Document:

Document

Exhibit 10.29
Lease Agreement

Landlord’s Name / Address:                              Ann Arbor Real Estate Group, L.L.C. 
c/o Forge Property Management 
5 Research Drive, Suite B 
Ann Arbor, MI. 48103
Tenant’s Name / Address:                                  Millendo Therapeutics, Inc. 
301 N. Main, Suite 100 
Ann Arbor, MI. 48104

By this Lease Agreement (“Lease”) dated as of October 22, 2018 (the “Effective Date”), by and between Millendo Therapeutics, Inc., a Delaware corporation (the “Tenant”) and Ann Arbor Real Estate Group, L.L.C., a Michigan limited liability company (the “Landlord”), Landlord leases to the Tenant and Tenant leases from Landlord the entire third floor (approximately 10,000 square feet of office space) of the building located in the City of Ann Arbor, County of Washtenaw, State of Michigan, and commonly known as 110 Miller Avenue (the “Premises”) upon the terms, covenants and conditions set forth in this Lease.

1.0Term.  This Lease shall be for a term of Five (5) years (the “original term”) commencing on July 1, 2019 (the “Commencement Date”).  Landlord agrees to deliver possession of the Premises to Tenant on July 1, 2019 (the “Possession Date”).  If for any reason Landlord is unable to deliver possession of the Premises to Tenant on the Possession Date, Landlord shall not be liable for any damages therefor, nor shall this Lease be void or voidable, but Tenant shall not be obligated to pay Rent (as hereinafter defined) until possession is delivered.

2.0Rent.  Tenant shall pay as Base Rent to the Landlord for the first 60 months of the term the amount equal to $ 1,858,197 in lawful money of the United States payable in monthly installments in advance on the first day of each month as follows:

Year 1: $ 29,166.67 per month, $ 350,000 annually
Year 2: $ 30,041.67 per month, $ 360,500 annually (3% Increase)
Year 3: $ 30,942.92 per month, $ 371,315 annually (3% Increase)
Year 4: $ 31,871.17 per month, $ 382,454 annually (3% Increase)
Year 5: $ 32,827.32 per month, $ 393,928 annually (3% Increase)

The first Base Rent monthly payment shall be due on the earlier of either the Commencement Date or the Possession Date, subject to paragraph 1.0.

3.0Late Charges.  Rent is due on the first day of each month.  Any payment received by the Landlord after the fifth (5th) day of the month is subject to a 5% late charge.

4.0Tenant’s Option to Renew.  Tenant is hereby granted the option to renew this Lease for two (2) additional periods of five (5) years on the same terms and conditions contained herein except for the Rent to be paid hereunder, this option being granted upon the condition that (a) written notice of the exercise of the option shall be given by Tenant to Landlord not less than two hundred forty (240) days prior to the end of the original term of this Lease, and (b) at the time of the giving of such notice and at the expiration of the then expiring Lease period, there are no defaults in  the covenants, agreements, terms and conditions on the part of Tenant to be kept and performed hereunder and all rents are and have been fully paid.  Each renewal period shall commence on the day following the end of the original term of this Lease or the end of the preceding renewal period, as the case may be.

5.0Rent During Renewal Periods.  During each of the renewal period(s), if any, Base Rent shall continue to escalate at the annual rate of 3.0% over the prior twelve month period’s Base Rent.  The annual Base Rent for the first twelve (12) month period of the first renewal period (Year 6) shall be $ 405,746.

6.0Utilities and Other Tenant Costs.  Tenant shall be responsible for the payment of a prorated share, 27.0%, of Landlord’s gas, electric, water and sewer charges for the building at 110 Miller Avenue, which shall be considered as additional rent.  Landlord will bill Tenant and Tenant shall reimburse Landlord on a monthly basis.  Tenant shall be responsible for all phone, internet, data and cable television, alarm systems, business insurance and janitorial services that are incurred in its own space.

7.0Condition of Premises.  Tenant acknowledges that it has examined the Premises prior to executing this Lease, and knows conditions thereof, and that no representations as to the conditions or state of repairs therefore have been made by 

Landlord, or its agents, which are herein not expressed.  Landlord represents and warrants that the Premises (including the heating, air conditioning, ventilation, electrical, plumbing, and sewage systems) are in good working order and in a habitable condition.  Tenant shall accept the Premises on an “as is” basis with no additional improvements or modifications by Landlord other than those described in Exhibit A.

8.0Use of Premises.  Tenant shall use the premises for office purposes and for no other use without the prior written authorization of the Landlord.  Tenant shall have the shared use of all common areas in the building and the parking lot servicing the building in common with all other tenants of the building.

9.0Maintenance, Repairs, and Alterations.  Landlord shall have the right to enter the premises at all reasonable hours to inspect the premises and to make any installations or repairs deemed by Landlord to be necessary to the use and occupancy of the premises and other parts of the building.

Landlord, at its expense, shall be responsible for the maintenance and repairs of the following: (a) exterior roof (including, without limitation, all skylights), exterior walls, exterior windows (including, without limitation, the windows overlooking the interior courtyard) and all structural elements of the building; (b) all building mechanical systems, including heating, air conditioning, ventilation, electrical, and plumbing; (c) building grounds and parking lot, including snow removal and lawn care, and (d) building access control systems.

