical trial under a Borrower-sponsored IND besides the Phase 3 WHIM clinical trial; and (c) at the time
Borrower requests the Tranche 2 Term Loan Advance, Borrower shall have unrestricted cash in an amount of at least (i) 9 multiplied by the current RML, or (ii) 6 multiplied by the current RML if Borrower’s Market Capitalization is at least
$250,000,000 for the 20 trading days immediately prior to the funding of the Tranche 2 Term Loan Advance. 
 “Term Loan Maturity
Date” means July 1, 2024. 
 1.2    Amendments. 

(a)    Section 2.2(a)(ii) of the Agreement is hereby amended and restated in its entirety as follows: 

  
 2 

 2.2(a)(ii) Tranche 2 Term Loan Advance. 

(a)    Subject to the terms and conditions of this Agreement and Borrower’s prior achievement of
Performance Milestone I, the Lenders will severally (and not jointly) make in an amount not to exceed their respective Term Commitments, and Borrower agrees to draw a Term Loan Advance in the amount of $7,500,000 (the “Tranche 2 Term Loan
Advance”) on the Second Amendment Date. 
 (b)    Section 2.6 of the Agreement is hereby amended and
restated in its entirety as follows: 
 2.6 End of Term Charges. 

(a)    On the earliest to occur of (i) January 1, 2022, (ii) the date that Borrower prepays the
outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due
and payable, Borrower shall pay Lender a charge of $795,000 in connection with the Original Term Loans (“End of Term Charge I”). Notwithstanding the required payment date of the End of Term Charge I, it shall be deemed earned by Lender as
of October 19, 2018. 
 (b)    On the earliest to occur of (i) July 1, 2023, (ii) the date
that Borrower prepays the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the
Secured Obligations become due and payable, Borrower shall pay Lender a charge in the amount of 4.0% of the aggregate Term Loan Advances drawn hereunder (“End of Term Charge II”). Notwithstanding the required payment date of the End of
Term Charge II, the applicable pro rata portion of the End of Term Charge II shall be deemed earned by Lender as of each date a Term Loan Advance is made. 

(c)    On the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that Borrower
prepays the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured
Obligations become due and payable, Borrower shall pay Lender a charge in the amount of $763,750 (“End of Term Charge III,” and together with “End of Term Charge I” and “End of Term Charge II”, collectively, the
“End of Term Charge”). Notwithstanding the required payment date of the End of Term Charge III, the End of Term Charge III shall be deemed earned by Lender as of the Second Amendment Date. 

(c)    Section 7.22 of the Agreement is hereby amended and restated in its entirety as follows: 

7.22    Minimum Cash. Effective immediately upon the Initial Test Date, Borrower at all times
thereafter shall maintain unrestricted Cash in an account or accounts of Borrower subject to an Account Control Agreement, in an aggregate amount greater than or equal to the greater of (i) $30,000,000 or (ii) 6 multiplied by the current RML (as
determined as of the last reporting under Section 7.1); provided, however, that from and after Borrower’s achievement of Performance Milestone III, Borrower at all times thereafter shall maintain unrestricted Cash in an account or accounts
of Borrower subject to an Account Control Agreement, in an aggregate amount greater than or equal to the greater of (x) $20,000,000, or (y) 3 multiplied by the current RML (as 

  
 3 

 
determined as of the last reporting under Section 7.1); and provided further, that from and after the date the FDA approves the NDA for X4P-001 for
the treatment of WHIM Syndrome, any requirement for Borrower to maintain minimum Cash pursuant to this Section 7.22 shall be extinguished. 

(d)    A new Section 7.24 of the Agreement is hereby inserted immediately after Section 7.23, as
follows: 
 7.24    Security Corporation Investment Conditions. At any time that the
Security Corporation Subsidiary has any assets or liabilities, Borrower shall satisfy the Security Corporation Investment Conditions at all times; provided, however, that Borrower shall not be required to satisfy the Security Corporation Investment
Conditions at any time during which Borrower is required to maintain minimum Cash pursuant to Section 7.22. 

