Document:

ptgx_Ex10_1

		
			Exhibit 10.1
		

		
			 
		

		
			EMPLOYEE SEVERANCE AGREEMENT
		

		
			This Employee Severance Agreement (this “Agreement”) is entered into as of the 19th day of July, 2019, by and between Protagonist Therapeutics, Inc., a Delaware corporation (the “Company”), and Samuel Saks, M.D (the “Employee”).
		

		
			Statement of Purpose
		

		
			Whereas, Employee is currently employed by the Company as an at-will employee;
		

		
			Whereas, notwithstanding the at-will nature of the employment relationship between Employee and the Company, the Company has agreed to provide Employee with severance benefits if Employee’s employment with the Company is terminated by the Company without Cause or by Employee for Good Reason pursuant to the terms set forth below.
		

		
			Now, Therefore, in consideration of the foregoing, the mutual agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		

		
			1.At-Will Employment.  Employee acknowledges and agrees that Employee’s employment relationship with the Company is at will. This Agreement does not in any way alter Employee’s at-will status or limit the Company’s or Employee’s right to terminate Employee’s employment with the Company at any time, with or without Cause or advance notice.
		

		
			2.Effect of Termination of Employment.
		

		
			(a)Accrued Obligations. When Employee’s employment with the Company is terminated for any reason, Employee, or Employee’s estate, as the case may be, will be entitled to receive (i) an amount in cash equal to any accrued but unpaid base salary owing by the Company to Employee as of the date of termination, (ii) any unpaid reimbursements relating to business expenses incurred by Employee prior to the date of termination, (iii) any accrued but unused vacation time in accordance with Company policy and (iv) vested entitlements under any other Company benefit plan or program as determined thereunder.
		

		
			(b)Separation Benefits upon Certain Terminations. If the Company terminates Employee’s employment without Cause or Employee terminates employment for Good Reason, then conditioned upon Employee satisfying the Release conditions set forth below, the Company will provide Employee with the following benefits (the “Separation Benefits”):  (i) payment of Employee’s then-current base salary for a period of 9 months (12 months in the case of a Change in Control Termination); (ii) in the case of a Change in Control Termination, payment of an amount equal to one-twelfth of Employee’s then-current target bonus per month for the number of months during which Employee is receiving salary continuation under clause (i) above; and (iii) in the case of a Change in Control Termination, acceleration of the vesting (and exercisability, as relevant) of all unvested and/or unexercisable equity awards held by Employee as of immediately prior to 

		 

termination. The Separation Benefits are conditioned upon Employee executing a general release of claims in a form acceptable to the Company (the “Release”) within the time specified therein, which Release is not revoked within any time period allowed for revocation under applicable law. The Separation Benefits will be payable to Employee over time in accordance with the Company’s payroll practices and procedures, subject to required withholding, beginning as soon as practicable (but no more than thirty (30) days) following the Release becoming irrevocable; provided, however, that if the Release revocation period spans two calendar years, payments will begin in the second of those calendar years to the extent required to avoid adverse taxation under Section 409A of the Internal Revenue Code (the “Code”).
		

		
			(c)Definitions.
		

		
			(i)Cause. For purposes of this Agreement, “Cause” means: (A) Employee’s fraud, embezzlement or misappropriation with respect to the Company; (B) Employee’s material breach of fiduciary duties to the Company; (C) Employee’s willful or negligent misconduct that has or may reasonably be expected to have a material adverse effect on the property, business, or reputation of the Company; (D) Employee’s material breach of any employment agreement or other agreement between Employee and Company; (E) Employee’s willful failure or refusal to perform his/her material duties as an employee of the Company or failure to follow any specific lawful instructions of the Chief Executive Officer of the Company; (F) Employee’s conviction or plea of nolo contendere in respect of a felony or of a misdemeanor involving moral turpitude; (G) Employee’s alcohol or substance abuse which has a material adverse effect on Employee’s ability to perform his duties to the Company or the property, business, or reputation of the Company; or (H) Employee’s failure to comply with the Company’s workplace rules, policies, or procedures. In the event that the Company concludes that Employee has engaged in acts constituting in Cause as defined in clause (C), (D), (E), or (G) above, prior to terminating Employee’s employment for Cause the Company will provide Employee with at least fifteen (15) days’ advance written notice of the specific circumstances constituting such Cause, and an opportunity to correct such circumstances to the extent correctable.
		

