Document:

Exhibit 10.2

 

 

June 4, 2018

 

VIA E-MAIL

 

Michael Heffernan

[###]

[###]

 

Re: Resignation as Chief Executive Officer; Board Membership

 

Dear Mike:

 

This letter memorializes our conversations relating to the transition under which you will resign as Chief Executive Officer of Collegium Pharmaceutical, Inc. (“we” or the “Company”) but remain on the Company’s Board of Directors (the “Board”) as its Chairman.  In consideration of our mutual understandings, promises and obligations contained in this letter agreement (the “Agreement”), and for other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, you and the Company hereby voluntarily agree as follows:

 

Resignation.  We hereby acknowledge your notice to the Company of your decision to voluntarily resign your employment with the Company as of June 30, 2018 (the “Effective Date”) and we accept such resignation.  You and the Company agree that you will continue in the employ of the Company until the Effective Date pursuant to the terms and conditions of the Employment Agreement by and between you and the Company dated August 4, 2015 (the “Employment Agreement”).  Except as otherwise provided herein relating to your service on the Board, you hereby resign as of the Effective Date from all offices, positions and committees of the Company and of all affiliates and related entities of the Company.  You and the Company agree that the Employment Agreement shall terminate on the Effective Date, provided that such provisions thereof that survive its termination shall remain in full force and effect, including, without limitation, the covenants set forth in Section 6 of the Employment Agreement.

 

Service on the Board.  Following the Effective Date, you shall remain on the Board and serve as its Chairman in accordance with the Company’s Second Amended and Restated Articles of Incorporation, the Company’s Amended and Restated Bylaws (each as may be amended or restated from time to time) and the Company’s Corporate Governance Guidelines.

 

Retainer.  Beginning July 1, 2018, in consideration for your services as a member of the Board, you will paid in accordance with the Company’s Compensation Policy for Non-Employee Directors (the “Policy”), which shall include, in addition to the then-applicable cash retainer payable to all non-employee members of the Board, a cash retainer of $60,000.00 per calendar year (or such other amount as the Board may, from time to time, approve) for your service on the Board as its Chairman, payable in arrears for each fiscal quarter.

 

 

Continued Vesting of Existing Equity Awards.  During the period that you serve on the Board your outstanding equity incentive awards granted during your employment with the Company will vest on the same schedule and with respect to the same number of shares as they would have vested.  Additionally, if you remain in service as a director through the Company’s 2020 annual meeting of stockholders, then any outstanding unvested equity incentive awards that were granted to you during your employment will become fully vested at such time.

 

2018 Annual Bonus.  The Company hereby agrees to pay you one-half (1/2) of the annual bonus that would have otherwise been paid to you for the Company’s 2018 fiscal year (i.e. based and contingent on the Company’s satisfaction of the performance criteria established for 2018 annual bonuses) had you remained employed by the Company through the end of 2018, which amount shall be paid at the time 2018 annual bonuses are paid to the Company’s senior executives.

 

Health Insurance.  The Company hereby agrees to waive the applicable premium otherwise payable for COBRA health, dental and vision continuation coverage for you (and, to the extent covered immediately prior to the Effective Date, your eligible dependents) for 18 months following the Effective Date, or until the date you receive group health insurance from a subsequent employer, if sooner.  For the 2018 calendar year, the Company will pay you the difference between your health savings account (HSA) balance as of June 30, 2018 and the Company’s health insurance plan annual family deductible for such year.  For the 2019 calendar year, provided that you are covered under the Company’s COBRA coverage on such date, the Company will pay you as soon as administratively practicable after January 1, 2019 an amount equal to the Company’s health insurance plan annual family deductible.

 

If you are in agreement with the terms of this Agreement, please execute and return a fully executed copy of this letter agreement to me.

 

	
 
    	
 
    	
Sincerely,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Collegium Pharmaceutical, Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Shirley R. Kuhlmann
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
Executive Vice President and General Counsel
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Intending to be legally bound,
    	
 
    	
 
    
	
agreed on this
    	
 
    	
 
    
	
4th day of June, 2018:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Michael Heffernan
    	
 
    	
 
    
	
Michael Heffernan
    	
 
    	
 
    
					

 

2Exhibit 4.1

 

FORM OF NON-TRANSFERABLE SUBSCRIPTION RIGHTS CERTIFICATE

 

	
RIGHTS   CERTIFICATE # [      ]
    	
NUMBER   OF RIGHTS: [     ]
    

 

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY’S PROSPECTUS DATED [      ], 2018 (THE “PROSPECTUS”) AND ARE INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM PHILADELPHIA STOCK TRANSFER, INC., THE SUBSCRIPTION AGENT.

 

CONTRAVIR PHARMACEUTICALS, INC.

(Incorporated under the laws of the State of Delaware)

 

SUBSCRIPTION RIGHTS CERTIFICATE

 

Evidencing non-transferable subscription rights, each to purchase units of ContraVir Pharmaceuticals, Inc.,

each unit consisting of one share of Series C Convertible Preferred Stock and 323 warrants

Subscription Price: $1,000 per Unit

 

THE SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00 P.M., EASTERN TIME, ON JUNE 28, 2018,

SUBJECT TO EXTENSION OR EARLIER TERMINATION.