(e)    Section 9.2 of the Agreement is hereby amended and restated in its entirety as follows: 

9.2    Covenants. Borrower breaches or defaults in the performance of any covenant or Secured
Obligation under this Agreement, or any of the other Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6,
7.7, 7.8, 7.9, 7.14, 7.15, 7.17, 7.18, 7.19, 7.20, 7.22 and 7.24) any other Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than ten (10) Business Days after the earlier of the date on
which (i) Agent or Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.17,
7.18, 7.19, 7.20, 7.22 and 7.24, the occurrence of such default; or 
 1.3    Exhibits and
Schedules. The exhibits and schedules previously provided to or by Agent and Lender as of the Closing Date are hereby updated and amended, if applicable, as of the Second Amendment Date by the exhibits and schedules attached to this Second
Amendment. 
 2.    BORROWER’S REPRESENTATIONS
AND WARRANTIES. Borrower represents and warrants that: 

2.1    Immediately upon giving effect to this Second Amendment (i) the representations and warranties contained
in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and
(ii) no Event of Default has occurred and is continuing with respect to which Borrower has not been notified in writing by Agent. 

2.2    Borrower has the corporate power and authority to execute and deliver this Second Amendment and to perform
its obligations under the Agreement, as amended by this Second Amendment. 
 2.3    The certificate of
incorporation, bylaws and other organizational documents of Borrower delivered to Agent and Lender on the Closing Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force
and effect. 

  
 4 

 2.4    The execution and delivery by Borrower of this Second
Amendment and the performance by Borrower of its obligations under the Agreement, as amended by this Second Amendment, have been duly authorized by all necessary corporate action on the part of Borrower. 

2.5    This Second Amendment has been duly executed and delivered by Borrower and is the binding obligation of
Borrower, enforceable against it in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles
relating to or affecting creditors’ rights; and 
 2.6    As of the date hereof, it has no defenses against
the obligations to pay any amounts under the Secured Obligations. Borrower acknowledges that Agent and Lender have acted in good faith and have conducted in a commercially reasonable manner their relationships with Borrower in connection with this
Second Amendment and in connection with the Loan Documents. 
 Borrower understands and acknowledges that Agent and Lender are entering into
this Second Amendment in reliance upon, and in partial consideration for, the above representations and warranties, and agrees that such reliance is reasonable and appropriate. 

3.    LIMITATION. The amendments set forth in this Second Amendment shall be
limited precisely as written and shall not be deemed (a) to be a waiver or modification of any other term or condition of the Agreement or of any other instrument or agreement referred to therein or to prejudice any right or remedy which Agent
or Lender may now have or may have in the future under or in connection with the Agreement (as amended hereby) or any instrument or agreement referred to therein; or (b) to be a consent to any future amendment or modification or waiver to any
instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the provisions thereof. Except as expressly amended hereby, the Agreement shall continue in full force and effect. 

4.    EFFECTIVENESS. This Second Amendment shall become effective upon the
satisfaction of all the following conditions: 
 4.1    Amendment. Borrower, Agent and Lender shall have
duly executed and delivered this Second Amendment to Agent. 
 4.2    Secretary’s Certificate.
Borrower shall have delivered to Agent a secretary’s certificate, together with a certified copy of resolutions of the Borrower’s Board of Directors evidencing approval of the Second Amendment. 

4.3    Payment of Agent and Lender Expenses. Borrower shall have paid all of Agent’s and Lender’s
fees and expenses (including all reasonable attorneys’ fees and reasonable expenses) incurred through the Second Amendment Date, in each case to the extent invoiced on or prior to the Second Amendment Date. 

5.    RELEASE. In consideration of the agreements of Agent and each Lender contained herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, on behalf of itself and its successors, assigns, and other legal representatives, hereby fully, absolutely, unconditionally and
irrevocably releases, remises and forever discharges Agent and each Lender, and its successors and assigns, and its present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents
and other representatives (Agent, Lender and all such other persons being hereinafter referred to collectively as the “Releasees” and 

  
 5 

 
individually as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills,
reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever of every name and nature, known or unknown, suspected or unsuspected, both at
law and in equity, which Borrower, or any of its successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action,
cause or thing whatsoever which arises at any time immediately prior to the effectiveness of this Amendment under the Agreement or any of the other Loan Documents or transactions thereunder or related thereto. Borrower understands, acknowledges and
agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the
provisions of such release. Borrower agrees that no fact, event, circumstance, evidence or transaction which could now be asserted or which may hereafter be discovered shall affect in any manner the final, absolute and unconditional nature of the
release set forth above. Borrower hereby waives the provisions of California Civil Code section 1542, which states: 
 A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE
DEBTOR OR RELEASED PARTY. 
 6.    COUNTERPARTS. This Second Amendment may
be signed in any number of counterparts, and by different parties hereto in separate counterparts, with the same effect as if the signatures to each such counterpart were upon a single instrument. All counterparts shall be deemed an original of this
Second Amendment. This Second Amendment may be executed by facsimile, portable document format (.pdf) or similar technology signature, and such signature shall constitute an original for all purposes. 

