Document:

Exhibit 10.06

 

	

    	
 
    	
 
    

 

December 18, 2013

 

VIA EMAIL  (daniel.g.christopher@gmail.com)

 

Mr. Dan Christopher
 21846 De La Luz Ave
 Woodland Hills, CA 91364

 

Re:     Employment Terms

 

Dear Dan:

 

I am pleased to extend this formal offer of full-time employment to join Resonant Inc. (the “Company”) as Vice President and General Counsel.  This is a key position reporting directly to me.  I’m excited to have you joining us!  This letter sets out the terms and conditions of your employment with Resonant.

 

Your start date will be January 1, 2014 (the “Start Date”).  Your annual base salary will be $175,000 (the “Annual Base Salary”), payable in accordance with the Company’s regular schedule for paying its employees, currently every two weeks.  Any bonus compensation will be payable at the sole discretion of the Company’s Board of Directors (the “Board”).

 

You will be entitled to paid vacation in accordance with the Company’s vacation policy as generally applicable to all of its employees.  You may take your vacation at times mutually acceptable to you and the Company.  In this regard, the Company would appreciate as much advance warning of your vacations as reasonably possible so that your duties can be covered by others in your absence.  You also will be entitled to take the Company’s paid holidays (typically not fewer than ten (10) days per year).

 

Your place of employment will be our corporate office in Goleta, California.  However, in deference to the long commute, you may work from home one or two days per week subject to the demands of our business which may occasionally require your presence more frequently.

 

You will be required to devote all of your business time, energy, skill, and efforts to faithfully and diligently further the business interests of the Company.

 

You will be entitled to participate in the benefit plans that the Company generally makes available to its employees, including, without limitation, its group health insurance program and its 401k plan, in each case in accordance with the terms thereof, which may change from time to time.

 

The Company will adopt an incentive equity plan (the “Plan”).  Upon the Plan’s adoption, we will recommend to the Board that the Company grant options (the “Options”) to purchase shares of the Company’s common stock (“Shares”) at a per Share exercise price equal to the fair market value of a Share at the time of grant.  We will recommend an Option for Fifty-Thousand (50,000) Shares exercisable (i.e., that “vest”) in forty-eight (48) equal monthly installments.  The vesting for 12,000 of the Option Shares will be retroactive to August 1, 2012 (the effective date of your appointment as our part-time General Counsel).  The vesting for the other 38,000 Option Shares will begin with the Start Date for your full-time employment.  In both cases, the vesting requires that you remain employed (or are otherwise still rendering services to us) on the applicable vesting date.

 

Your employment at the Company will be on an at-will basis.  This means that you will have the right to terminate your employment at any time with or without cause or notice, and the 

 

 

 

110 Castilian Drive  ·  Suite 100  ·  Goleta  ·  California 93117

 

 

Company will reserve for itself an equal right.  Upon any termination of your employment, you will be entitled to receive:

 

·          Annual Base Salary earned but unpaid as of your termination or resignation date;

 

·          Payment in lieu of any vacation accrued but unused as of the date of your termination or resignation;

 

·          Any business expenses incurred but not reimbursed (in accordance with Company policy) as of your termination or resignation date; and

 

·          Any amounts or benefits under any Company compensation, incentive, or benefit plans vested but not paid as of your termination or resignation date (according to the payment provisions of such plans).

 

The offer of employment set forth in this Letter will remain valid for five (5) business days.

 

Concurrently with your execution of this Letter, please execute the enclosed copies of our standard Employee Confidential Information, Non-Solicitation and Invention Assignment Agreement (the “Invention Agreement”) and Mutual Agreement to Arbitrate Claims (the “Arbitration Agreement”).  This Letter, the Invention Agreement and the Arbitration Agreement will together form the entire agreement with respect to your employment and supersede any prior agreements between you and the Company on the subject, whether written or oral.  In your case, this would include your existing engagement letter for legal services.  The terms of your employment may only be changed by written agreement, although the Company may from time to time, in its sole discretion, adjust the benefits provided to you and its other employees.

 

We look forward to continuing to working with you.

 

Regards,

 

	
/s/ Terry Lingren
    	
 
    
	
 
    
	
Terry Lingren
    
	
Chief Executive Officer and   Co-Founder
    
	
 
    
	
Enclosures (Invention Agreement   and Arbitration Agreement)
    

 

Cc:      Robert B. Hammond, Chief Technology Officer and Co-Founder 
             Neal Fenzi, Vice President Engineering and Co-Founder

 

ACCEPTED AND AGREED:

 

 

 

	
/s/ Dan Christopher
    	
 
    
	
Dan Christopher
    	
 
    

 

 

Page 2 of 2Exhibit 10.7

 

OUTSIDE DIRECTOR COMPENSATION POLICY

 

RESONANT INC.

 

 

Resonant Inc. (the “Company”) believes that the granting of equity and cash compensation to members of its Board of Directors (the “Board,” and members of the Board, “Directors”) represents a powerful tool to attract, retain and reward Directors who are not employees of the Company (“Outside Directors”). This Outside Director Compensation Policy (the “Policy”) is intended to formalize the Company’s policy regarding cash compensation and grants of equity to its Outside Directors. Unless otherwise defined herein, capitalized terms used in this Policy will have the meaning given such term in the Company’s 2014 Omnibus Incentive Plan (the “Plan”). Outside Directors will be solely responsible for any tax obligations they incur as a result of the equity and cash payments received under this Policy.

 

I.                                      ANNUAL RETAINER

 

Each Outside Director will receive an annual retainer of $50,000 in cash for serving on our board of directors (the “Annual Fee”).  Outside Directors will be reimbursed for reasonable travel and other expenses in accordance with the Company’s then current reimbursement policies.