		
			(ii)Good Reason. For purposes of this Agreement, “Good Reason” means the occurrence of any of the following without Employee’s express written permission: (A) material diminution of Employee’s duties, authority or responsibilities, relative to Employee’s duties authority or responsibilities as in effect immediately prior to such reduction; provided, however, that the acquisition of the Company and subsequent conversion of the Company to a division or unit of the acquiring company will not by itself result in a material diminution under this clause (A); (B) material diminution in Employee’s base salary; or (C) a change by more than 50 miles in the primary geographic location at which Employee is required to perform services hereunder; provided that Employee has given prompt notice to the Company of the existence of such condition (but in no event later than ninety (90) days after its initial existence), Employee has provided the Company with a minimum of thirty (30) days following such notice to cure such condition, and, if the Company fails to cure such condition, Employee then terminates employment within thirty (30) days of the end of such cure period.
		

		
			(iii)Change in Control. For purposes of this Agreement, “Change in Control” has the meaning set forth in the Company’s 2016 Equity Incentive Plan, as it may be amended, or any successor plan thereto.
		

		
			

		 

		

		
			(iv)Change in Control Termination. For purposes of this Agreement, “Change in Control Termination” means a termination of Employee’s employment by the Company without Cause or by Employee for Good Reason, in each case within 12 months following a Change in Control.
		

		
			(d)Certain Terminations Excluded.  For avoidance of doubt, the termination of Employee’s employment: (i) by the Company for Cause; (ii) as a result of Employee’s resignation other than for Good Reason; or (iii) as a result of Employee’s death or disability (meaning the inability of Employee, due to the condition of his physical, mental or emotional health, effectively to perform the essential functions of his job with or without reasonable accommodation for a continuous period of more than 90 days or for 90 days in any period of 180 consecutive days, as determined by the Company in its sole discretion in consultation with a physician retained by the Company), will not constitute a termination without Cause triggering the rights described in Section 2(b) above.
		

		
			(e)Application of Internal Revenue Code Section 409A.  The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”), and this Agreement shall be interpreted and construed in a manner that establishes an exemption from (or compliance with) the requirements of Section 409A.  Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under this Section 2 that constitute “deferred compensation” within the meaning of Section 409A will not commence in connection with Employee’s termination of employment unless and until Employee has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (a “Separation From Service”), unless the Company reasonably determines that such amounts may be provided to Employee without causing Employee to incur additional taxes under Section 409A.  The parties intend that each installment of the Separation Benefits payments provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, the parties intend that payments of the Separation Benefits set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(9). However, if the Company determines that the Separation Benefits constitute “deferred compensation” under Section 409A and Employee is, on the termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Separation Benefits payments will be delayed until the earlier to occur of: (i) the date that is six months and one day after Employee’s Separation From Service, or (ii) the date of Employee’s death (such applicable date, the “Specified Employee Initial Payment Date”), and the Company (or the successor entity thereto, as applicable) will (A) pay to Employee a lump sum amount equal to the sum of the Separation Benefits payments that Employee would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of the Separation Benefits had not been so delayed pursuant to this Section, and (B) commence paying the balance of the Separation Benefits in accordance with the applicable payment schedules set forth in this Agreement.  With respect to any reimbursement or in-kind benefit plans, policies or arrangements of the Company that constitute deferred compensation for purposes of Section 409A, except as otherwise permitted by Section 409A, the following 

		 

conditions shall be applicable: (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such plan, policy or arrangement in one calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be provided, under such plan, policy or arrangement in any other calendar year, (ii) any reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
		