7.    INCORPORATION BY
REFERENCE. The provisions of Section 11 of the Agreement shall be deemed incorporated herein by reference, mutatis mutandis. 

8.    LOAN DOCUMENTS. This Second Amendment shall constitute a
Loan Document. 
 [Signatures on following page] 

  
 6 

 IN WITNESS WHEREOF, the
parties have duly authorized and caused this Second Amendment to be executed as of the date first written above. 
  

							
	
	 BORROWER:
  

	X4 PHARMACEUTICALS, INC.	    	X4 THERAPEUTICS, INC.
				
	Signature:	 	 /s/ Adam Mostafa
	    	Signature:	  	 /s/ Adam Mostafa

				
	Print Name:	 	 Adam Mostafa
	    	Print Name:	  	 Adam Mostafa

				
	Title:	 	 CFO
	    	Title:	  	 CFO

 Accepted in Palo Alto, California: 
  

							
		
	AGENT:	    	LENDER:
		
	HERCULES CAPITAL, INC.	    	HERCULES CAPITAL, INC.
				
	Signature:	 	 /s/ Jennifer Choe
	    		  	
		 	Jennifer Choe, Associate	    	Signature:	  	 /s/ Jennifer Choe

		 	General Counsel	    		  	Jennifer Choe, Associate General Counsel
			
		 		    	HERCULES CAPITAL FUNDING TRUST
2018-1
				
		 		    	Signature:	  	 /s/ Jennifer Choe

		 		    		  	Jennifer Choe, Associate
		 		    		  	General Counsel 
			
		 		    	HERCULES CAPITAL FUNDING TRUST
2019-1
				
		 		    	Signature:	  	 /s/ Jennifer Choe

		 		    		  	Jennifer Choe, Associate General Counsel

 EXHIBIT F-1 

COMPLIANCE CERTIFICATE 
 Hercules Capital,
Inc. (as “Agent”) 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to that certain Amended
and Restated Loan and Security Agreement dated June 27, 2019 and the Loan Documents (as defined therein) entered into in connection with such Amended and Restated Loan and Security Agreement all as may be amended from time to time (hereinafter
referred to collectively as the “Loan Agreement”) by and among Hercules Capital, Inc. (the “Agent”), the several banks and other financial institutions or entities from time to time party thereto (collectively, the
“Lender”) and Hercules Capital, Inc., as agent for the Lender (the “Agent”) and X4 Pharmaceuticals, Inc. (the “Company”) as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in
the Loan Agreement. 
 The undersigned is an Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide
certification of information regarding the Company; hereby certifies, in such capacity, that in accordance with the terms and conditions of the Loan Agreement, the Company is in compliance for the period
ending            of all covenants, conditions and terms and hereby reaffirms that all representations and warranties contained therein are true and correct on and as of the date of this
Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality
contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the
absence of footnotes with respect to unaudited financial statement and subject to normal year end adjustments) and are consistent from one period to the next except as explained below. 

 

					
			
	REPORTING REQUIREMENT	  	REQUIRED	  	CHECK IF ATTACHED
			
	Interim Financial Statements	  	Monthly within 30 days	  	
			
	Interim Financial Statements	  	Quarterly within 45 days
(for first 3 calendar
quarters)	  	
			
	Audited Financial Statements	  	FYE within 90 days	  	
			
	Budget and forecast	  	At least annually within
60 days following FYE	  	

 7.12 DEPOSIT ACCOUNTS 

(A)    Are all Cash balances held by Borrower held in accounts subject to an Account Control Agreement, other than Excluded
Accounts?              Yes              No 

(B)    Is the Cash held by the Excluded Subsidiary less than the sum of (i) 70% of the outstanding Indebtedness under the FFG Agreement
and (ii) $5,000,000?              Yes              No 