Tenant, at its expense, shall be responsible for: (a) its own janitorial/cleaning services and supplies; (b) third floor access control and security systems; and (c) damage to existing interior appurtenances of the third floor.  Tenant shall not make any alterations, additions, or improvements to the premises without the prior written consent of Landlord, which will not be unreasonably withheld.  Upon expiration or termination of this Lease, Tenant shall deliver up the premises in the same condition as existed at the commencement of this Lease, subject to ordinary wear and tear and damage by the elements. 

10.0Signs.  Tenant shall be permitted to replace the existing third floor tenant’s exterior signage with its own signage.  In addition, Tenant’s name may be placed at any other location mutually agreed upon by Landlord and Tenant and in compliance with all local ordinances and regulations.  Tenant shall be responsible for the cost and installation of any approved sign.  Tenant shall remove such sign(s) upon termination or expiration of this Lease.

11.0Damage to Premises.  If the premises are damaged by fire or other casualty, then Landlord shall repair the Premises as speedily as possible, and the rent shall be abated in whole or in part, according to the portion of the premises which is rendered unusable.  If the premises cannot be repaired within one hundred eighty days (180) of such casualty, then Tenant may terminate this Lease by giving notice to Landlord within ten (10) days after the Landlord has notified Tenant of the time required to repair the premises.  Landlord shall, in its sole judgment, reasonably exercised, determine the length of time required to repair the premises, and shall notify Tenant of such determination within ten (10) days after the occurrence of the fire or other casualty.  Notwithstanding the foregoing, if the Premises are so damaged by fire or other casualty that demolition or substantial reconstruction is required, then either party may terminate this Lease by giving notice to the other party within thirty (30) days after the date of such damage.

12.0Eminent Domain.  If any part of the premises is taken by public authority under the power of eminent domain then this Lease shall terminate on the part so taken on the date possession of the premises is required for public use, and any pre-paid rent shall be refunded to the Tenant.  In such a circumstance, Landlord and Tenant shall also each have the right to terminate this Lease for any remaining portion of the premises upon written notice to the other, which notice shall be delivered within thirty (30) days following the date notice is received of such taking.  If neither party terminates this Lease, Landlord shall make all necessary repairs to the Premises and the building and the improvements in which the premises are located to render and restore it to a complete architectural unit, and Tenant shall continue in possession of the portion of the premises not taken under the power of eminent domain, under the terms and conditions provided in this Lease, except that the monthly rent shall be reduced in direct proportion to the amount of the premises so taken.  All damages awarded for such taking shall belong to and shall be property of the Landlord, whether such damages are awarded as compensation for diminution in value of the leasehold or to the fee of the premises.

13.0Liability

(a)Indemnity.  To the maximum extent this Lease may be made effective according to law, Tenant and Landlord agree to indemnify and save harmless each other from and against all claims of third parties of whatever nature arising from any act, omission, or negligence of the indemnifying party or the indemnifying party’s contractors, licensees, invitees, agents, servants, or employees.  This indemnity and hold harmless provision shall include indemnity against all costs, expenses, and liabilities incurred in or in connection with any such claim or proceeding brought thereon, and the defense thereof.  The indemnifying party shall have sole control over the defense and settlement of all claims to which indemnification is being provided hereunder.

(b)Tenant’s Risk.  To the maximum extent this Lease may be made effective according to law, Tenant agrees to use and occupy the premises and to use such other portions of the building as Tenant is given the right to use at Tenant’s own risk; and Landlord shall have no responsibility or liability for any loss of or damage to fixtures or other personal property of Tenant or Tenant’s agents, employees, independent contractors, or invitees for any other reason than the intentionally wrongful acts or negligent acts or omissions of Landlord or Landlord’s agents, employees,  independent contractors, or invitees.  The provisions of this section shall be applicable from and after the execution of this Lease and until the end of the Lease term, and during such further period as Tenant may use or be in possession of any part of the premises of the building.

(c)Injury Caused by Third Parties.  To the maximum extent this Lease may be made effective according to the law, Tenant agrees that Landlord shall not be responsible or liable to Tenant, or those claiming by, through, or under Tenant, for any loss or damage that may be occasioned by or through the acts or omissions of persons occupying adjoining premises or any part of the premises adjacent to or connecting with the premises or any part of the building, or otherwise or for any loss or damage resulting to Tenant or those claiming by, through, or under Tenant, or its or their property, from breaking, bursting, stopping, or leaking of electric cables and wires, water, gas, sewer, or steam pipes, from roof leaks, fire, or any other like causes unless caused by Landlord’s negligence or willful misconduct.

14.0Insurance.  Landlord will obtain and maintain, at all times until termination of this Lease and surrender of the premises to Landlord, fire and extended insurance covering the building and the premises, including common areas, and all other improvements to the building made by Landlord but specifically excluding Tenant betterments installed by Tenant, and providing the insurance protection to Landlord described in this Lease.  Landlord will retain in its possession the original policy and all endorsements, renewal certificates and new policies, if any, issued during the term but will provide Tenant, upon request, with copies of said policy or certificates of self insurance.  Landlord will also maintain comprehensive general liability insurance coverage against claims for, or arising out of, bodily injury, death or property damage occurring in, on or about the building and the premises or property in, on or about the street, sidewalks or properties adjacent to the building and the premises.  The policy shall carry limits, including coverage under umbrella policies of not less than $1,000,000 per occurrence and $2,000,000 aggregate.