		
			(f)Application of Internal Revenue Code Section 280G.  Notwithstanding anything to the contrary contained in this Agreement, to the extent that any of the payments and benefits provided for under this Agreement or any other agreement or arrangement between Employee and the Company or its affiliates (collectively, the “Payments”) (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this paragraph, would be subject to the excise tax imposed by Section 4999 of the Code, then the Payments shall be payable either (i) in full or (ii) as to such lesser amount which would result in no portion of such Payments being subject to an excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in Employee’s receipt on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. Unless Employee and the Company otherwise agree in writing, any determination required under this paragraph shall be made in writing by the Company’s independent public accountants, whose determination shall be conclusive and binding upon Employee and the Company for all purposes. If a reduction in payments or benefits constituting “parachute payments” is necessary, reduction shall occur in the following order: (A) cash payments shall be reduced first and in reverse chronological order such that the cash payment owed on the latest date following the occurrence of the event triggering such excise tax will be the first cash payment to be reduced; (B) accelerated vesting of equity awards shall be cancelled/reduced next and in the reverse order of the date of grant for such stock awards (i.e., the vesting of the most recently granted stock awards will be reduced first); and (C) employee benefits shall be reduced last and in reverse chronological order such that the benefit owed on the latest date following the occurrence of the event triggering such excise tax will be the first benefit to be reduced.   
		

		
			3.Miscellaneous.
		

		
			(a)Entire Agreement; No Further Obligations. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements (whether written or oral and whether express or implied) between the parties to the extent related to such subject matter.  Except as expressly provided above or as otherwise required by law, the Company will have no obligations to Employee in the event of the termination of Employee’s employment with the Company for any reason.
		

		
			(b)Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns and, in the case of Employee, heirs, executors, and/or personal representatives. Employee may not assign, delegate or otherwise transfer any of Employee’s rights, interests or obligations in this Agreement without the prior written approval of the Company.
		

		
			

		 

		

		
			(c)Notices. Any notice pursuant to this Agreement must be in writing and will be deemed effectively given to the other party on (i) the date it is actually delivered by overnight courier service (such as FedEx) or personal delivery of such notice in person; or (ii) five days after the date it is mailed by certified mail, return receipt requested, postage prepaid; in the case of Employee, to his/her most recent address as shown in the records of the Company, and in the case of the Company, to its then-current corporate headquarters, addressed to the attention of the Chief Executive Officer.
		

		
			(d)Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same agreement. This Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law (e.g., www.docusign.com)) or other transmission method and shall be deemed to have been duly and validly delivered and be valid and effective for all purposes, and facsimile and electronic signatures shall be equivalent to original signatures.
		

		
			(e)Amendments and Waivers. No amendment of any provision of this Agreement will be valid unless the amendment is in writing and signed by the Company and Employee. No waiver of any provision of this Agreement will be valid unless the waiver is in writing and signed by the waiving party. The failure of a party at any time to require performance of any provision of this Agreement will not affect such party’s rights at a later time to enforce such provision. No waiver by a party of any breach of this Agreement will be deemed to extend to any other breach hereunder or affect in any way any rights arising by virtue of any other breach.
		

		
			(f)Severability. Each provision of this Agreement is severable from every other provision of this Agreement. Any provision of this Agreement that is determined by any court of competent jurisdiction to be invalid or unenforceable will not affect the validity or enforceability of any other provision. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.
		

		
			(g)Construction. The section headings in this Agreement are inserted for convenience only and are not intended to affect the interpretation of this Agreement. Any reference in this Agreement to any “Section” refers to the corresponding Section of this Agreement.  The word “including” in this Agreement means “including without limitation.” All words in this Agreement will be construed to be of such gender or number as the circumstances require.
		

		
			(h)Governing Law. This Agreement will be governed by the laws of the State of California without giving effect to any choice or conflict of law principles of any jurisdiction.
		

		
			 
		

		
			

		 

		

		
			In Witness Whereof, the parties hereto have executed and delivered this Agreement as of the date first written above.
		

			
					
						EMPLOYEE:

					
					
						 

					
					
						COMPANY:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Protagonist Therapeutics, Inc.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/: Samuel Saks, M.D.

					
					
						 

					
					
						By: 

					
					
						/s/: Dinesh V. Patel, Ph.D.

				
	
					
						Samuel Saks, M.D

					
					
						 

					
					
						 

					
					
						Dinesh V. Patel, Ph.D.

				
	
					
						Chief Medical Officer

					
					
						 

					
					
						 

					
					
						President and Chief Executive OfficerExhibit 10.13

 

CHINA XIANGTAI FOOD CO., LTD.