 7.22 MINIMUM CASH 
  

																	
	 Required
	  	6x RML	 	  	3x RML	 	  	Actual	 	  	Complies?	 
	 Prior to the Initial Test Date

 
 $0
	  				  				  				  			
					
	 Before Performance Milestone III is satisfied:

 
 Greater of $30,000,000 or

 
 6 x RML
	  	$	             	 	  				  	$	             	 	  	 	Yes    No	 
					
	 After Performance Milestone III is satisfied:

 
 Greater of $20,000,000 or

 
 3 x RML
	  				  	$	             	 	  	$	             	 	  	 	Yes    No	 
					
	 After FDA Approval of X4P-001 for treatment of WHIM
Syndrome:
  
 $0
	  				  				  				  			

 7.24 SECURITY CORPORATION INVESTMENT CONDITIONS 
  

									
	 Required
	  	100% of
aggregate Term
Loan Advances	  	100% of
unrestricted Cash
Reserves	  	Actual	  	Complies?
	 When Minimum Cash required under Section 7.22 is greater than $0:

 
 $0
	  		  		  		  	
					
	 When Minimum Cash required under Section 7.22 is :$0
  

Lesser of 110% of aggregate Term Loan Advances or
  

100% of unrestricted Cash Reserves
	  	$            	  		  	$            	  	Yes    No

 The undersigned hereby also confirms the below disclosed accounts represent all depository accounts and
securities accounts presently open in the name of each Borrower or Borrower Subsidiary/Affiliate, as applicable. 
 Each new account that has been opened
since delivery of the previous Compliance Certificate is designated below with a “*”. 
  

													
	 	  	 	  	 Depository
AC #
	  	 Financial
Institution
	  	 Account Type
(Depository /
Securities)
	  	 Last Month
Ending
Account
Balance
	  	 Purpose of
Account

	BORROWER Name/Address:	  	 
	  	1	  		  		  		  		  	
	  	2	  		  		  		  		  	
	  	3	  		  		  		  		  	
	  	4	  		  		  		  		  	
	  	5	  		  		  		  		  	
	  	6	  		  		  		  		  	
	  	7	  		  		  		  		  	
	BORROWER SUBSIDIARY / AFFILIATE COMPANY Name/Address	  	 
	  	1	  		  		  		  		  	
	  	2	  		  		  		  		  	
	  	3	  		  		  		  		  	
	  	4	  		  		  		  		  	
	  	5	  		  		  		  		  	
	  	6	  		  		  		  		  	
	  	7	  		  		  		  		  	

 Very Truly Yours, 

X4 PHARMACEUTICALS, INC. 

By:         
                                         
                    

Name:                   
                                         
      
 Its:
                                         
                              

 SCHEDULE 1.1-1 

COMMITMENTS 
  

									
	 LENDER
	  	TRANCHE	 	 	TERM COMMITMENT	 
	 HERCULES CAPITAL FUNDING TRUST 2019-1
	  	 	TRANCHE 1	 	 	$	15,500,000	 
	 HERCULES CAPITAL FUNDING TRUST 2018-1
	  	 	TRANCHE 1	 	 	$	9,500,000	 
	 HERCULES CAPITAL, INC.
	  	 	TRANCHE 2	 	 	$	7,500,000	 
	 HERCULES CAPITAL, INC.
	  	 	TRANCHE 3	 	 	$	7,500,000	 
	 HERCULES CAPITAL, INC.
	  	 	TRANCHE 4	* 	 	$	10,000,000	* 
	 TOTAL COMMITMENTS
	  				 	$	50,000,000	* 

  

	*	 Funding of Tranche 4 is subject to approval by Lender’s investment committee in its sole discretion.Exhibit 10.13

 

Desktop
Metal, Inc.

 

Non-Employee
Director Compensation Program

 

Non-employee members of the board of directors
(the “Board”) of Desktop Metal, Inc. (the “Company”) shall receive cash and
equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”).
The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further
action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company
(each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless
such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company and subject
to any limits on non-employee director compensation set forth in the Equity Plan (as defined below). This Program shall remain
in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated
by the Board at any time in its sole discretion. The terms and conditions of this Program shall supersede any prior cash and/or
equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors,
except for equity compensation previously granted to a Non-Employee Director.