In addition to the above, and not by the way of substitution thereof, Tenant shall obtain, at its own expense, comprehensive general liability insurance against claims for, or arising out of, bodily injury, death or property damage occurring on the premises and shall have minimum limits of coverage of $1,000,000 per occurrence and $2,000,000 annual aggregate.  Tenant will cause to have named as additional insured Ann Arbor Real Estate Group, L.L.C. and Forge Enterprises International, Inc. d/b/a/Forge Property Management.  Upon written request from Landlord, Tenant will deliver proof of insurance in a form acceptable to Landlord.

15.0Bankruptcy and Insolvency.  If the leasehold estate hereby created shall be taken in execution, or by other process of law, or if Tenant shall be declared bankrupt or insolvent, according to law, or any receiver be appointed for the business and property of Tenant, or if any assignment shall be made of the Tenant’s property for the benefit of creditors, then in such event this Lease may be canceled at the option of the Landlord.  If the Landlord chooses to cancel this Lease, Landlord must give notice to Tenant in writing in accordance with Section 18.0 contained herein.

16.0Subordination of Lease.  Tenant agrees that Landlord may subordinate this Lease to its present or any subsequent mortgage on the leased premises, provided that (a) such subordination shall not interfere with Tenant’s continued occupancy of the premises pursuant to the term of this Lease and (b) Landlord provides Tenant with a commercially reasonable written Estoppel, Non-Disturbance and Attornment Agreement (“ENDA”) executed by Landlord and the mortgagee.  Tenant agrees to execute any and all instruments as may be reasonably requested from time to time by Landlord in order to evidence the above described subordination of this Lease to any mortgage.  Tenant agrees to execute, acknowledge and deliver to Landlord written request from Landlord  within thirty (30) days of a statement in writing certifying this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as modified, and stating said modifications), and the dates to which the rent and other charges have been paid in advance, if any, it being intended that any such statement delivered pursuant to this paragraph may be relied upon by any prospective purchaser, mortgagee, or assignee,

17.0Landlord’s Remedies.

(a)In the event Tenant shall fail to pay the rent or any other obligation involving the payment of money reserved herein when due, Landlord shall give Tenant written notice of such default and if Tenant shall fail to cure such default within thirty (30) days after receipt of such notice, Landlord shall, in addition to its other remedies provided by law, and in this Lease, have the remedies set forth in subparagraph (c) below.

(b)If Tenant shall be in default in performing any of the terms of this Lease other than the payment of rent or any obligation involving the payment of money, Landlord shall give Tenant written notice of such default, and if Tenant shall fail to cure such default within forty-five (45) days after receipt of such notice, or if the default is of such a character as to require more than forty-five (45) days to cure, then if Tenant shall fail within said forty-five (45) day period to commence and thereafter proceed diligently to cure such default, then in either of such events, Landlord may (at its option and in addition to other legal remedies) cure such default for the account of Tenant and be reimbursed by Tenant for the reasonable cost of such cure.  Such reimbursement shall be additional rent for all purposes hereunder, including subparagraph (a) above and shall be paid by Tenant with the next monthly installment of rent.

(c)If any rent or any other obligation involving the payment of money shall be due and unpaid or Tenant shall be in default upon any of the terms of this Lease, and such default has not been cured after notice and within the time provided in subparagraphs (a) and (b) above, then Landlord may seek to take possession pursuant to legal proceedings or any notice provided for by law and Landlord may terminate this Lease from time to time and re-let the premises or any part thereof on such terms and conditions as Landlord shall in its sole discretion deem advisable.  Any payments as a result of such re-letting shall be applied; first, to the payment of any indebtedness of Tenant to Landlord other than rent due hereunder; second, to the payment of any reasonable costs incurred by Landlord in obtaining possession and re-letting the premises, including, without limitation, legal fees, brokerage commissions and the cost of any reasonable alterations, and repairs to the premises; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder, Tenant shall be liable to Landlord for any deficiency.  Both parties shall use their best efforts to mitigate such party’s damages suffered under this Lease.

(d)All rights and remedies of Landlord hereunder shall be cumulative and none shall be exclusive of any other rights and remedies allowed by law.

18.0Notices.  Any notice that either party desires or is required to give under this Lease to the other party or to any other person shall be in writing and either personally served or sent by certified or registered mail.  Notice shall be deemed communicated 48 hours from the time of mailing if mailed as provided in this paragraph.
Notices for the Tenant should be sent to:

Millendo Therapeutics, Inc.
301 N Main St., Suite 100 and (after the commencement of the original term) 110 Miller Ave., Suite 300
Ann Arbor, MI. 48104
Attn: General Counsel

Notices for the Landlord should be sent to:

Ann Arbor Real Estate Group, LLC
c/o Forge Property Management
5 Research Drive, Suite B
Ann Arbor, ML 48103

19.0Assignment.  The Tenant covenants not to assign or transfer this Lease or mortgage the same or sublet said premises or any part thereof without the prior written consent of the Landlord, which consent shall not be unreasonably withheld or delayed.  Any assignment, transfer, hypothecation, mortgage or subletting without said written prior consent shall give the Landlord the right to terminate this Lease and to re-enter and repossess the leased premises.  Except that the Tenant may withdraw request to assign or sublease, in which case Landlord shall not have the right to terminate this Lease or repossess the premises.  Notwithstanding the foregoing, Tenant shall have the right to assign or sublease the premises, or a portion thereof, to any parent or affiliate or any entity resulting from a merger with tenant or the sale of all substantially all of the tenant’s assets.