 

THIS CERTIFIES THAT

 

the registered owner whose name is inscribed hereon is the owner of the number of subscription rights set forth above. Each subscription right, which we refer to as the basis subscription right, entitles the holder thereof to subscribe for and purchase one unit of ContraVir Pharmaceuticals, Inc., a Delaware corporation (the “Company”), at a subscription price of $1,000 per unit, pursuant to a rights offering, on the terms and subject to the conditions set forth in the prospectus and the “Instructions as to Use of ContraVir Pharmaceuticals, Inc. Subscription Rights Certificates” accompanying this subscription rights certificate. Each unit consists of one share of Series C Convertible Preferred Stock, par value of $0.0001, and 323 warrants. Each warrant will be exercisable for one share of our common stock, par value of $0.0001. Holders who fully exercise their basic subscription rights are entitled to subscribe for additional units that remain unsubscribed for as a result of any unexercised basic subscription rights pursuant to the terms and conditions of the rights offering, which we refer to as the over-subscription privilege, subject to proration and stock ownership limitations as described in the prospectus. The subscription rights represented by this subscription rights certificate may be exercised by completing the appropriate forms on the reverse side hereof and by returning the full payment of the subscription price for each unit. If the subscriber attempts to exercise its over-subscription privilege and the Company is unable to issue the subscriber the full amount of units requested, the subscription agent will return to the subscriber any excess funds submitted as soon as practicable, without interest or deduction.

 

This subscription rights certificate is not valid unless countersigned by Philadelphia Stock Transfer, Inc., the subscription agent.

 

WITNESS the signatures of the duly authorized officers of ContraVir Pharmacueticals, Inc.

 

Dated: [·], 2018

 

	
By: 
    	
 
    	
 
    	
By: 
    	
	
 
    	
Name:
   Title:
    	
 
    	
 
    	
Name:
   Title:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
COUNTERSIGNED AND   REGISTERED BY
    BROADRIDGE CORPORATE ISSUER   SOLUTIONS, INC.
    
	
 
    	
 
    	
 
    	
By: 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
Name:
   Title:
    
						

 

 

 

FORM ELECTION TO PURCHASE

 

PLEASE PRINT ALL INFORMATION CLEARLY AND LEGIBLY.

 

The registered holder of this subscription rights certificate is entitled to exercise the number of subscription rights shown in the upper right hand corner of the subscription rights certificate and may subscribe for additional units upon the terms and conditions specified in the prospectus. The undersigned hereby represents, in connection with this election, that the undersigned has not since the record date entered into any short sale or similar transaction with respect to the common stock of ContraVir Pharmaceuticals, Inc. The undersigned hereby notifies the subscription agent of its irrevocable election to subscribe for Units in the following amounts. To subscribe for units pursuant to your basic subscription right, please complete lines (a) and (c) below. To subscribe for additional units pursuant to your over-subscription privilege, please also complete line (b).

 

	
(a)
    	
EXERCISE   OF BASIC SUBSCRIPTION RIGHT:
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Basic Subscription   Right:
    	
X
    	
$1,000
    	
=
    	
$
    
	
Number of 
   Units
    	
 
    	
Subscription   price
    	
 
    	
Payment enclosed
    
	
(b)
    	
EXERCISE   OF OVER-SUBSCRIPTION PRIVILEGE: If you have exercised   your basic subscription right in full, you may subscribe for additional units   pursuant to your over-subscription privilege
    
	
Over-Subscription   Privilege:
    	
X
    	
$1,000
    	
=
    	
$
    
	
Number of
   Units
    	
 
    	
Subscription   price
    	
 
    	
Payment enclosed
    
	
(c)
    	
TOTAL   AMOUNT OF PAYMENT ENCLOSED   $               
    
	
(d)
    	
IF YOU   SPOKE WITH A BROKER WHO SOLICITED SUCH EXERCISE, PLEASE INDICATE THE NAME OF   THE PERSON YOU SPOKE WITH:
    
						

 

	
METHOD   OF PAYMENT (CHECK ONE):
    	
o
    	
CERTIFIED CHECK DRAWN   ON A U.S. BANK, payable to “Philadelphia Stock Transfer, Inc., as   subscription agent for ContraVir Pharmaceuticals, Inc.”
    
	
 
    	
 
    	
	
 
    	
o
    	
Wire transfer of   immediately available funds directly to the account maintained by   Philadelphia Stock Transfer, Inc., as subscription agent, for purposes   of accepting subscriptions in this rights offering at                        FBO ContraVir   Pharmacueticals, Inc., with reference to the name of the subscription   rights holder.
    
	
 
    	
 
    	
	
 
    	
o
    	
U.S. POSTAL MONEY   ORDER, payable to “Philadelphia Stock Transfer, Inc., as subscription   agent for ContraVir Pharmaceuticals, Inc.”
    
	
 
    	
 
    	
	
 
    	
o
    	
UNCERTIFIED PERSONAL   CHECK, payable to “Philadelphia Stock Transfer, Inc., as subscription   agent for ContraVir Pharmaceuticals, Inc.” (which must clear before the   expiration date to be considered a valid form of payment; please see   prospectus and instructions)
    

 

I acknowledge receipt of the prospectus in connection with the rights offering and agree to its terms. I agree to cooperate with the Company and provide to the Company any and all information requested by the Company in connection with the exercise of the subscription rights.

 

	
 
    	
 
    	
 
    
	
Signature(s) of   Subscriber(s) 
   Address:
    	
 
    	
Signature(s) of   Subscriber(s) 

Address:
    

 

IMPORTANT: THE SIGNATURE(S) MUST CORRESPOND IN EVERY PARTICULAR, WITHOUT ALTERATION, WITH THE NAME(S) AS PRINTED ON THE FRONT OF THIS RIGHTS

 

 

CERTIFICATE. If signature is by trustee(s), executor(s), administrator(s), guardian(s), attorney(s)-in-fact, officer(s) of a corporation or another acting in a fiduciary or representative capacity, please print name and title of authorized signer.

 

FOR INSTRUCTIONS ON THE USE OF CONTRAVIR PHARMACEUTICALS INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT PHILADELPHIA STOCK TRANSFER, INC., THE INFORMATION AGENT, AT (484) 416-3124.

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