Document:

Exhibit 10.1

 

 

January 24, 2020

 

Mr. Chad Wagenheim

[Redacted]

 

Re:        Revised
Employment Terms

 

Dear Chad,

 

Reference is made to the revised employment
terms letter signed by you and Sequential Brands Group, Inc. (the “Company”), dated as of June 5, 2017 (as amended
by letter dated January 11, 2019, collectively, the “Agreement”). Capitalized terms used in this letter and not otherwise
defined herein shall have the meaning set forth in the Agreement.

 

This letter amends the Agreement as follows:

 

		1.	Your title is President.

 

		2.	Effective July 1, 2019, Section 1 titled Salary is amended such that your annual salary
is increased to $450,000 per year (your “Annual Salary”).

 

		3.	Section 2 titled Bonus is amended such that your bonus target for the Company’s 2020
fiscal year and each fiscal year thereafter is increased from 75% of your Annual Salary to 100% of your Annual Salary.

 

		4.	You acknowledge that the Company’s 2019 performance goals for awarding you and other employees
a bonus for 2019 are not expected to be met and therefore you will not be entitled to a Bonus for the year ending December 31,
2019.

 

		5.	In recognition of your promotion and your extraordinary individual performance during 2019, the
Compensation Committee has approved a discretionary bonus of $325,000 (less applicable withholdings and deductions) payable upon
mutual execution of this letter.

 

		6.	In recognition of your valuable services
to the Company, the Compensation Committee has approved a long-term cash incentive bonus in lieu of a stock grant $250,000 (less
applicable withholdings and deductions) to be paid to you in two installments as follows: (a) $62,500 upon mutual execution of
this letter; and (b) $187,500 on October 1, 2020, subject to your continued employment with the Company through that date; provided,
however, that if you (a) die; (b) become Disabled (as defined in the Company’s 2013 Stock Incentive Plan); or (c) are terminated
without cause prior to October 1, 2020, you (or your estate, as applicable) will still receive the $187,500 on October 1, 2020.

 

    	 	 	1

     

    

 

Except as specifically modified in this
letter, the Agreement remains in full force and effect, including, without limitation Section 10 of the Agreement titled Employee
Status. For the avoidance of doubt, nothing herein shall be construed so as to modify your status as an “at-will”
employee of the Company.

 

Please confirm your acceptance and agreement
to the foregoing terms by signing below.

 

 

	 	Sincerely,
	 	 
	 	SEQUENTIAL BRANDS GROUP, INC.
	 	 
	 	 
	 	By: 	/s/ David Conn
	 	Name: 	David Conn
	 	Title: 	CEO

 

 

Accepted and agreed this 24th__
day of

January, 2020 by:

 

 

	/s/ Chad Wagenheim	 
	Chad Wagenheim	 

 

    	 	 	2Exhibit 10.2 

 

SEQUENTIAL BRANDS GROUP, INC.

June 5, 2017

 

 

Mr. Chad Wagenheim

[Redacted]

 

Re:        Revised Employment Terms

 

Dear Chad:

 

We are very pleased to offer you the following revised terms
of employment to continue with the Company as an EVP, reporting to the Company’s President, Andrew Cooper.

 

		1.	Salary. Effective as April 15, 2017, your annual salary will be increased to $350,000.

 

		2.	Bonus. Commencing with the Company’s 2017 fiscal year and for each fiscal year thereafter during the term
of your employment, your discretionary bonus target will be increased to 75% of your Annual Salary.

 

		3.	RSUs. You will be granted 125,000 restricted stock units (RSUs), vesting as follows:

 

		•	30% of the shares will vest on May 31, 2018

		•	30% of the shares will vest on May 31, 2019

		•	40% of the shares will vest on May 31, 2020

 

The RSUs will be granted pursuant to the terms of
a separate award agreement, which will provide that all unvested shares will vest on a change of control (as defined in the Company’s
Equity Plan) or in the event that you are terminated by the Company without cause.

 

		4.	Accelerated Vesting of PSUs. In the event that a change of control (as defined in the Company’s Equity
Plan) occurs during the term of your employment, all prior granted PSUs that have not yet vested will automatically vest.

 

		5.	Severance. In the event that your employment is terminated by the Company without cause, the Company will pay
you severance equal to your then current annual salary, payable in equal installments on a monthly basis, less applicable withholdings.
The severance described above will be subject to your execution (and non-revocation) of the Company’s standard release of
claims.

 

     

     

    

 

		6.	Benefits. You will continue to be eligible
                                         to participate in all employee benefit plans (including the Company’s 401k Plan).

 

		7.	Expense Reimbursement. You will be reimbursed for all reasonable, pre-approved travel and other authorized business
expenses.