20.0Successors.  This Lease shall be binding on and inure to the benefit of the parties and their successors.

21.0Severability.  The unenforceability, invalidity, or illegality of any provision of this Lease shall not render the other provisions unenforceable, illegal, or invalid.

22.0Law of Michigan.  This Lease shall be construed and interpreted in accordance with the laws of the State of Michigan.  Landlord, its successors and assigns, consents to the jurisdiction of the appropriate courts of the State of Michigan with respect to any other claims arising under this Agreement.

23.0Environmental Matters.  Landlord represents and warrants to Tenant that:

(a)Landlord has no notice or knowledge of any violation of any laws or regulations affecting the real property on which the premises is located or the premises itself, including any laws, ordinances, or regulations relating to the soil, surface water and ground water of or on the property; and to the Landlord’s best knowledge the real property and premises are free of and do not contain any pollution, contamination, or other environmental hazards which shall include, but not be limited to, those identified under federal, state, or local statute, ordinance, or regulation; and (b) Landlord has not received any notice of or have any knowledge of any existing or threatened condemnation or other litigation, administrative proceeding, or action of any kind involving this real property or the premises.

(b)Both parties shall comply with all applicable laws and regulations relating to the premises, including environmental laws and regulations.  Each party shall give immediate notice to the other of the release or the threatened release of any hazardous material or any violation of any applicable environmental law or regulation at or affecting the real property or the premises, and such party shall promptly undertake all obligations imposed upon it under applicable environmental law or regulation as a result of such event. 

24.0Quiet Enjoyment.  So long as tenant pays the rent and otherwise complies with this Lease, Tenant’s possession of the premises will not be disturbed by Landlord, its successors or assigns, and Tenant shall be entitled to quiet enjoyment of the premises.

25.0Security Deposit.  The Landlord herewith acknowledges the receipt of $29,166.67 for the Premises covered by this Lease Agreement, which the Landlord shall retain as security for the faithful performance of all the covenants, conditions, and agreements of this Lease, but in no event shall the Landlord be obliged to apply the same upon rents or other charges in arrears or upon damages for the Tenant’s failure to perform the said covenants, conditions, and agreements; the Landlord may so apply the security at its option; and the Landlord’s right to the possession of the premises for non-payment of rent or for any other reason shall not in any event be affected by reason of the fact that the Landlord holds the security.  The said sum if not applied toward the payment of rent in arrears or toward the payment of damages suffered by the Landlord by reason of the Tenant’s breach of covenants, conditions, and agreements of this Lease is to be returned to the to the Tenant within 60 days after termination of this Lease Agreement.  In no event is the Landlord obligated to return the security deposit until the Tenant has vacated all premises and delivered possession to the Landlord.  In the event that the Landlord repossesses himself of the said premises because of the Tenant’s default or because of the Tenant’s failure to carry out the covenants, conditions, and agreements of this Lease, the Landlord may apply the said security upon all damages as may be suffered to the date of said repossession and may retain the said security to apply upon such damages as may be suffered or shall accrue thereafter by reason of the Tenant’s default or breach.  The Landlord shall not be obliged to keep the said security as a separate fund, but may mix the said security with its own funds.

26.0Parking.  Tenant shall have ten parking spaces at no additional cost in the lot adjacent to 110 Miller Avenue.  Landlord shall provide markings or a sign designating the spots reserved for Tenant in the parking lot.  Landlord currently rents non-reserved parking space passes at the Ann/Ashley parking garage on a monthly basis.  These passes are available for month-to-month sub‐license by Premises’ occupants on a first come/first served basis, subject to Landlord’s ability to rent said passes from Republic Parking; availability of passes from current sub-licensees; and sub‐licensee’s adherence to parking location’s policies.  The monthly cost per each pass shall be Landlord’s cost plus $10, with advance payments due to Landlord on the first day of each month.  Landlord cannot make any warranties as to the availability or condition of the parking spaces not provided under the agreement with Republic Parking and/or Ann Arbor DDA.

27.0Tenant Improvements.  Upon or after Commencement of this Lease, Tenant shall submit to Landlord for approval plans and specifications for certain improvements, which improvements are to be completed by Tenant’s contractors.  Upon approval, the improvements shall be completed and Landlord shall provide to Tenant an allowance for such improvements in an amount equal to One Hundred Ten Thousand Dollars ($110,000).  Tenant shall be responsible for any and all costs of improvements, even if such costs exceed the amount of such allowance.  The allowance shall be paid by the Landlord to Tenant, or to Tenant’s contractor upon Tenant’s written instructions to Landlord.

