Document:

crmd_ex101.htm

Exhibit 10.1

 

SECOND EXTENSION OF EXECUTIVE EMPLOYMENT AGREEMENT

This SECOND EXTENSION OF EXECUTIVE EMPLOYMENT AGREEMENT (this “Second Extension Agreement”) is made as of April 29, 2016 by and between CorMedix Inc., a Delaware corporation with principal executive offices at 745 Route 202-206, Suite 303, Bridgewater, NJ 08807 (“Company”), and Randy D. Milby, residing at 5 Jacks Lane, Newark, DE 19711 (“Executive”).  Each of Company and Executive is referred to herein as a “Party” and together they are referred to as the “Parties.”

WHEREAS, the Parties previously entered into an Executive Employment Agreement with an effective date of March 31, 2014, (the “Employment Agreement”); and

WHEREAS, subsequently, on or about August 3, 2015, the Employment Agreement was amended by a Release of Claims and Severance Modification (the “Amendment”);

WHEREAS, the initial term of the Employment Agreement was to expire as of March 31, 2016, but the Parties entered into a First Extension of Executive Employment Agreement on or about March 18, 2016 (the “First Extension”), which extended the term of the Employment Agreement through April 30, 2016; and

WHEREAS, the Parties now desire to further extend the term of the Employment Agreement indefinitely (subject to termination as provided in Section 9 of the Employment Agreement) in order to allow for the hire and transition of Executive’s successor.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements herein contained, the Parties, intending to be legally bound, hereby agree as follows:

A.           The Parties agree that Section 2 of the Employment Agreement is hereby amended and replaced in its entirety by the following new Section 2:

2.           Term.

The duration of this Agreement and Executive’s employment hereunder (the “Term”) shall commence as of the Effective Date and shall continue until indefinitely until terminated in accordance with Section 9.  Notwithstanding anything to the contrary contained herein, the provisions of this Agreement specified in Sections 6, 7, 10, 12, 13 and 14 shall survive the termination hereof.

B.           The Parties further agree that Section 10(a) of the Employment Agreement is hereby amended and replaced in its entirety by the following new Section 10(a):

 

  

  

  

 

(a)           Death or Disability.  If Executive’s employment is terminated as a result of his death or Disability, Company shall pay to Executive or to Executive's estate, as applicable, (i) his Base Salary through the date which is one hundred eighty (180) days after his death or Disability and (ii) such other or additional benefits, if any, as may be provided under applicable employee benefit plans, programs and/or arrangements of Company.  All shares of capital stock of Company held by Executive that are subject to vesting (“Restricted Shares”) and all options to purchase shares of capital stock of Company (“Stock Options”) that are scheduled to vest on or before the next succeeding anniversary of the Effective Date shall be accelerated and deemed to have vested as of the termination date. All Restricted Shares and Stock Options that have not vested (or been deemed pursuant to the immediately preceding sentence to have vested) as of the date of termination shall be forfeited to Company as of such date. Stock Options that have vested as of Executive's termination shall remain exercisable until the earlier to occur of (i) the expiry of sixty (60) months following such termination and (ii) the last expiration/termination date applicable under the grant under which such Stock Options were granted. For Disability, all payments, benefits and/or grants under this Section 10(a) shall be subject to Executive's execution and delivery within 21 days of separation from service of a general release of Company, its parents, subsidiaries and affiliates and each of its officers, directors, employees, agents, successors and assigns in a form that is acceptable to Company, with such payments, benefits, and/or grants commencing thirty (30) days after Executive's separation from service.

C.           REMAINDER OF EMPLOYMENT AGREEMENT.  Except as expressly amended by this Second Extension Agreement, the provisions of the Employment Agreement, as amended by the Amendment and the First Extension, shall remain in full force and effect, in their entirety, in accordance with their terms.

D.           WAIVER.  No waiver of any provision of this Second Extension Agreement shall be valid unless the same is in writing and signed by the Party against whom such waiver is sought to be enforced.  Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such terms, covenants or conditions, nor shall any waiver or relinquishment of any right or power granted hereunder at any particular time be deemed a waiver or relinquishment of such rights or power at any other time or times.

E.           GOVERNING LAW. This Second Extension Agreement shall be governed by and construed according to the laws of the State of New Jersey without reference to the choice of law or conflict of law provisions of such laws.

F.           BENEFIT. This Second Extension Agreement shall be binding upon and shall inure to the benefit of each of the Parties hereto, and to their respective heirs, representatives, successors and permitted assigns.  Executive may not assign any of his rights or delegate any of his duties under this Second Extension Agreement.

 

  

  

  

G.           ENTIRE AGREEMENT. As amended by this Second Extension Agreement and the Amendment, the Employment Agreement is the final, complete and exclusive agreement of the Parties with respect to the subject matter thereof and supersedes and merges all prior discussions between the Parties.  No modification of or amendment to this Second Extension Agreement, nor any waiver of any rights under this Second Extension Agreement, will be effective unless in writing and signed by each of the Parties hereto.

H.           DEFINED TERMS; CAPTIONS. Except as modified and amended by this Second Extension Agreement, capitalized terms in this Second Extension Agreement shall have the meanings as defined by the Employment Agreement.  The captions in this Second Extension Agreement are for convenience only and in no way define, bind or describe the scope or intent of this Second Extension Agreement.