Xinganxian Plaza, Building B, Suite 21-1,
Lianglukou, Yuzhong District 400800

Chongqing, People’s Republic of China

 

May 8, 2018

 

Mr. Bangquan Ou

 

17-4 Building 2, No. 243 East Xinjian Road, Jiangbei District,
Chongqing, China

 

Re: Director Offer Letter 

 

Dear Mr. Ou:

 

CHINA XIANGTAI FOOD CO., LTD., a Cayman
Islands limited liability company (the “Company” or “we”), is pleased to offer you a position as a Director
of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your
participation as a Director in the Company. Should you choose to accept this position as a Director, this letter agreement (the
 “Agreement”) shall constitute an agreement between you and the Company and contains all the terms and conditions relating
to the services you agree to provide to the Company.

 

1. Term. This Agreement is effective
as of the date of this Agreement. Your term as a Director shall continue subject to the provisions in Section 9 below or until
your successor is duly elected and qualified. The position shall be up for re-appointment every three year by the board of the
Directors of the Company (the “Board”) and upon re-appointment, the terms and provisions of this Agreement shall remain
in full force and effect.

 

2. Services. You shall render services
as a Director (hereinafter, your “Duties”). During the term of this Agreement, you may attend and participate at each
meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video
conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via
telephone, electronic mail or other forms of correspondence.

 

3. Services for Others. You shall
be free to represent or perform services for other persons during the term of this Agreement.

 

4. Compensation. As compensation
for your services to the Company, you will receive upon execution of this Agreement a compensation of $10,000 for each calendar
year of service under this Agreement on a pro-rated basis.

 

You shall be reimbursed for reasonable expenses
incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

 

5. D&O Insurance Policy. During
the term under this Agreement, the Company shall include you as an insured under its officers’ insurance policy.

 

6. No Assignment. Because of the
personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent
of the Company.

 

    

     

    

 

7. Confidential Information; Non-Disclosure.
In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your
business relationship with the Company, you hereby represent and agree as follows:

 

a. Definition. For purposes of this
Agreement the term “Confidential Information” means: (i) any information which the Company possesses that has been
created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business
in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known
by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning
products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and
whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and
test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies,
forecasts, customer and supplier identities, characteristics and agreements.

 

b. Exclusions. Notwithstanding the
foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily
available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement
requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such
information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information
from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable
law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant
to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort
to obtain a protective order requiring that the Confidential Information not be disclosed.

 

c. Documents. You agree that, without
the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data,
records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will
you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or
copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as
defined in Section 9 herein).

 

d. Confidentiality. You agree that
you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any
Confidential Information or anything relating to such information without the prior written consent of the Company, except as may
be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential
Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship
with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the
foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such
information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

 

e. Ownership. You agree that the
Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark
rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions
(whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived
or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively,
 “Inventions”) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company,
at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend
any rights assigned.

 

    

     

    

 

8. Non-Solicitation. During the term
of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your
appointment.

 

9. Termination and Resignation. Your
services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services
as a Director for any or no reason by delivering your written notice of resignation to the Company (“Resignation”),
and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice
of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder
will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you
for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination
or Resignation.

 

10. Governing Law; Arbitration. All
questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties
hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement,
including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual
obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American
Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration
clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration
proceedings shall be conducted in English.

 

11. Entire Agreement; Amendment; Waiver;
Counterparts. This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and
terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended
and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term
or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same
term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance
by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance
of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which
will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles
of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

12. Indemnification. The Company
shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including
reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including
reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted
by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance
of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate
documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c)
an undertaking adequate under applicable law made by or on your behalf to repay the final disposition of such proceeding promptly
upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount
and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made
by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment
or settlement that you are not entitled to be indemnified by the Company.

 

    

     

    

 

13. Not an Employment Agreement. This Agreement
is not an employment agreement, and shall not be construed or interpreted to create any right for you to continue employment with
the Company.

 

14. Acknowledgement. You accept this Agreement
subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions
or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

 

The Agreement has been executed and delivered
by the undersigned and is made effective as of the date first set forth above.

 

	 	Sincerely,
	 	 
	 	CHINA XIANGTAI FOOD CO., LTD.
	 	 
	 	/s/ Zeshu Dai
	 	Zeshu Dai
	 	Chairwoman of the Board
	 	 
	AGREED AND ACCEPTED	 
	 	 
	/s/ Bangquan Ou	 
	Bangquan Ou

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