28.0Covenant Against Liens.  Tenant has no authority or power to cause or permit any lien or encumbrance of any kind whatsoever, whether created by act of Tenant, operation of law or otherwise, to attach to or be placed upon Landlord’s title or interest in the building or the Leased Premises, and any and all liens and encumbrances created by Tenant shall attach to Tenant’s interest only.  Tenant covenants and agrees not to suffer or permit any liens to be placed against the building  or the Leased Premises and in case of any such lien attaching or claim thereof being asserted, based on work performed by or at the direction of Tenant, then Tenant shall no later than forty-five (45) days from the filing thereof or from such claim being asserted (a) cause it to be released and removed of record or (b) provide Landlord with endorsements (satisfactory to Landlord and any Mortgagee of the building) to Landlord and Mortgagee’s title insurance policies insuring against the existence of or attempted enforcement of such lien.  In the event that such lien is not 

released, removed, or insured over within the said forty-five (45) day period, Landlord at its sole option may take all the action necessary to release and remove such lien and Tenant shall, within ten (10) days following notice, either before or after such release and removal, pay or reimburse Landlord for all sums, costs and expenses (including, without limitation, reasonable attorneys’ fees and court costs) incurred by Landlord in connection with such lien together with interest thereon at 10% from the date incurred until the date paid.

29.0Right of First Refusal.  Subject to any prior Right of First Refusal and provided Tenant is not in default, Tenant shall have the option to rent additional space in the 110 Miller Avenue building if space should become available.  Landlord will notify Tenant within sixty (60) days in advance as to the availability of space.  Tenant shall have fourteen (14) days to notify Landlord after receipt, in writing, of its intention to enter negotiations for the lease of the additional space.  Thereafter, the parties shall negotiate exclusively and in good faith for 60 days for the lease of such additional space.  Should Tenant fail to notify Landlord in the allotted time, Landlord, at its sole discretion, shall have the option to rescind this right of first refusal.

30.0Amendments.  Any amendments to this Lease must be in writing and signed by both parties to the Lease agreement.

The parties hereby execute this Lease as of the Effective Date of October 22, 2018.

TENANT:

Millendo Therapeutics, Inc.

By:         /s/ Julia Owens                                                     
                Julia C. Owens
Its:          President and CEO

LANDLORD:

Ann Arbor Real Estate Group, LLC

By:         /s/ Eric Kchikian                                                  
                Eric Kchikian
Its:          Managing Member

Exhibit ADocument

Exhibit 10.43
February 5, 2020

Christophe Arbet-Engels
79 Standish Road
Wellesley, MA 02481

Re:          Employment Terms

Dear Christophe:

Millendo Therapeutics US, Inc. (the “Company”) is pleased to offer you employment in the position of Chief Medical Officer of the Company pursuant to the terms of this letter (the “Agreement’’). Subject to your execution of this Agreement, the terms herein will be effective as of February 10, 2020 (the “Effective Date”).

1.Duties and Responsibilities. As the Chief Medical Officer, you will have the duties and responsibilities set forth in the job description for such position, a copy of which is attached as Exhibit A, and such other duties as may be assigned to you. It is anticipated that such duties will include your providing services to Millendo Therapeutics, Inc. (the “Parent”) as Parent’s Chief Medical Officer, without further or additional compensation or benefits other than as set forth in this Agreement. You will report to the President and Chief Executive Officer.

2.Location. Your primary location for work will be at the Company’s offices in Lexington, Massachusetts (the “Boston Office”). You will also spend time at the Millendo Ann Arbor, Michigan office in carrying out your responsibilities.

3.Compensation.

a.Base Salary. Starting on the Effective Date, your annual base salary rate will be $425,000, less payroll deductions and all required withholdings and subject to review and adjustment by the Company in its sole discretion (“Base Salary”). You will be paid in accordance with the Company’s standard payroll practices, currently semi-monthly. Because your position is classified as exempt, you will not be eligible for overtime premiums. Your Base Salary will be reviewed on an annual basis.

b.Bonus. You will be eligible to earn an annual performance bonus targeted at 40% (the “Target Amount”) of your base salary received in the most recently completed fiscal year beginning with the fiscal year ending on December 31, 2020 (“Annual Bonus”). The Annual Bonus will be based upon the assessment by the Parent’s Board of Directors (the “Board”), or any authorized committee thereof, in its sole discretion, of both your performance and the Company’s performance. The Board, or any authorized committee thereof, may, in its sole discretion, approve an Annual Bonus in an amount in excess of the Target Amount. The Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings and is pro-rated based on base salary earnings in the bonus year. Following the close of each calendar year, the Company and the Board (or any authorized committee thereof) will determine whether you have earned the Annual Bonus, and the amount of any Annual Bonus. No amount of the Annual Bonus is guaranteed, and, except as noted below and as provided in Section 10, you must be an employee in good standing on the Annual Bonus payment date to be eligible to receive an Annual Bonus. Your eligibility for an Annual Bonus is subject to change in the discretion of the Company or the Board (or any authorized committee thereof). Notwithstanding the foregoing, the Company will pay you any earned Annual Bonus for the year immediately preceding the year in which your employment is terminated (the “Prior Year”) if your employment is terminated by the Company without Cause or by you for Good Reason between the last calendar day of the Prior Year and the date on which the Company issues payment of the Annual Bonus for the Prior Year.
c.Sign-on Bonus. Within 30 business days of the Effective Date, the Company shall pay you a one-time lump sum sign-on bonus of $20,000, less payroll deductions and all required withholdings. In the event you resign without “Good Reason” or are terminated by the Company for “Cause” at any time during the period beginning on the Effective Date and ending on the earlier to occur of (i) the one year anniversary of the Effective Date and (ii) the date immediately preceding the date of consummation of a Change in Control, you shall repay such bonus to the Company in full. The terms Good Reason and Cause are defined below in Section 9(e) and (f).
d.Expense Reimbursement. The Company shall reimburse you for all customary and appropriate business-related expenses actually incurred and documented in accordance with Company policy, as in effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to you are subject to the provisions of Section 409A of the Code: (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed 

in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

4.Benefits. You will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in effect from time to time during your employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter or terminate any benefit plan in its sole discretion.