 

Cash
Compensation

 

The schedule of annual retainers (the “Annual
Retainers”) for the Non-Employee Directors is as follows:

 

	Position	 	Amount	 
	Base Board Fee	 	$	40,000	 
	Chair of the Board	 	$	45,000	 
	Chair of Audit Committee	 	$	20,000	 
	Chair of Compensation Committee	 	$	15,000	 
	Chair of Nominating and Corporate Governance Committee	 	$	10,000	 
	Member of Audit Committee (non-Chair)	 	$	10,000	 
	Member of Compensation Committee (non-Chair)	 	$	7,500	 
	Member of Nominating and Corporate Governance Committee (non-Chair)	 	$	5,000	 

 

For the avoidance of doubt, the Annual Retainers in the
table above are additive and a Non-Employee Director shall be eligible to earn an Annual Retainer for each position in which
he or she serves. The Annual Retainers shall
be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the
fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee
Director, or in the applicable position, for an entire calendar quarter, the Annual Retainer paid to such Non-Employee Director
shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as
applicable.

 

    1 

     

    

 

Equity Compensation

 

Each Non-Employee Director shall be granted
restricted stock units (“RSUs”) as set forth in this Program. The RSUs shall be granted under and subject
to the terms and provisions of the Company’s 2020 Incentive Award Plan or any other applicable Company equity incentive plan
then-maintained by the Company (the “Equity Plan”) and shall be subject to an award agreement, including
attached exhibits, in substantially the form previously approved by the Board.

 

A.         Initial RSU Grant.
Each Non-Employee Director who is initially elected or appointed to the Board, shall automatically be granted a number of RSUs
on the date of such initial election or appointment determined by dividing $280,000 by the Fair Market Value (as defined in the
Equity Plan) of a share of the Company’s common stock on the date of such election or appointment (with any partial shares
that result being rounded up to the nearest whole share) (the “Initial Award” or “Initial
Award RSUs”).

 

B.          Annual RSU Grant.
Except as provided below, a Non-Employee Director who (i) has been serving as a Non-Employee Director on the Board as of the date
of any annual meeting of the Company’s stockholders and (ii) will continue to serve as a Non-Employee Director immediately
following such meeting, shall automatically be granted a number of RSUs on the date of such annual meeting determined by dividing
$140,000 by the Fair Market Value of a share of the Company’s common stock on the date of the annual meeting (with any partial
shares that result being rounded up to the nearest whole share) (the “Annual Award” or “Annual
Award RSUs”). In the event a Non-Employee Director is not serving as a Non-Employee Director as of the date of any
annual meeting of the Company’s stockholders, but commences service as a Non-Employee Director prior to the next annual meeting
of the Company’s stockholders, such Non-Employee Director will automatically be granted an Annual Award on the date of such
commencement of service, provided that the number of Annual Award RSUs granted to such Non-Employee Director shall be prorated
for the Non-Employee Director’s partial year of service on the Board.

 

C.          Termination of
Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the
Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on
the Board will not receive the Initial Award RSUs, but to the extent that they are otherwise entitled, will receive, after termination
of employment with the Company and any parent or subsidiary of the Company, the Annual Award RSUs.

 

 

    2 

     

    

 

 D.         Terms of RSUs Granted to Non-Employee Directors.

 

1.       Vesting.

 

a.         Initial Award
RSUs. The Initial Award RSUs shall vest in three substantially equal annual installments following the date of grant, such
that the Initial Award RSUs shall be fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director
continuing in service as a Non-Employee Director through each such vesting date.

 

b.        Annual Award
RSUs. The Annual Award RSUs shall vest in a single installment on the earlier of the first anniversary of the date of grant
or the day immediately prior to the date of the next annual meeting of the Company’s stockholders occurring after the date
of grant, in either case, subject to the Non-Employee Director continuing in service as a Non-Employee Director through such vesting
date.

 

2.        Forfeiture
of RSUs. Unless the Board otherwise determines, any Initial Award RSUs or Annual Award RSUs which are unvested at the time
of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director shall be immediately forfeited
upon such termination of service and shall not thereafter become vested. Notwithstanding the foregoing, all of a Non-Employee
Director’s Initial Award RSUs and Annual Award RSUs shall vest in full (i) in the event the Non-Employee Director’s
service on the Board terminates by reason of the Non-Employee Director’s death or Disability (as defined in the Equity Plan)
or (ii) immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), in each case, to the extent
outstanding at the relevant time.

 

* * * * *

 

    3

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