 

		8.	Vacation. 3 weeks.

 

		9.	Misc. With the exception of the Stock Grants described in your Offer Letter, dated October 13, 2014, the
terms set forth herein shall supersede all prior agreements and understandings between you and the Company.

 

		10	Employee Status. You will continue to
                                         be an employee “at-will” of the Company, meaning that either you or the Company
                                         can terminate your employment at any time and for any reason, without or without cause,
                                         provided that you agree to provide the Company with a minimum of thirty (30) days notice
                                         in the event you elect to terminate your employment, which notice may be waived by the
                                         Company (in whole or part) in its sole discretion.

 

Please confirm your acceptance and agreement to the foregoing
terms by signing below.

 

Sincerely

 

	/s/ Andrew Cooper	 
	Andrew Cooper	 
	President	 

 

 

Accepted and agreed this 7th day of June 2017 by:

 

	/s/ Chad Wagenheim	 
	Chad WagenheimExhibit 10.3

 

 

October 13, 2014

 

Mr. Chad Wagenheim

[Address]

 

Re:    Offer Letter 

 

Dear Chad:

 

We are very pleased to offer you the position of Executive Vice-President,
Strategic Development and Operations with Sequential Brands Group, Inc. (“Sequential” or the “Company”),
reporting directly to the Company’s Chief Executive Officer (“CEO”), Yehuda Shmidman.

 

	Position:	As Executive Vice President, Strategic Development and Operations of the Company, you will work closely with the CEO and Company division heads in developing and implementing the Company’s strategic initiatives and annual goals.
	 	 
	Start Date:	On or before November 17, 2014
	 	 
	Term:	3.5 years
	 	 
	Annual Salary:	$275,000
	 	 
	Annual Bonus:	Discretionary bonus of up to $150,000 per calendar year, based on criteria to be agreed upon with the CEO in advance of each calendar year, provided that your bonus for 2015 shall be no less than $75,000.
	 	 
	Stock Grant:	 
	 	 
	 	·    7,500 Restricted
    Stock Units. 100% to best on June 30, 2015.
	 	 
	 	·    30,000 Restricted
    Stock Units. 7,500 shares to vest on each of the first, second and third anniversary of Start Date, with the remaining 7,500
    to vest six months following the third anniversary of your Start Date.
	 	 
	 	·    25,000 Performance
    Based Stock Units. 1/3 to vest following the 2015, 2016 and 2017 calendar years pursuant to the terms of the Company’s
    executive incentive plan or such other criteria as may be determined by the Compensation Committee of the Company.

 

     

     

    

 

	Expenses:	You will be reimbursed for all reasonable, pre-approved travel and other authorized business expenses incurred in the performance of your responsibilities.
	 	 
	Vacation:	Three (3) weeks.
	 	 
	Benefits:	You will be eligible to participate in all employee benefit plans (including, health, dental, disability and life) offered to similarly situated employees.
	 	 
	Severance:	In the event that your employment with the Company is terminated without cause at any time during the term of your employment,
    the Company will pay you severance equal to 6 months of your Annual Salary.

 

While we look forward to your career at Sequential being long-term
and rewarding, you understand that your employment at the Company will be as an at-will employee, subject to the terms set forth
above.

 

Please confirm your acceptance of the terms of this offer by
signing below.

 

Sincerely,

 

 

 

	By:	/s/Yehuda Shmidman	 
	 	Yehuda Shmidman	 
	 	Chief Executive Officer	 

 

 

Accepted and agreed to this 14th day

of October 2014 by:

 

 

	/s/Chad Wagenheim	 
	Chad Wagenheim	 

 

    	 	2EX-10.1

 Exhibit 10.1 

SYNLOGIC, INC. 

AMENDED & RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM 

As of December 2019 
 Non-employee members of the board of directors (the “Board”) of Synlogic, Inc. (formerly known as Mirna Therapeutics, Inc.) (the “Company”) shall be eligible to
receive cash and equity compensation as set forth in this Amended & Restated Non-Employee Director Compensation Program (this “Program”), which is being adopted pursuant to the
Board’s resolutions on December 13, 2017. 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 may be eligible 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. 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, without advance notice, 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. This Program shall become effective on December 13, 2017 (the “Effective
Date”). 
 1. Cash Compensation. 

(a) Annual Retainers. Each Non-Employee Director shall be eligible to receive an annual
retainer of $40,000 for service on the Board. 
 (b) Additional Annual Retainers. In addition, a
Non-Employee Director shall receive the following annual retainers: 
 (i) Chairman of the
Board. A Non-Employee Director serving as Chairman of the Board shall receive an additional annual retainer of $30,000 for such service. 