 

II.                                PAYMENT

 

The Annual Fee will be paid ratably on a fiscal quarterly basis to each Outside Director who has served in the relevant capacity for the immediately preceding fiscal quarter no later than thirty (30) days following the end of such preceding fiscal quarter. For purposes of clarification, an Outside Director who has served as an Outside Director during only a portion of the immediately preceding fiscal quarter will receive a pro-rated payment of the quarterly payment of the Annual Fee, calculated based on the number of days such Outside Director has served as Outside Director.  For purposes of clarification, the first payment of the Annual Fee under the policy will be made at the end of the quarter in which the Effective Date occurs and will be for the service period between the date the Outside Director first became an Outside Director (including any period prior to the Effective Date) and the end of the quarter in which the Effective Date occurred.

 

III.                          REVISIONS

 

The Board in its discretion may change and otherwise revise the terms of the cash compensation granted under this Policy, including, without limitation, the amount of cash and timing of unearned compensation to be paid on or after the date the Board determines to make any such change or revision.

 

IV.                          EQUITY COMPENSATION

 

Outside Directors will be entitled to receive all types of Awards under the Plan, including discretionary Awards not covered under this Policy. Any Award granted pursuant to this Policy will be subject to the other terms and conditions of the Plan and form of award agreement approved for use under the Plan. All grants of Awards to Outside Directors pursuant to this

 

 

Policy will, except as otherwise provided herein, be made in accordance with the following provisions:

 

(a)                               Initial Award. Each person who first becomes an Outside Director following the Effective Date will be granted a Restricted Stock Unit Award of 24,000 Restricted Stock Units (the “Initial RSU Award”) on the date of the first Board or Compensation Committee meeting occurring on or after the date on which such person first becomes an Outside Director following the Effective Date, whether through election by the stockholders of the Company or appointment by the Board to fill a vacancy; provided, however, that a Director who is an Employee (an “Inside Director”) who ceases to be an Inside Director, but who remains a Director, will not receive an Initial RSU Award.  The shares underlying the Initial RSU Award will vest as to one-half of the shares subject to such award on each of the first and second anniversary of the commencement of the individual’s service as an Outside Director, subject to continued service as a director through the applicable vesting date.

 

(b)                              IPO Grant. Each person who serves as an Outside Director on the effective date of the first registration statement that is filed by the Company and declared effective pursuant to Section 12(g) of the Exchange Act of 1934 with respect to any class of the Company’s securities (“Registration Date”), will be automatically granted an Award of 24,000 Restricted Stock Units (an “IPO RSU Award”). The IPO RSU Award will vest as to one-half of the shares subject to such award on each of the first and second anniversary of the commencement of the individual’s service as an Outside Director, subject to continued service as a director through the applicable vesting date.

 

(c)                               Annual Award. Each Outside Director will be automatically granted a Restricted Stock Unit Award with a Value of $50,000 (the “Annual RSU Award”), provided that the number of Shares covered by the Annual RSU Award shall be rounded down to the nearest whole Share, on the date of each annual meeting of stockholders (each, an “Annual Meeting”) beginning with the first Annual Meeting following the Effective Date, if, as of such Annual Meeting date, he or she will have served on the Board as a Director for at least the preceding six (6) months; provided that any Outside Director who is not continuing as a Director following the applicable Annual Meeting will not receive an Annual RSU Award with respect to such Annual Meeting.  One-half of the shares underlying the Annual RSU Award will vest on the earlier of (i) the day prior to the first annual meeting of stockholders following the grant or (ii) one year from grant, and one-half of the shares underlying the Annual RSU Award will vest on the earlier of (i) the day prior to the second annual meeting of stockholders following the grant or (ii) two years from grant, subject to continued service as a director through the applicable vesting date.

 

(d)                             Value. For purposes of this Policy, “Value” means, with respect to any Annual RSU Award, the fair market value of the shares subject to the applicable award on the date of grant, as computed in accordance with our Plan.

 

2

 

(e)                               No Discretion. No person will have any discretion to select which Outside Directors will be granted an Initial RSU Award, IPO RSU Award or Annual RSU Award under this Policy or to determine the number of Shares to be covered by such Initial RSU Award, IPO RSU Award or Annual RSU Award, as applicable (except as provided in subsection (f) below and pursuant to the Amendment and Termination provisions of this Policy).

 

(f)                                Revisions. The Board in its discretion may change and otherwise revise the terms of Initial RSU Awards, IPO RSU Awards and/or Annual RSU Awards granted under this Policy, including, without limitation, the number of Shares subject thereto, to provide for Initial RSU Awards, IPO RSU Awards and/or Annual RSU Awards of the same or different type (e.g., Options, Restricted Stock Units, or other types of Awards) granted on or after the date the Board determines to make any such change or revision.

 

V.                                SECTION 409A

 

In no event will cash compensation under this Policy be paid after the later of (i) the fifteenth (15th) day of the third (3rd) month following the end of the Company’s fiscal year in which the compensation is earned, or (ii) the fifteenth (15th) day of the third (3rd) month following the end of the calendar year in which the compensation is earned, in compliance with the “short-term deferral” exception under Section 409A of the Internal Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as such may be amended from time to time (together, “Section 409A”).  It is the intent of this Policy that this Policy and all payments hereunder be exempt from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be so exempt or comply.

 

VI.                          AMENDMENT AND TERMINATION

 

The Board may at any time amend, alter, suspend or terminate the Policy.

 

VII.                    EFFECTIVE DATE

 

This Policy is effective as of the date of the Registration Date (the “Effective Date”).

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]