5.Stock Option. As a material inducement to your agreement to join the Company, the Company intends to cause to be granted to you, subject to approval by the Board or an authorized delegate thereof, a stock option to purchase 140,000 shares of common stock of Parent at fair market value as determined by the Board or an authorized delegate thereof as of the date of grant (the “Option”). The Option will be subject to the terms and conditions of the Company’s 2019 Equity Incentive Plan (also referred to as the “Stock Plan”) and the applicable option agreement between you and the Company entered into pursuant to the Stock Plan. Unless specifically modified by the Board or an authorized delegate thereof and except as described below in Sections 10, your option agreement will include a four-year vesting schedule under which 25 percent of your shares will vest after twelve months of employment beginning on the Effective Date, with the remaining shares vesting monthly thereafter, until either your Option is fully vested or your service to the Company ends, whichever occurs first. Such vesting shall be subject to the terms of the Stock Plan and your option agreement. The Option is intended to qualify as an “inducement grant” under the rules of the Nasdaq Stock Market and will not qualify as an incentive stock option. The Company anticipates that Board approval of the Option shall occur prior to or at latest within thirty (30) days of the Effective Date.

6.Company Policies. As a Company employee, you shall abide by all Company policies and procedures and all applicable policies and procedures of Parent as they may be interpreted, adopted, revised or deleted from time to time in the Company’s and Parent’s sole discretion.

7.Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement. As a condition of continued employment and the increased benefits provided herein, you must sign and comply with the enclosed Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (the “CIIA”) which prohibits unauthorized use or disclosure of the Company’s and the Parent’s and their affiliates’ respective proprietary information, and prohibits certain solicitations and competitive activities, among other obligations. The CIIA contains provisions that are intended by the parties to survive and do survive termination of this Agreement.

8.At-Will Employment. Your employment relationship with the Company will be at-will. You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice, subject to Sections 9, 10 and 11. Your employment at-will status can only be modified in a written agreement signed by you and by an authorized officer of the Company.

9.Termination Without Cause or for Good Reason Absent a Change in Control.

a.If the Company terminates your employment, at any time except during the Change in Control Period (as defined below), without “Cause” (as defined below) or you resign for “Good Reason” (as defined below) then you shall be entitled to receive the Accrued Obligations (defined below). Subject to your full compliance with this Section and Section 9(b) and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), if you timely execute a Separation Agreement that includes a general release of claims in favor of the Company and the Parent, in the form presented by the Company (the “Release”), and allow it to become effective in accordance with Section 9(b) (the date that the Release becomes effective and may no longer be revoked by you is referred to as the “Release Effective Date”), then the Company will provide you with the following “Severance Benefits.”

i.The Company will pay you an amount equal to twelve (12) months of your then current Base Salary, less applicable withholdings and deductions, paid in twenty-four (24) equal installments beginning on the Company’s first regularly scheduled payroll date which occurs at least five (5) business days following the Release Effective Date, with the remaining twenty-three (23) installments occurring on the Company’s regularly scheduled payroll dates thereafter.

ii.If you timely elect continued coverage under COBRA  for yourself  and your covered dependents under the Company’s group health plans following such termination, then the Company shall pay 

100% of the COBRA premiums necessary to continue your and your covered dependents’ health insurance coverage in effect for yourself (and your covered dependents) on the termination date until the earliest of:  (i) twelve (12) months following the termination date; (ii) the date when you become eligible for substantially equivalent health insurance coverage in  connection  with new employment or self-employment; or (iii) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (i)-(iii), (the “COBRA Payment Period”). Notwithstanding the foregoing, if at any  time the Company determines that its payment of COBRA premiums on your behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended  by  the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing in this Agreement shall deprive you of your rights under COBRA or ERISA for benefits under plans and policies arising under your employment by the Company.

b.You shall not receive the Severance Benefits (pursuant to Section 9(a)) or Change in Control Severance Benefits (pursuant to and as defined in Section 10(a)) unless you execute the Release within the consideration period specified therein, which shall in no event be more than 60 days following your Separation from Service, and until the Release becomes effective and can no longer be revoked by you under its terms. Your ability to receive the Severance Benefits or Change in Control Severance Benefits is further conditioned upon you: returning all Company property and any Parent property; complying with your post-termination obligations under this letter and the CIIA; and complying with the Release including without limitation any non-disparagement and confidentiality provisions contained therein. For the avoidance of doubt, you will only be eligible to receive, at most, either the Severance Benefits or the Change in Control Severance Benefits, but under no circumstance will you be eligible to receive both Severance Benefits and Change in Control Severance Benefits.

c.The Severance Benefits (provided to you pursuant to Section 9(a)) or Change in Control Severance Benefits (provided to you pursuant to Section 10(a)) are in lieu of, and not in addition to, any benefits to which you may otherwise be entitled under any Company and any Parent severance plan, policy or program.