(ii) Audit Committee. A Non-Employee Director serving as Chairperson of the Audit
Committee shall receive an additional annual retainer of $15,000 for such service. A Non-Employee Director serving as a member of the Audit Committee (other than the Chairperson) shall receive an
additional annual retainer of $7,500 for such service. 

 (iii) Compensation Committee. A
Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $12,000 for such service. A Non-Employee
Director serving as a member of the Compensation Committee (other than the Chairperson) shall receive an additional annual retainer of $5,000 for such service. 

(iv) Nominating and Corporate Governance Committee. A Non-Employee Director serving
as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving as a member of the Nominating
and Corporate Governance Committee (other than the Chairperson) shall receive an additional annual retainer of $4,000 for such service. 

(c) Payment of Retainers. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis
based on a calendar quarter and shall be paid 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 positions described in Section 1(b), for an entire calendar quarter, the 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. Notwithstanding the foregoing, prior to the beginning of each calendar
year, a Non-Employee Director may elect to receive such annual retainers in the form of an option which option will be granted on the first business day of the calendar year to purchase the number of shares as
is equal to the Black-Scholes value of the annual retainer. Such option shall vest in four quarterly installments on the last day of each calendar quarter during the calendar year provided the Non-Employee
continues to provide service to the Board or the applicable Committee, and shall be issued under the Equity Plan (as defined below) and form of option agreement set forth in Section 2 below and have an exercise price and term as set forth in
Section 2 below. Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date may make an election to be paid in the form of an option within 30 days of his or
her election or appointment to the Board (the “Option Election”) and any such option shall be granted on the last business day of the month following his or her Option Election for the prorated portion of the cash for the initial calendar
year and otherwise in accordance with this section. 
 2. Equity
Compensation. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the
Company’s 2015 Equity Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be evidenced by the execution and delivery of award
agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock options hereby are subject
in all respects to the terms of the Equity Plan. 

 (a) Initial Awards. Each Non-Employee
Director who is initially elected or appointed to the Board after the Effective Date shall automatically be granted, on the date of such initial election or appointment, an option to purchase 30,000 shares of the Company’s common stock. The
awards described in this Section 2(a) shall be referred to as “Initial Awards.” No Non-Employee Director shall be granted more than one Initial Award. 

(b) Subsequent Awards. A Non-Employee Director who (i) has been serving on the Board
immediately prior to any annual meeting of the Company’s stockholders after the Effective Date and (ii) will continue to serve as a Non-Employee Director immediately following such meeting, shall be
automatically granted, on the date of such annual meeting, an option to purchase 15,000 shares of the Company’s common stock. The awards described in this Section 2(b) shall be referred to as “Subsequent
Awards.” For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an annual meeting of the Company’s stockholders shall only receive an Initial
Award in connection with such election, and shall not receive any Subsequent Award on the date of such meeting as well. 
 (c) Termination
of Service 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 service with the Company and any parent or subsidiary of the Company and
remain on the Board will not receive an Initial Award pursuant to Section 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from service with the Company and any parent or
subsidiary of the Company, Subsequent Awards as described in Section 2(b) above. 
 (d) Terms of Awards Granted to Non-Employee Directors 
 (i) Purchase Price. The per share exercise price of each option
granted to a Non-Employee Director shall equal the Fair Market Value (as defined in the Equity Plan) of a share of common stock on the date the option is granted.

(ii) Vesting. Each Initial Award shall vest and become exercisable in substantially equal installments on each of the first three
anniversaries of the date of grant, subject to the Non-Employee Director continuing to provide services to the Company through each such vesting date. Each Subsequent Award shall vest and become
exercisable in full on the earlier of (A) the first anniversary of the date of grant or (B) immediately prior to the next annual meeting of the Company’s stockholders after the date of grant, subject to the Non-Employee Director continuing to provide services to the Company through such vesting date. 

 (iii) Change in Control Acceleration. All of a
Non-Employee Director’s Initial Awards and Subsequent Awards, and any other stock options or other equity-based awards outstanding and held by the Non-Employee
Director, other than the options set forth in Section 1 above, shall vest and, if applicable, become exercisable with respect to one hundred percent (100%) of the shares subject thereto immediately prior to the occurrence of a Change in Control
(as defined in the Equity Plan), to the extent outstanding at such time. 
 (iv) Term. The term of each stock option granted to
a Non-Employee Director shall be ten (10) years from the date the option is granted. 
 3.
Reimbursements. The Company shall reimburse each Non-Employee Director for all reasonable, documented, out-of-pocket
travel and other business expenses incurred by such Non-Employee Director in the performance of his or her duties to the Company in accordance with the Company’s applicable expense reimbursement policies
and procedures as in effect from time to time.

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