I.           COUNTERPARTS.   This Second Extension Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one agreement.  Counterparts may be transmitted and/or signed by facsimile or electronic mail.  The effectiveness of any such documents and signatures shall have the same force and effect as manually signed originals and shall be binding on the Parties to the same extent as a manually signed original thereof.

[Signature page follows.]

 

  

  

  

 

IN WITNESS WHEREOF, the Parties have executed this Second Extension Agreement effective as of the day and year first above written.

	CORMEDIX INC.	 	 	EXECUTIVE:	 
	 	 	 	 	 	 
	By:	
/s/Cora M. Tellez 

	 	 	
/s/ Randy D. Milby

	 
	Name:	
Cora M. Tellez 

	 	 	
Randy D. Milby

	 
	Title	
Chair of the BoardSEC Exhibit

Exhibit 10.2

ZOGENIX, INC.

INDEPENDENT DIRECTOR COMPENSATION POLICY

(AS AMENDED AND RESTATED EFFECTIVE March 8th, 2016)

Non-employee members of the board of directors (the “Board”) of Zogenix, Inc. (the “Company”) shall be eligible to receive cash and equity compensation as set forth in this Independent Director Compensation Policy.  The cash compensation and option grants described in this Independent Director Compensation Policy 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, an “Independent Director”) who may be eligible to receive such cash compensation or options, unless such Independent Director declines the receipt of such cash compensation or options by written notice to the Company.  This Independent Director Compensation Policy shall remain in effect until it is revised or rescinded by further action of the Board.  The terms and conditions of this Independent Director Compensation Policy shall supersede any prior cash or equity compensation arrangements between the Company and its directors.  
1.    Cash Compensation.  Each Independent Director shall be eligible to receive an annual retainer of $40,000 for service on the Board.  In addition, an Independent Director serving as:
(a)    chairman of the board shall be eligible to receive an additional annual retainer of $60,000 for such service, however the total cash compensation paid to the chairman of the board in all capacities cannot exceed $100,000;
(b)    chairman of the Audit Committee shall be eligible to receive an additional annual retainer of $25,000 for such service;
(c)     members (other than the chairman) of the Audit Committee shall be eligible to receive an additional annual retainer of $10,000 for such service;
(d)     chairman of the Compensation Committee shall be eligible to receive an additional annual retainer of $15,000 for such service; 
(e)     members (other than the chairman) of the Compensation Committee shall be eligible to receive an additional annual retainer of $7,500 for such service;
(f)     chairman of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $10,000 for such service; and
(g)     members (other than the chairman) of the Nominating and Corporate Governance Committee shall be eligible to receive an additional annual retainer of $5,000 for such service.
The annual retainers shall be paid by the Company in quarterly installments or more frequently as deemed advisable by the officers of the Company for administrative or other reasons.

2.    Equity Compensation.  The Independent Directors shall be granted the following option awards.  The options described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2010 Equity Incentive Award Plan (the “2010 Plan”) and shall be granted subject to the execution and delivery of option agreements, including attached exhibits, in substantially the same forms previously approved by the Board, setting forth the vesting schedule applicable to such options and such other terms as may be required by the 2010 Plan. 
(a)    Initial Options.  A person who is initially elected or appointed to the Board, and who is an Independent Director at the time of such initial election or appointment, shall be eligible to receive a non-qualified stock option to purchase 30,000 shares of common stock (subject to adjustment as provided in the 2010 Plan) on the date of such initial election or appointment (each, an “Initial Option”).  
(b)    Subsequent Options.  A person who is an Independent Director automatically shall be eligible to receive a non-qualified stock option to purchase 20,000 shares of common stock (subject to adjustment as provided in the 2010 Plan) on the date of each annual meeting of the Company’s stockholders.  The option grants described in this clause 2(b) shall be referred to as “Subsequent Options.”  An Independent Director elected for the first time to the Board at an annual meeting of stockholders shall only receive an Initial Option in connection with such election, and shall not receive a Subsequent Option on the date of such meeting as well.
        
(c)    Termination of Employment of Employee Directors.  Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Option grant pursuant to clause 2(a) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Options as described in clause 2(b) above.  
(d)    Terms of Options Granted to Independent Directors
(i)      Exercise Price.  The per share exercise price of each option granted to an Independent Director shall equal 100% of the Fair Market Value (as defined in the 2010 Plan) of a share of common stock on the date the option is granted. 
(ii)    Vesting.  Initial Options granted to Independent Directors shall become exercisable in thirty-six equal monthly installments of 1/36 of the shares subject to such option on the first day of each calendar month following the date of the Initial Option grant, such that each Initial Option shall be 100% vested on the first day of the 36th month following the date of grant, subject to the director’s continuing service on the Board through such dates.  Subsequent Options granted to Independent Directors shall become vested in twelve equal monthly installments of 1/12 of the shares subject to such option on the first day of each calendar month following the date of the Subsequent Option grant, subject to a director’s continuing service on the Board through such dates. The term of each option granted to an Independent Director shall be ten years from the date the option is granted.  Vested options held by Independent Directors at the time of their termination of service shall remain exercisable for a period of one year following such termination of service.  No portion of an option which is unexercisable at the time of an Independent Director’s termination of membership on the Board shall thereafter become exercisable.

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