d.The damages caused by your termination of employment without Cause would be difficult to ascertain; therefore, the Severance Benefits or Change in Control Severance Benefits for which you are eligible in exchange for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

e.“Cause” shall mean the Company (or its designee) has determined in its sole discretion that you have engaged in any of the following: (i) a material breach of any covenant or condition under this Agreement or any other agreement between the parties; (ii) any act constituting dishonesty, fraud, immoral or disreputable conduct; (iii) any conduct which constitutes a felony under applicable law; (iv) material violation of any Company policy or any applicable Parent policy or any act of misconduct; (v) refusal to follow or implement a clear and reasonable directive of Company or, if applicable, Parent; (vi) negligence or incompetence in the performance of your duties; or (vii) breach of fiduciary duty; provided, however, that, any purported termination by the Company under subclauses (iv), (v) and (vi) shall only be deemed for Cause pursuant to this definition if: (1) the Company gives you written notice of its intent to terminate for Cause, which notice shall describe in reasonable detail the facts and circumstances giving rise to the Cause notice, and (2) you fail to remedy such conduct within fifteen (15) days following receipt of the written notice.

f.For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without your consent: (i) a material reduction in your Base Salary or discretionary Target Bonus percentage of at least 10%; (ii) a material reduction in your duties, authority and responsibilities relative to your duties, authority, and responsibilities 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 diminution of your position; or (iii) the relocation of your principal place of employment, without your consent, in a manner that lengthens your one-way commute distance by fifty (50) or more miles from your then­current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by you shall only be deemed for Good Reason pursuant to this definition if: (1) you give the Company written notice of your intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that you believe constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such 

condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from you, already informed you that your employment with the Company is being terminated and (4) you voluntarily terminate your employment within thirty (30) days following the end of the Cure Period.

g.For purposes of this Agreement, “Accrued Obligations” are (i) your accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by you payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to you under any qualified retirement plan or health and welfare benefit plan in which you were a participant in accordance with applicable law and the provisions of such plan.

10.Termination Without Cause or for Good Reason Coincident with a Change in Control.

a.If you experience a “Termination Event,” which shall mean that your employment by the Company is terminated by the Company or any successor entity without Cause (not including termination by virtue of death or Disability (as defined below)) or by you for Good Reason in either case within twelve (12) months following or three (3) months prior to the effective date of a “Change in Control” (as defined in Section 10(b) below) (such time period referred to herein as the “Change In Control Period”), provided that such Termination Event constitutes a Separation from Service, then in addition to providing you with the Accrued Obligations and subject to your compliance with Sections 9(a) and 9(b), the Company will provide you with the following “Change in Control Severance Benefits”:

i.The Company will pay you an amount equal to twelve (12) months of your then current Base Salary, less applicable withholdings and deductions, paid in twenty-four (24) equal installments beginning on the Company’s first regularly scheduled payroll date which occurs at least five (5) business days following the Release Effective Date, with the remaining twenty-three (23) installments occurring on the Company’s regularly scheduled payroll dates thereafter;

ii.If you timely elect continued coverage under COBRA for yourself and your covered dependents under the Company’s group health plans following such termination, then the Company shall pay 100% of the COBRA premiums necessary to continue your and your covered dependents’ health insurance coverage in effect for yourself (and your covered dependents) on the termination date until the earliest of: (i) twelve (12) months following the termination date; (ii) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (iii) the date you cease to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through  the earlier  of (i)-(iii)), (the “COBRA  Payment  Period”). Notwithstanding  the foregoing, if at any time the Company determines that its payment of COBRA premiums on your behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient  Protection  and Affordable  Care Act,  as amended  by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay you on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding, for the remainder of the COBRA Payment Period. Nothing in this Agreement shall deprive you of your rights under COBRA or ERISA for benefits under plans and policies arising under your employment by the Company;

iii.The Company will pay an additional amount equivalent to twelve (12) months of your Annual Bonus, which is calculated using the full Target Amount as defined in Section 3(b) and multiplied by 1.0, for the performance year in which your termination occurs. This amount will be payable subject to standard federal and state payroll withholding requirements and will be paid when bonuses for that year are paid to similarly situated employees;

iv.Notwithstanding anything to the contrary set forth in any applicable equity incentive plans or award agreements, and provided the applicable stock option or other equity award is assumed or continued by the successor or acquiror entity in such Change in Control or such stock option or other equity award is substituted for a similar award of the successor or acquiror entity, then effective as of the later of the effective date of the Change in Control or the date of the Termination Event, the vesting and exercisability of all equity awards granted on or after the date of this Agreement (including the Option) that are subject to a time-based vesting schedule, shall accelerate such that all such shares become immediately vested and exercisable by you. All applicable equity awards granted after the date of this Agreement shall remain outstanding following the Termination Event if and to the extent 

necessary to give effect to this Section 10(a)(iv), subject to the original maximum term of the award (without regard to your termination).

b. “Change in Control” means the occurrence of any of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Exchange Act of 1934), directly or indirectly, of securities of the Parent representing 50% or more of the total voting power represented by the Parent’s then outstanding voting securities; (ii) the consummation of the sale or disposition by the Parent of all or substantially all of the Parent’s assets; or (iii) the consummation of a merger or consolidation of the Parent with any other corporation, other than a merger or consolidation which would result in the voting securities of the Parent outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least 50% of the total voting power represented by the voting securities of the Parent or such surviving entity or its parent outstanding immediately after such merger or consolidation.

11.Other Terminations.

a.For all other types of terminations, including a resignation by you not for Good Reason, a termination for Cause, or a termination on account of your death or Disability, you will not be eligible to receive the Severance Benefits or Change in Control Severance Benefits and the Company will be required only to provide the Accrued Obligations.

b.Anything in this letter to the contrary notwithstanding, in the event the Company’s business is discontinued for reasons beyond the control of the Company, such as by natural disaster, legal decisions, declaration of war, national or local economic depression or crisis, then your employment shall terminate as of the day the Company determines to cease operations. In the event your employment is terminated pursuant to this Section 11(b), you will not receive the Severance Benefits, the Change in Control Severance Benefits, or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide the Accrued Obligations.

c.For purposes of this Agreement, termination by the Company based on “Disability” shall mean termination because you are unable due to a physical or mental condition to perform the essential functions of your position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law.

12.Section 409A.

a.Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein are subject to Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance benefits shall not commence until you have a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each installment of severance benefits is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(S) and 1.409A-1(b)(9). However, if such exemptions are not available and you are, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six (6) months and one day after your separation from service, or (ii) your death. The parties acknowledge that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the ability of severance benefits provided under this Agreement to qualify for an exemption.

b.It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify you for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

13.Section 280G; Limitations on Payment.

a.If any payment or benefit you will or may receive from the Company or otherwise under Section 10 of this Agreement (a “280G Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment provided pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

b.Notwithstanding any provision of Section 13(a) to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A. Unless you and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change in control transaction shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change in control transaction, the Company shall appoint a nationally recognized accounting or law firm to make the determinations required by this Section 13. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made hereunder. 

c.If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 13(a) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you agree to promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 13(a)) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section 13(a), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

14.Obligations to Prior Employers. In your work for the Company and in the context of providing services to the Parent, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company or the Parent. You agree that you will not bring onto Company or Parent premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality. You specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties under this Agreement. You also agree to honor all obligations to former employers during your employment with the Company and in the context of providing services to the Parent.

15.Outside Activities during Employment. Except with the prior written consent of the Board, including consent given to you prior to the signing of this Agreement, you will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise that would interfere with your responsibilities and the performance of your duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non­profit and/or other charitable organization as you may wish to serve, (ii) reasonable 

time devoted to activities in the non-profit and business communities consistent with your duties; and (iii) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude you (x) from owning less than one percent (1%) of the total outstanding shares of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement, “Affiliates” means an entity under common management or control with the Company.

16.Complete Agreement. This letter, together with your CIIA and all policies and procedures of the Company and, as applicable, the Parent, forms the complete and exclusive statement of your continued employment agreement with the Company. It supersedes any other representations or promises made to you by anyone, whether oral or written, including the Prior Agreement. You and the Company and/or the Parent may have entered into agreements relating to your equity in the Parent, which are not affected by this Agreement unless otherwise stated herein. If you and the Company have entered into a prior agreement relating to proprietary information and inventions assignment, that agreement shall be superseded prospectively only. No term or provision of this Agreement may be amended waived, released, discharged or modified except in writing, signed by you and an authorized officer of the Company, except that the Company may, in its sole discretion, adjust salaries, incentive compensation, stock plans, benefits, job titles, locations, duties, responsibilities, and reporting relationships.

17.Successors and Assigns. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. The Company may assign this Agreement and its rights and obligations hereunder in whole or in part, to the Parent and to any company or other entity (including an affiliated entity) with or into which the Company may hereafter merge or consolidate, or who becomes a successor, or to which the Company may transfer all or substantially all of its assets, and, in consideration of your employment or continued employment hereunder, you hereby consent to any such assignment. You may not assign or transfer this Agreement or any rights or obligations hereunder, other than to your estate upon your death.

18.Resolution of Disputes. The parties recognize that litigation in federal or state courts or before federal or state administrative agencies of disputes arising out of your employment with the Company or out of this Agreement, or your termination of employment or termination of this Agreement, may not be in the best interests of either you or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the negotiation, execution, performance or termination of this Agreement or your employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Employee Retirement Income Security Act, and any similar federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration conducted before a single arbitrator by JAMS, Inc. (“JAMS”) or its successor, under the then applicable JAMS rules; provided, however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The location for the arbitration shall be in the Ann Arbor/Detroit, Michigan area. Any award made by such arbitrator shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators’ fees and expenses arid all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided, however, that at your option, you may voluntarily pay up to one-half the costs and fees. The parties acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement and continue after the termination of the employment relationship between you and the Company. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By electing arbitration as the means for final settlement of all claims, the parties hereby waive their respective rights to, and agree not to sue each other in any action in a federal, state or local court with respect to such claims but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury. In addition, all claims, disputes, or causes of action under this Section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration.

Please sign and date this letter, and the enclosed CIIA, and return them to me on February 5, 2020 if you wish to accept employment at the Company under the terms described above.

We look forward to the opportunity to work with you. Sincerely,

Sincerely,

/s/ Julia C. Owens
Name: Julia C. Owens, Ph.D.
Title: President and Chief Executive Officer

Agreed and Accepted:

/s/ Christophe Arbet-Engels

Christophe Arbet-Engels 
Date:  February 5, 2020

Attachment: Employee Confidential Information, Inventions, Non-Solicitation and Non­ Competition Agreement

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